Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. please do it on a excel and show me how did you ge

Please do it on a excel and show me how did you get the numbers...

80.2K

Verified Solution

Question

Accounting

Please do it on a excel and show me how did you get the numbers

image

Income Statement Huddleston Manufacturing Company For the Year Ended December 31, 2018 Sales Less: Cost of goods sold Gross profits Less: Operating expenses Operating Profits Less: Interest expense Net profits before taxes Less: Taxes (40%) Net profits after taxes Less: Cash Dividends To: Retained earnings $2,800,000 1,820,000 $ 980,000 240,000 $ 740,000 70,000 $ 670,000 268,000 $ 402,000 132,000 $ 270,000 Huddleston Manufacturing estimates its sales in 2019 will be $3 million. Interest expense is expected to remain unchanged at $70,000, and the firm plans to pay cash dividends of $140,000 during 2019. Cost of goods sold includes $200,000 in fixed costs, and operating expenses include $50,000 in fixed costs. Use the fixed/variable expense method to prepare a pro forma income statement for the year ended December 31, 2019, based on the 2018 income statement shown above

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students