MGMT 5123 Week 1 MyFinanceLab Assignment
P3-2 (Working with the income statement) At the end of its third year of operations, the Sandifer Manufacturing Co, had $4,599,000 in revenues, $3,361,000 in cost of goods sold, $449,000 in operating expenses which included depreciation expenses of $159,000, and a tax liability equal to 34 percent of the firm’s taxable income. Sandifer Manufacturing Co. Plans to reinvest $43,000 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 (rounded to the nearest dollar).
| Revenues = $ | |||
| Less: Cost of Goods Sold = $ | |||
| Â | Equals: Gross Profit = $ | ||
| Less: Operating Expenses = $ | |||
| Â | Equals: Net Operating Income = $ | ||
| Less: Interest Expenses = $ | |||
| Â | Equals: Earnings before Taxes = $ | ||
| Less: Income Taxes = $ | |||
| Equals: Net Income = $ | |||
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Course: MGMT 5123 Finance & Accounting for Non Finance Managers
School: Southern Wesleyan University
- 17/10/2017
- 12