Your pro forma income statement shows sales of
$975,000,
cost of goods sold as
$503,000,
depreciation...
Your pro forma income statement shows sales of
$975,000,
cost of goods sold as
$503,000,
depreciation expense of
$102,000,
and taxes of
$148,000
due to a tax rate of
40 %
What are your pro forma earnings? What is your pro forma free
cash flow?
Complete the pro forma income statement below: (Round to the
nearest dollar.)
Sales
$
Cost of Goods Sold
$
Gross Profit
$
Depreciation
$
EBIT
$
Taxes (40%)
$
Earnings
$
Your pro forma income statement shows sales of $956,000, cost
of goods sold as $496,000, depreciation...
Your pro forma income statement shows sales of $956,000, cost
of goods sold as $496,000, depreciation expense of $102,000, and
taxes of $143,200 due to a tax rate of 40%. What are your pro
forma earnings? What is your pro forma free cash flow? Complete
the pro forma income statement below: (Round to the nearest
dollar.)
Sales
$
Cost of Goods Sold
$
Gross Profit
$
Depreciation
$
EBIT
$
Taxes (40%)
$
Earnings
$
The pro forma free cash...
4. Problem 16.04 (Pro Forma Income Statement)
eBook
Austin Grocers recently reported the following 2019 income
statement...
4. Problem 16.04 (Pro Forma Income Statement)
eBook
Austin Grocers recently reported the following 2019 income
statement (in millions of dollars):
Sales
$700
Operating costs including depreciation
500
EBIT
$200
Interest
40
EBT
$160
Taxes (25%)
40
Net income
$120
Dividends
$40
Addition to retained earnings
$80
For the coming year, the company is forecasting a 30% increase
in sales, and it expects that its year-end operating costs,
including depreciation, will equal 70% of sales. Austin's tax rate,
interest expense, and...
Garlington Technologies Inc.'s 2019 financial statements are
shown below:
Income Statement for December 31, 2019
Sales...
Garlington Technologies Inc.'s 2019 financial statements are
shown below:
Income Statement for December 31, 2019
Sales
$4,000,000
Operating costs
3,200,000
EBIT
$ 800,000
Interest
120,000
Pre-tax earnings
$ 680,000
Taxes (25%)
170,000
Net income
510,000
Dividends
$ 190,000
Balance Sheet as of December 31, 2019
Cash
$ 160,000
Accounts payable
$ 360,000
Receivables
360,000
Line of credit
0
Inventories
720,000
Accruals
200,000
Total CA
$1,240,000
Total CL
$ 560,000
Fixed assets
4,000,000
Long-term bonds
1,000,000
Total Assets
$5,240,000
Common stock
1,100,000
RE
2,580,000
Total L&E
$5,240,000...
For Year 2019 a firm had sales of
$900,000, cost of goods sold of $685,000, depreciation...
For Year 2019 a firm had sales of
$900,000, cost of goods sold of $685,000, depreciation expense of
$35,000, interest expense of $15,000, and dividends paid of
$18,800. At the beginning of the year, net fixed assets were
$580,000, current assets were $300,000, and current liabilities
were $140,000. At the end of the year, net fixed assets were
$640,000, current assets were $400,000, and current liabilities
were $200,000. The tax rate was 21%.
Income Statement
6(a)
What was the...
Summer Co. is preparing the reconciliation between accounting
income and taxable income for 2019.
Actual warranty...
Summer Co. is preparing the reconciliation between accounting
income and taxable income for 2019.
Actual warranty repairs made in 2019 and allowed to be deducted
for tax purposes amounted to $40,000. Warranty expense recorded in
2019 was $30,000.
For years before 2019, warranty expense recorded was $60,000
and total repairs made under warranty amounted to $10,000.
CCA allowed for tax purposes in 2019 was $65,000; depreciation
expense recorded in 2019 was $85,000.
For years before 2019, depreciation expense exceeded CCA...
Financing Deficit
Garlington Technologies Inc.'s 2019 financial statements are
shown below:
Income Statement for December 31,...
Financing Deficit
Garlington Technologies Inc.'s 2019 financial statements are
shown below:
Income Statement for December 31, 2019
Sales
$4,000,000
Operating costs
3,200,000
EBIT
$ 800,000
Interest
120,000
Pre-tax earnings
$ 680,000
Taxes (25%)
170,000
Net income
510,000
Dividends
$ 190,000
Balance Sheet as of December 31, 2019
Cash
$ 160,000
Accounts payable
$ 360,000
Receivables
360,000
Line of credit
0
Inventories
720,000
Accruals
200,000
Total CA
$1,240,000
Total CL
$ 560,000
Fixed assets
4,000,000
Long-term bonds
1,000,000
Total Assets
$5,240,000
Common stock
1,100,000
RE
2,580,000
Total...
EX. 1
ABC Company reports pretax financial income of $140,000 for
2019. The following items cause...
EX. 1
ABC Company reports pretax financial income of $140,000 for
2019. The following items cause taxable income to be different than
pretax financial income.
Depreciation on the tax return is greater than depreciation on
the income statement by $30,000 (which will reverse in 4
years).
Rent collected on the tax return is greater than rent earned on
the income statement by $15,000 (which will reverse in 2019).
Fines related to tax returns filed after the due date for
filing,...
Your pro forma income statement shows sales of $ 976 comma 000?,
cost of goods sold...
Your pro forma income statement shows sales of $ 976 comma 000?,
cost of goods sold as $ 486 comma 000?, depreciation expense of $
95 comma 000?, and taxes of $ 158 comma 000 due to a tax rate of 40
%. What are your pro forma? earnings? What is your pro forma free
cash? flow?