1. Sales Revenue should increase by 2% in 2021; 3% in 2022 and decreased by 3% in 2023 and remains the same on 2024. 2. Cost of Sales increased to 4 576 000 in 2021 and increased by 2% for the next TWO years and increased by 1% for the last year of projection. 3. Operating Expenses will only increase in 2021 and 2024 by 2%. 4. Income Tax Rate is 30%. 2020 (ACTUAL) 2021 2022 2023 2024 SALES 9 345 255 3. 10. 17. 24. LESS: COSTS OF SALES 3 445 554 4. 11. 18. 25. GROSS PROFIT 5 899 701 5. 12. 19. 26. 13. 20. 27. LESS: OPERATING 4 140 000 6. EXPENSES 28. 21. 14. 1759 701 7. 29. NIBT 22. 15. 1. 527910.3 8. 30 LESS: INCOME TAX 16. 23. 2. 1231790.7 9.
1. Sales Revenue should increase by 2% in 2021; 3% in 2022 and decreased by 3% in 2023 and remains the same on 2024. 2. Cost of Sales increased to 4 576 000 in 2021 and increased by 2% for the next TWO years and increased by 1% for the last year of projection. 3. Operating Expenses will only increase in 2021 and 2024 by 2%. 4. Income Tax Rate is 30%. 2020 (ACTUAL) 2021 2022 2023 2024 SALES 9 345 255 3. 10. 17. 24. LESS: COSTS OF SALES 3 445 554 4. 11. 18. 25. GROSS PROFIT 5 899 701 5. 12. 19. 26. 13. 20. 27. LESS: OPERATING 4 140 000 6. EXPENSES 28. 21. 14. 1759 701 7. 29. NIBT 22. 15. 1. 527910.3 8. 30 LESS: INCOME TAX 16. 23. 2. 1231790.7 9.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
for 2022
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education