Homework Answers
| Addition to retained earnings | 1050000 |
| (+) Dividends paid to preferred and common stockholders | 385000 |
| Net income | 1435000 |
| Earnings before taxes (EBT) = Net income / ( 1 - Tax% ) = 1435000 / ( 1 - 21% ) | 1816456 |
| Earnings before interest and taxes (EBIT) = EBT + Interest expense = 1816456 + 960000 | 2776456 |
| Gross profit = Net sales - Cost of goods sold = 12550000 - 9100000 | 3450000 |
| EBIT = Gross profit - Other operating expense - Depreciation | |
| 2776456 = 3450000 - 270000 - Depreciation | |
| Depreciation = 3450000 - 270000 - 2776456 | 403544 |
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