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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. 20. 27. 4 140 000 6. 13. LESS: OPERATING EXPENSES 28. 21. 14. 1759 701 7. 29. NIBT 22. 15. 1. 527910.3 8. 23. 30. LESS: INCOME TAX 16. 9. 2. 1231790.7 NIAT

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. 20. 27. 4 140 000 6. 13. LESS: OPERATING EXPENSES 28. 21. 14. 1759 701 7. 29. NIBT 22. 15. 1. 527910.3 8. 23. 30. LESS: INCOME TAX 16. 9. 2. 1231790.7 NIAT

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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. 20. 27. 4 140 000 6. 13. LESS: OPERATING EXPENSES 28. 21. 14. 1 759 701 7. 29. NIBT 22. 15. 1. 527910.3 8. 30. 23. LESS: INCOME TAX 16. 9. 2. 1231790.7 NIAT
Transcribed Image Text: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. 20. 27. 4 140 000 6. 13. LESS: OPERATING EXPENSES 28. 21. 14. 1 759 701 7. 29. NIBT 22. 15. 1. 527910.3 8. 30. 23. LESS: INCOME TAX 16. 9. 2. 1231790.7 NIAT
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