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The CEO of Tom and Sue's wants the company to earn a net income of $3 25 million in 2022 Cost of goods sold is expected to be 60 percent of net sales, depreciation expense is $2.9 million, interest expense is expected to increase to $1.050 million, and the firm's tax rate will be 30 percent. Calculate the net sales needed to produce net income of $3.25 milion Multiple Choice on $29.36 million

The CEO of Tom and Sue's wants the company to earn a net income of $3 25 million in 2022 Cost of goods sold is expected to be 60 percent of net sales, depreciation expense is $2.9 million, interest expense is expected to increase to $1.050 million, and the firm's tax rate will be 30 percent. Calculate the net sales needed to produce net income of $3.25 milion Multiple Choice on $29.36 million

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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The CEO of Tom and Sue's wants the company to earn a net income of $3 25 million in 2022 Cost of goods sold is expected to be 60 percent of net sales, depreciation expense is $2.9 million, interest expense is expected to increase to $1050 million, and the firm's tax rate will be 30 percent. Calculate the net sales needed to produce net income of $3.25 million Multiple Choice $281.25 million $29.36 $25:02 tion
Transcribed Image Text:The CEO of Tom and Sue's wants the company to earn a net income of $3 25 million in 2022 Cost of goods sold is expected to be 60 percent of net sales, depreciation expense is $2.9 million, interest expense is expected to increase to $1050 million, and the firm's tax rate will be 30 percent. Calculate the net sales needed to produce net income of $3.25 million Multiple Choice $281.25 million $29.36 $25:02 tion
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