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Use the information below for an Income Statement and Balance Sheet for 2011 & 2012
Use the information below for an Income Statement and Balance Sheet for 2011 & 2012. Also include a 40% tax rate expense on your pretax income.
2011
2012
Sales
$4,203
$4,507
Cost of Goods Sold
2,422
2,633
Depreciation
785
952
Interest
180
196
Dividends
225
250
Current Assets
2,205
2,429
Net fixed Assets
7,344
7,650
Current Liabilities
1,003
1,255
Long-Term debt
3,106
2,085
Expert Solution
| Income Statement | ||
| Particular | 2011 | 2012 |
| Sales | 4203 | 4507 |
| COGS | -2422 | -2633 |
| Gross Profit | 1781 | 1874 |
| Depreciation | -785 | -952 |
| EBIT | 996 | 922 |
| Interest | -180 | -196 |
| Taxable Income | 816 | 726 |
| Taxation (40%) | -326 | -290 |
| Net income | 490 | 436 |
| Common Dividend | 225 | 250 |
| Additions to RE | 265 | 186 |
| Balance Sheet: | |||||
| Assets | 2011 | 2012 | Liabilities | 2011 | 2012 |
| Current Assets | 2205 | 2429 | Current Liabilities | 1003 | 1255 |
| Net Fixed Assets | 7344 | 7650 | Long-Term Debt | 3106 | 2085 |
| Total Owner's Equity (Bal. Fig) | 5440 | 6739 | |||
| Total Assets | 9549 | 10079 | Total Liabilities and Owner's Equity | 9549 | 10079 |
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