Vikings Inc., is developing a pro forma income statement for the coming year. The chief financial officer estimates that sales will be $150,000,000. If gross profits are historically 36% of sales, what is the expected cost of goods sold (in dollars)? a) $36,000,000 b) $54,000,000 c) $64,000,000 d) $96,000,000 NOTE: In your Excel spreadsheet, all calculations must be included
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- Use the following information: total sales: $100,000, rent revenue: $1000, other revenue: $3000, selling expenses: $40000, operating expenses: $50000, cost of goods sold: $10000, interest expenses: $2000, and tax rate: 20%. Prepare a single-income statement.Please see the picture below. I need help making a retained earnings statement, a balance statement, a comprehensive income statement and calculate the profit margin and the gross profit rate for the income statement I've included. Note that I have included the Income statement below. Note that I have included all the information that was made available to me. I need this asap. Big John's Merch Income statement For the month ending February 28, 2022 Sales - $50,000 Costs of goods sold- $12,500 Operating expenses Salaries- $2,500 Rent- $800 Advertising- $500 Depreciation- $300 Utilities- $75 Revenues and Expenses Internet revenues- $2,000 Internet expense- $150 Insurance expense- $400 Other revenues- $3,500Provincial Imports, Inc., has assembled last year's financial statements (income statement and balance sheet LOADING... ) and financial projections for use in preparing financial plans for the coming year. Information related to financial projections for next year is as follows: (1) Projected sales are $6,006,000. (2) Cost of goods sold last year includes $998,000 in fixed costs. (3) Operating expense last year includes $246,000 in fixed costs. (4) Interest expense will remain unchanged. (5) The firm will pay cash dividends amounting to 35% of net profits after taxes. (6) Cash and inventories will double. (7) Marketable securities, notes payable, long-term debt, and common stock will remain unchanged. (8) Accounts receivable, accounts payable, and other current liabilities will change in direct response to the change in sales. (9) A new computer system costing $364,000 will be purchased during the year. Total depreciation expense for the year will be $116,000.…
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- Petlassa is a company with a large distribution network and selling automobile tires.The company's finance manager will meet with the General Manager to discuss the financial information for the next 3 months. USD sales amount for the past month and for the next 3 monthsSales forecasts are given below:Last Month:May 250,000Predictions:June 100,000July 150,000August 250,000September 100,000the company collects 40% of its sales in cash, 60% as 1 month term..- Purchases make up 60% of sales. One month before Petlassa's salesmaking the relevant purchase; but the payment is made 1 month after the purchase date.realizes.- labor costs are 5% of sales and are paid in the relevant month.- General Management expenses amount to 15% of the sales and are paid in the relevant month.- 10,000 USD income tax will be paid in August.- 50,000 USD dividend payment will be made in June.- The cash balance on June 1 is 80,000 USD and the cash balance is at the end of each monthIt is required to be 60,000…The table given below summarizes the 2019 income statement and end-year balance sheet of Drake’s Bowling Alleys. Drake’s financial manager forecasts a 10% increase in sales and costs in 2020. The ratio of sales to average assets is expected to remain at 0.40. Interest is forecasted at 5% of debt at the start of the year. Income Statement $ in thousands Sales $ 2,600 (40% of average assets)a Costs 1,950 (75% of sales) Interest 105 (5% of debt at start of year)b Pretax profit 545 Tax 218 (40% of pretax profit) Net income $ 327 aAssets at the end of 2018 were $6,240,000. bDebt at the end of 2018 was $2,100,000. Balance Sheet $ in thousands Net assets $ 6,760 Debt $ 2,100 Equity 4,660 Total $ 6,760 Total $ 6,760 a. What is the implied level of assets at the end of 2020? (Enter your answer in dollars not in thousands.) b. If the company pays out 50% of net income as dividends, how much cash will Drake need…Fairchild Garden Supply expects $580 million of sales this year, and it forecasts a 15% increase for next year. The CFO uses this equation to forecast inventory requirements at different levels of sales: Inventories = $30.2 + 0.25(Sales). All dollars are in millions. The firm's cost of goods sold is expected to be 70% of sales. What is the projected inventory turnover ratio for the coming year? Please explain process and show calculations.