Homework Answers
Desired net income=$3.010
Tax @30%=$3.010×30÷70
=$1.29
Given interest=$0.905
Therefore EBIT=$3.010+$1.29+$0.905
=$5.205
Gross profit=$5.205+depreciation+operating expenses
=$5.205+3.100+3.800
=12.105
As cost of goods sold is 50 percent...
Net sales=12.105÷50 %
=$24.21millions...
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