Vinny's Overhead Construction had free cash flow during 2021 of $34.7 million. The change in gross fixed assets on Vinny's balance sheet during 2021 was $6.0 million and the change in net operating working capital was $7.0 million. Calculate the missing amounts on Vinny's income statement below. (Enter your answers in millions of dollars rounded to 2 decimal places.) VINNY'S OVERHEAD CONSTRUCTION, CORP. Income Statement for Year Ending December 31, 2021 (in millions of dollars) Net sales Less: Cost of goods sold 127.10 Gross profits $ 77.00 Less: Other operating expenses 13.40 Earnings before interest, taxes, depreciation, and amortization (EBITDA) $ 63.60 Less: Depreciation 10.60 Earnings before interest and taxes (EBIT) Less: Interest Earnings before taxes (EBT) Less: Taxes Net income S 28.34
Vinny's Overhead Construction had free cash flow during 2021 of $34.7 million. The change in gross fixed assets on Vinny's balance sheet during 2021 was $6.0 million and the change in net operating working capital was $7.0 million. Calculate the missing amounts on Vinny's income statement below. (Enter your answers in millions of dollars rounded to 2 decimal places.) VINNY'S OVERHEAD CONSTRUCTION, CORP. Income Statement for Year Ending December 31, 2021 (in millions of dollars) Net sales Less: Cost of goods sold 127.10 Gross profits $ 77.00 Less: Other operating expenses 13.40 Earnings before interest, taxes, depreciation, and amortization (EBITDA) $ 63.60 Less: Depreciation 10.60 Earnings before interest and taxes (EBIT) Less: Interest Earnings before taxes (EBT) Less: Taxes Net income S 28.34
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Vinny's Overhead Construction had free cash flow during 2021 of $34.7 million. The change in gross fixed assets on Vinny's balance
sheet during 2021 was $6.0 million and the change in net operating working capital was $7.0 million.
Calculate the missing amounts on Vinny's income statement below. (Enter your answers in millions of dollars rounded to 2 decimal
places.)
Net sales
VINNY'S OVERHEAD CONSTRUCTION, CORP.
Income Statement for Year Ending December 31, 2021
(in millions of dollars)
Less: Cost of goods sold
127.10
Gross profits
$
77.00
Less: Other operating expenses
13.40
Earnings before interest, taxes, depreciation, and amortization (EBITDA)
$
63.60
Less: Depreciation
10.60
Earnings before interest and taxes (EBIT)
Less: Interest
Earnings before taxes (EBT)
Less: Taxes
Net income
$
28.34
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