Quote:
| Originally Posted by ajohnson7713 Is this correct
Sales ($) 696,000
COGS 200,000
Gross Profit 496,000
Expenses 300,000
EBIT 196,000
Interest Expense 10,000
EBT 186,000 |
Obviously I don't know if the actual numbers are correct, or if you missed something, or anything like that since I can't see the original, but everything's in the correct order and sub-totals all correct, etc. Through this point.
This, however, is not 40% of earnings before tax.
And even if 36,000 were correct, 186,000 less 36,000 doesn't equal 175,000
You need to do some checking of that math there.
Quote:
Retained Earnings
(Jan 1) 150,000
Dividends Paid 25,000
|
I'm not sure what you are trying to do here. You've just listed the RE beginning balance and the dividends. But I don't know why you listed it, because you haven't actually done anything with it. It doesn't belong on the income statement.
Are you supposed to also be doing a balance sheet?
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