for 2024 1. Sales Revenue should increase by 2% in 2021; 3% in 2022 and decreased by 3% in 2023 and remains the same on 2024.2. Cost of Sales increased to 4 576 000 in 2021 and increased by 2% for the next TWO years and increased by 1% for the last year of projection.3. Operating Expenses will only increase in 2021 and 2024 by 2%.4. Income Tax Rate is 30%.2020 (ACTUAL)2021202220232024SALES9 345 2553.10.17.24.LESS: COSTS OF SALES3 445 5544.11.18.25.GROSS PROFIT5 899 7015.12.19.26.20.27.4 140 0006.13.LESS: OPERATINGEXPENSES28.21.14.1 759 7017.29.NIBT22.15.1.527910.38.30.23.LESS: INCOME TAX16.9.2.1231790.7NIAT

Sales Revenue should increase by 2% in 2021; 3% in 2022 and decreased by 3% in 2023 and remains the same on 2024. Cost of Sales increased to 4 576 000 in 2021 and increased by 2% for the next TWO years and increased by 19% for the last year of projection. Operating Expenses will only increase in 2021 and 2024 by 2%. -Income Tax Rate is 30%. 2022 2023 2024 2020 (ACTUAL) 2021 9 345 255 10. 17. 24. 3. SALES 25. 18. 3 445 554 4. 11. LESS: COSTS OF SALES 26. 19. 12. 5 899 701 5. GROSS PROFIT 27. 20. 13. 6. 4 140 000 LESS: OPERATING EXPENSES 28. 21. 14

Sales Revenue should increase by 2% in 2021; 3% in 2022 and decreased by 3% in 2023 and remains the same on 2024. Cost of Sales increased to 4 576 000 in 2021 and increased by 2% for the next TWO years and increased by 19% for the last year of projection. Operating Expenses will only increase in 2021 and 2024 by 2%. -Income Tax Rate is 30%. 2022 2023 2024 2020 (ACTUAL) 2021 9 345 255 10. 17. 24. 3. SALES 25. 18. 3 445 554 4. 11. LESS: COSTS OF SALES 26. 19. 12. 5 899 701 5. GROSS PROFIT 27. 20. 13. 6. 4 140 000 LESS: OPERATING EXPENSES 28. 21. 14

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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