Homework Answers
2018
Cost of goods sold = sales - gross margin
= $1114 - $442
= $672
Depreciation = Gross margin - store expense - admin exp - operating income
= $442 - $112 - $89 - 140
= $101
Financing expense = Operating income + investment income -Earning before income tax
= $140 + $13 - $139
= $14
Net earnings = earnings before income tax - tax
= $139 - $28 = $111
2019
Earnings before income tax = tax + net earnings
= $48 + $193
= $241
Investment income
= Financing expense + EBIT - operating income
= $241 + $18 - $251
= $8
Gross margin = store + admin + depreciation + operating income
= $138 + $108 + $100 + $251
= $597
Cost of goods sold = $1351 - $597 = $754
2020
sales = cost of goods sold + gross margin
= $954 + $683
= $1637
Store expense
= Gross margin - admin - department - operating income
= $683 -$132 - $109 - $276
= $166
Income tax = EBIT - net earnings
= $263 - $210
= $53
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