1. Sales revenues should increase by 3% in 2021: 4% in 2022 and decreased by 3% in 2023 and remains the same on 2024. 2. Cost of sales increased to 4, 000 000 in 2021 and increased by 2% for the next years and increased by 1% for the last year of projection. 3. Operating expenses will only increase in 2021 and 2023by 2%. 4. Income Tax Rate is 30% 2020 (ACTUAL) 2021 2022 9 345 255 3. 10. SALES 3 445 554 4. 11. LESS: COSTS OF SALES 5 899 701 5. 12. GROSS PROFIT 4 140 000 6. 13. LESS: OPERATING EXPENSES 1759 701 7. 14. NIBT 1. 8. 15. LESS: INCOME TAX 2. NIAT 9.
1. Sales revenues should increase by 3% in 2021: 4% in 2022 and decreased by 3% in 2023 and remains the same on 2024. 2. Cost of sales increased to 4, 000 000 in 2021 and increased by 2% for the next years and increased by 1% for the last year of projection. 3. Operating expenses will only increase in 2021 and 2023by 2%. 4. Income Tax Rate is 30% 2020 (ACTUAL) 2021 2022 9 345 255 3. 10. SALES 3 445 554 4. 11. LESS: COSTS OF SALES 5 899 701 5. 12. GROSS PROFIT 4 140 000 6. 13. LESS: OPERATING EXPENSES 1759 701 7. 14. NIBT 1. 8. 15. LESS: INCOME TAX 2. NIAT 9.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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