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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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Complete the following question related to the Income Statement for company XYZ for the years 2034 and 2035. In 2034, XYZ was in the 35% tax bracket, However, revenues increased substantially in 2035, pushing XYZ into the 40% tax bracket. Use the Excel template to help solve the problem, if desired. Income Statement ($ in thousands, except EPS) 2034 Year Sales Cost of goods sold Selling, general, & admin. exp. Depreciation EBIT Interest expense Taxable income Taxes Net income Shares outstanding EPS $ $ $ $ $ $ $ $ $ $ 650,000 450,000 75,000 80,000 45,000 10,500 19,500 5,500,000 3.55 2035 715,000 75,000 100,000 20,000 45,000 5,500,000 What is the net income for 2035 (round to the nearest dollar)?
Transcribed Image Text:Complete the following question related to the Income Statement for company XYZ for the years 2034 and 2035. In 2034, XYZ was in the 35% tax bracket, However, revenues increased substantially in 2035, pushing XYZ into the 40% tax bracket. Use the Excel template to help solve the problem, if desired. Income Statement ($ in thousands, except EPS) 2034 Year Sales Cost of goods sold Selling, general, & admin. exp. Depreciation EBIT Interest expense Taxable income Taxes Net income Shares outstanding EPS $ $ $ $ $ $ $ $ $ $ 650,000 450,000 75,000 80,000 45,000 10,500 19,500 5,500,000 3.55 2035 715,000 75,000 100,000 20,000 45,000 5,500,000 What is the net income for 2035 (round to the nearest dollar)?
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