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 = $|
|Equals: Gross Profit = $|
|Less: Operating Expenses = $|
|Equals: Net Operating Income = $|
|Less: Interest Expenses = $|
|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