Vinny's Overhead Construction had free cash flow during 2021 of $39.8 million. The change in gross fixed assets on Vinny's balance sheet during 2021 was $7.0 million and the change in net operating working capital was $8.0 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 Less: Cost of goods sold Answer is complete but not entirely correct. VINNY'S OVERHEAD CONSTRUCTION, CORP. Income Statement for Year Ending December 31, 2021 (in millions of dollars) $ 222.10 132.10 $ 90.00 18.40 Gross profits Less: Other operating expenses
Vinny's Overhead Construction had free cash flow during 2021 of $39.8 million. The change in gross fixed assets on Vinny's balance sheet during 2021 was $7.0 million and the change in net operating working capital was $8.0 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 Less: Cost of goods sold Answer is complete but not entirely correct. VINNY'S OVERHEAD CONSTRUCTION, CORP. Income Statement for Year Ending December 31, 2021 (in millions of dollars) $ 222.10 132.10 $ 90.00 18.40 Gross profits Less: Other operating expenses
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 $39.8 million. The change in gross fixed assets on Vinny's balance
sheet during 2021 was $7.0 million and the change in net operating working capital was $8.0 million.
Calculate the missing amounts on Vinny's income statement below. (Enter your answers in millions of dollars rounded to 2 decimal
places.)
O Answer is complete but not entirely correct.
VINNY'S OVERHEAD CONSTRUCTION, CORP.
Income Statement for Year Ending December 31, 2021
(in millions of dollars)
Net sales
$
222.10
Less: Cost of goods sold
132.10
Gross profits
$
90.00
Less: Other operating expenses
18.40
Earnings before interest, taxes, depreciation, and amortization (EBITDA)
$
71.60
Less: Depreciation
15.60
Earnings before interest and taxes (EBIT)
$
56.00
Less: Interest
6.56
Earnings before taxes (EBT)
$
49.44
Less: Taxes
Net income
16.80x
$
32.64
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