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...
Listed below is the 2018 income statement for Tom and Sue Travels, Inc. SUE TRAVELS ncome...
Listed below is the 2018 income statement for Tom and Sue Travels, Inc TOM AND SUE TRAVELS, INGC Income Statement for Year Ending December 31, 2018 (in millions of dollars) Net sales Less: Cost of goods sold Gross profits Less: Other operating expenses Earnings before interest, taxes, $19.800 9.100 $10.700 4.200 depreciation, and amortization (EBITDA) Less: Depreciation Earnings before interest and taxes (EBIT) Less Interest Earnings before taxes (EBT) Less: Taxes Net income 6.500 3.900 2.600 0.845 $ 1.75!5 0.655...
Listed below is the 2018 income statement for Tom and Sue Travels, Inc. TOM AND SUE TRAVELS, INC Income Statement for Year Ending December 31, 2018 (in millions of dollars) Net sales Less: Cost of goods sold Gross profits Less: Other operating expenses Earnings before interest, taxes, $19.000 8.700 $10.300 4.000 depreciation, and amortization (EBITDA) Less: Depreciation Earnings before interest and taxes (EBIT) Less: Interest Earnings before taxes (EBT) Less: Taxes Net income $ 6.300 3.500 2.800 0.825 $1.975 0.710...
Listed below is the 2015 income statement for Tom and Sue Travels, Inc. TOM AND SUE TRAVELS, INC. Income Statement for Year Ending December 31, 2015 (in millions of dollars) Net sales $ 18.400 Less: Cost of goods sold 8.400 Gross profits $ 10.000 Less: Other operating expenses 3.850 Earnings before interest, taxes, depreciation, and amortization (EBITDA) $ 6.150 Less: Depreciation 3.200 Earnings before interest and taxes (EBIT) $ 2.950 Less: Interest 0.810 Earnings before taxes (EBT) $ 2.140 Less:...
Listed below is the 2021 income statement for Tom and Sue Travels, Inc. TOM AND SUE TRAVELS, INC. Income Statement for Year Ending December 31, 2021 (in millions of dollars) Net sales $17.600 Less: Cost of goods sold 8.000 Gross profits $ 9.600 Less: Other operating expenses 3.650 Earnings before interest, taxes, depreciation, and amortization (EBITDA) $ 5.950 Less: Depreciation 2.800 Earnings before interest and taxes (EBIT) $ 3.150 Less: Interest 0.790 Earnings before taxes (EBT) $ 2.360 Less: Taxes...
Listed below is the 2021 income statement for Tom and Sue Travels, Inc. TOM AND SUE TRAVELS, INC. Income Statement for Year Ending December 31, 2021 (in millions of dollars) Net sales $ 17.000 Less: Cost of goods sold 7.700 Gross profits $ 9.300 Less: Other operating expenses 3.500 Earnings before interest, taxes, depreciation, and amortization (EBITDA) $ 5.800 Less: Depreciation 2.500 Earnings before interest and taxes (EBIT) $ 3.300 Less: Interest 0.775 Earnings before taxes (EBT) $ 2.525 Less:...
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A common-size income statement for Creek Enterprises' 2018 operations follows: Creek Enterprises Income Statement for the Year Ended December 31, 2018 Sales revenue ($34,966,000) 100.0 % Less: Cost of goods sold 65.6 Gross profits 34.4 % Less: Operating expenses Selling expense 12.7 % General and administrative expenses 6.3 Lease expense 0.5 Depreciation expense ...
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Use the balance sheet and income statement below: 2018 2017 $ 65 $ 53 153 164 143 143 VALIUM'S MEDICAL SUPPLY CORPORATION Balance Sheet as of December 31, 2018 and 2017 (in thousands of dollars) 2018 2017 Liabilities and Equity Current liabilities: $ B4 $ 83 Accrued wages and taxes 19 B 193 Accounts payable 326 303 Notes payable $ 60B $ 579 Total Long-term debt $1,109 $ 906 Stockholders' equity: Preferred stock (6 thousand shares) $ 781 Common stock...