In the income statement below, ABC 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 (679.10) (659.00) (681.30) (667.00) Gross Operating Income Selling & Administration (339.70) (348.60) (351.20) (373.30) Depreciation (47.50) (52.00) (55.90) (75.20) Other Income/Expenses 11.80 7.60 7.00 8.20 Earnings Before Interest and Taxes Interest Income 1.30 1.40 1.70 2.00 Interest Expense (16.20) (15.10) (20.50) (23.70) Pre Tax Income Income Taxes (56.80) (64.20) (67.50) (72.60) Net Income Dividends (38.30) (38.70) (39.80) (40.10) Addition to Retained Earnings Group of answer choices 121.8 108.7 132.7 132.8 No choice given
In the income statement below, ABC 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 (679.10) (659.00) (681.30) (667.00) Gross Operating Income Selling & Administration (339.70) (348.60) (351.20) (373.30) Depreciation (47.50) (52.00) (55.90) (75.20) Other Income/Expenses 11.80 7.60 7.00 8.20 Earnings Before Interest and Taxes Interest Income 1.30 1.40 1.70 2.00 Interest Expense (16.20) (15.10) (20.50) (23.70) Pre Tax Income Income Taxes (56.80) (64.20) (67.50) (72.60) Net Income Dividends (38.30) (38.70) (39.80) (40.10) Addition to Retained Earnings Group of answer choices 121.8 108.7 132.7 132.8 No choice given
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
In the income statement below, ABC 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 | (679.10) | (659.00) | (681.30) | (667.00) |
| Gross Operating Income | ||||
| Selling & Administration | (339.70) | (348.60) | (351.20) | (373.30) |
| (47.50) | (52.00) | (55.90) | (75.20) | |
| Other Income/Expenses | 11.80 | 7.60 | 7.00 | 8.20 |
| Earnings Before Interest and Taxes | ||||
| Interest Income | 1.30 | 1.40 | 1.70 | 2.00 |
| Interest Expense | (16.20) | (15.10) | (20.50) | (23.70) |
| Pre Tax Income | ||||
| Income Taxes | (56.80) | (64.20) | (67.50) | (72.60) |
| Net Income | ||||
| Dividends | (38.30) | (38.70) | (39.80) | (40.10) |
| Addition to |
Group of answer choices
121.8
108.7
132.7
132.8
No choice given
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