Given the income statement below, Mega Trade Inc. wants to find the resulting net income for the year 2018 (in million). What is the right amount?Income Statement ($ Million) Year End 2015201620172018 Sales1,234.901,251.701,300.401,334.40 Cost of Sales-679.1-659-681.3-667 Selling & Administration-339.7-348.6-351.2-373.3 Depreciation-47.5-52-55.9-75.2 Other Income/Expenses11.87.678.2 Interest Income1.31.41.72 Interest Expense-16.2-15.1-20.5-23.7 Income Taxes-56.8-64.2-67.5-72.6 Dividends-38.3-38.7-39.8-40.1 CHOICES:A. 108.7B. 132.7C. No choice givenD. 132.8E. 121.8

Income Statement is part of Financial Statements statement which represents Revenue and Expenses…

Answered: Given the income statement below, Mega…

FINANCIAL ACCOUNTING

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ISBN:9781259964947

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Chapter1: Financial Statements And Business Decisions

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Given the income statement below, Mega Trade Inc. wants to find the resulting net income for the year 2018 (in million). What is the right amount?

Income Statement ($ Million)
	Year End
2015	2016	2017	2018
Sales	1,234.90	1,251.70	1,300.40	1,334.40
Cost of Sales	-679.1	-659	-681.3	-667


Selling & Administration	-339.7	-348.6	-351.2	-373.3
Depreciation	-47.5	-52	-55.9	-75.2
Other Income/Expenses	11.8	7.6	7	8.2


Interest Income	1.3	1.4	1.7	2
Interest Expense	-16.2	-15.1	-20.5	-23.7


Income Taxes	-56.8	-64.2	-67.5	-72.6


Dividends	-38.3	-38.7	-39.8	-40.1

CHOICES:

A. 108.7
B. 132.7
C. No choice given
D. 132.8
E. 121.8

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