Please help me with calculations OK"t0ancesProblem 2-33 Income Statement (LG2-1)Listed below is the income statement for Tom and Sue Travels, Incorporated.TOM AND SUE TRAVELS, INCORPORATEDIncome Statement for Year End(in millions of dollars)Net salesLess: Cost of goods sold:Gross profitsLess Other operating expensesEarnings before interest, taxes, depreciation, and amortization (EBITDA)Less: DepreciationEarnings before interest and taxes (EBIT)Leas: InterestEarnings before taxes (EBT)Less: TaxesNet IncomeThe CEO of Tom and Sue's wants the company to earn a net income of $2.400 million. Cost of goods sold is expected to be 60percent of net sales, depreciation and other operating expenses are not expected to change, interést expense is expected to increaseto $1.226 million, and the firm's tax rate will be 21 percent. Calculate the net sales needed to produce net income of $2.400 million.Note: Enter your answer in millions of dollars rounded to 3 decimal places. (i.e., Enter 5,500,000 as 5.500.)Not sales$ 16.4007.400$9.0003.350$5.6502.200$ 3.4500.760$ 26900.565$ 2.125$ 22.500 million

Name: Please help me with calculations OK"t0ancesProblem 2-33 Income Stateme
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Description: Please help me with calculations OK"t0ancesProblem 2-33 Income Statement (LG2-1)Listed below is the income statement for Tom and Sue Travels, Incorporated.TOM AND SUE TRAVELS, INCORPORATEDIncome Statement for Year End(in millions of dollars)Net sales

Cost of goods sold = 60% x 16.400 = 9.840 Earnings Before Tax =2.400/0.79 =3.038

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Accounting

Problem 2-33 Income Statement (LG2-1) Listed below is the income statement for Tom and Sue Travels, Incorporated. TOM AND SUE TRAVELS, INCORPORATED Income Statement for Year End tin millions of dollars) Net sales Less: Cost of goods sold Gross profits Leas: Other operating expenses Earnings before interest, taxes, depreciation, and amortization (EBITDA) Lesst Depreciation. Earnings before interest and taxes (EBIT) Leas: Interest. Earnings before taxes (EBT) Less: Taxes Net Incone $16.400 7.400 $9.000 3.350 $5.650 2.200 $ 3.450 0.760 $ 2,690 0.565 $ 2.125 The CEO of Tom and Sue's wants the company to earn a net income of $2.400 million. Cost of goods sold is expected to be percent of net sales, depreciation and other operating expenses are not expected to change, Interést expense is expected to $1.226 million, and the firm's tax rate will be 21 percent. Calculate the net sales needed to produce net income of $2.400 Note: Enter your answer in millions of dollars rounded to 3 decimal places. (l.e., Enter 5,500,000 as 5.500.)