Question

Use Excel

Fill in the missing values for the income statement below given the following information: Gross margin is 33% Net Margin is 10% Manufacturing Overhead is 10% of Direct Materials Cost Tax rate is 20% 6a) $ 110,000 43,795 Tesla, Inc Income Statement (10-2) Six Months Ended June 30, 2019 (in millions) Sales revenue Less: Cost of goods sold Direct materials Direct labor Manufacturing overhead Total cost of goods sold Gross profit Less: Operating expenses Research and Development General and administrative expenses Restructuring and Other $ Total operating expenses Earnings before interest and taxes Interest expense Income before income taxes Income tax expense NET INCOME 6,820 4,000 $ 1,500

Answer 1

110000 43795 25525.5 4379.5 73700 36300 Sales Revenue Less: Cost of goods sold Direct Materials Direct Labor Manufacturing Overhead Total Cost of goods sold Gross Profit Less: Operating Expenses Research and Development General and administrative expenses Restructuring and Other Total operating expenses Earnings before interest and Taxes Interest expense Income before income taxes Income tax expense NET INCOME 6820 10230 4000 21050 15250 1500 13750 2750 11000

Gross Margin = 110000 x 33% = 36300

Net Income = 110000 x 10% = 11000

Manufacturing Overhead = 43795 x 10% = 4379.5

Total cost of good sold = 110000 - 36300 = 73700

Direct Labor = 73700 - 4379.5 - 43795 = 25525.5

Income tax expense = 11000 x 20/80 = 2750

Income before income taxes = 11000 + 2750 = 13750

Earnings before Interest and Taxes = 13750 + 1500 = 15250

Total operating expenses = 36300 - 15250 = 21050

General and admin expenses = 21050 - 6820 - 4000 = 10230