Using the income statement from 2015 and the new information below please create the income statement...
Using the income statement from 2015 and the new information below please create the income statement for 2016.
|
OBD Inc. |
|
|
Income Statement |
|
|
For the Year Ended December 31, 2015 |
|
|
Sales |
1000000 |
|
Cost of goods sold |
400000 |
|
Gross profit (60% x $1000000) |
600000 |
|
Operating expenses: |
|
|
Depreciation expense |
5000 |
|
Selling and administrative expense |
475000 |
|
Operating income (12% x $1000000) |
120000 |
|
Interest expense (8% x $300000) |
64000 |
|
Income before income taxes |
56000 |
|
Income tax expense (27% x $56000) |
15120 |
|
Net income |
40880 |
New Data:
2016 sales were 125% of 2015 sales
Gross profit margin was 55%
Operating profit margins were 15%
Interest expense fell to 7%, given a change in interest rates
The tax rate was 30%
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