Maurice Tutor

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About Maurice Tutor

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Elementary,Middle School,High School,College,University,PHD

Expertise:
Algebra,Applied Sciences See all
Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all
Teaching Since: May 2017
Last Sign in: 401 Weeks Ago, 4 Days Ago
Questions Answered: 66690
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 09 Aug 2017 My Price 6.00

PreFab Inc

Pro forma Income Statement Preparation The sales department of PreFab Inc. estimates that its sales in 2010 will be $1.5 million. Interest expense is expected to remain unchanged at $35,000, and the firm plans to pay $70,000 in cash dividends during 2010. PreFab’s income statement for the year ended December 31, 2009, is given below, along with a breakdown of the firm’s cost of goods sold and operating expenses. PreFab Inc Income Statement For the year ended December 31, 2009 Sales Revenue $1,400,000 Less: Cost of goods sold 910.000 Gross Profits 490,000 Less Operating Expenses 120,000 Operating Profits $ 370,000 Less: Interest Expense 35,000 Net Profits before taxes $ 335,000 Less: Taxes @ 40% 134,000 Net profits after taxes $ 201,000 Less: Cash Dividends 66,000 To Retained Earnings $ 135,000 a. Use the percent-of-sales method to prepare a pro forma income statement for the year ended December 31, 2010

Answers

Maurice Tutor
(5)
Status NEW Posted 09 Aug 2017 04:08 PM My Price 6.00

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