FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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(Working with the income statement) At the end of its third year of operations, the Sandifer Manufacturing Co. had $4,522,000 in revenues,
$3,362,000 in cost of goods sold, $458,000 in operating expenses which included depreciation expense of $140,000, and a tax liability equal to 34
percent of the firm's taxable income. Sandifer Manufacturing Co. plans to reinvest $52,000 of its earnings back into the firm. What does this plan
leave for the payment of a cash dividend to Sandifer's stockholders?
Complete the income statement for Sandifer Manufacturing Co.: (Round to the nearest dollar.)
Revenues =
Less: Cost of Goods Sold =
Less: Operating Expenses
Less: Interest Expense
Less: Income Taxes =
=
$
$
$
$
Equals: Gross Profit =
...
Equals: Net Operating Income =
0
Equals: Earnings before Taxes
Equals: Net Income =
=
$
GA
GA
$
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Transcribed Image Text:(Working with the income statement) At the end of its third year of operations, the Sandifer Manufacturing Co. had $4,522,000 in revenues, $3,362,000 in cost of goods sold, $458,000 in operating expenses which included depreciation expense of $140,000, and a tax liability equal to 34 percent of the firm's taxable income. Sandifer Manufacturing Co. plans to reinvest $52,000 of its earnings back into the firm. What does this plan leave for the payment of a cash dividend to Sandifer's stockholders? Complete the income statement for Sandifer Manufacturing Co.: (Round to the nearest dollar.) Revenues = Less: Cost of Goods Sold = Less: Operating Expenses Less: Interest Expense Less: Income Taxes = = $ $ $ $ Equals: Gross Profit = ... Equals: Net Operating Income = 0 Equals: Earnings before Taxes Equals: Net Income = = $ GA GA $
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