3-1 You are a summer intern at the office of a local tax preparer. To test your basie knowledge of financial statements, your manager gives you the following list of accounts and asks you to prepare a simple income statement using those accounts. Accounts (5000,000) CA 22 345 Depreciation General and administrative expenses Sales Sales expenses Cost of goods and Lease expleta Interest, EROTIS 18 4 3 a. Arrange the accounts into a was nextatement, Make sure you label and solve for gross profit, operative and net profit before taxes. b. Using a 21%, tax rate, calculate taxes paid and met profit after taxes, c. Assuming a dividend of $1.10 per share with 4,25 million shares outstanding, calculate EPS and additions to retained earningsi LE3-1 You are a summer intern at the office of a local tax preparer. To test your basic knowledge of financial statements, your manager gives you the following list of accounts and asks you to prepare a simple income statement using those accounts. Accounts 15000,000) Depreciation General and administrative expenses Sales Sales:expenses Cost of goods sold Lease expense Intereste expenses $ 25 22 345 18 255 4 a. Arrange the accounts into a well-labeled income statement. Make sure you label and solve for gross profit, operating profit, and net profit before taxes. b. Using a 21%, tax rate, calculate taxes paid and net profit after taxes. c. Assuming a dividend of $1.10 per share with 4.25 million shares outstanding, calculate EPS and additions to retained earnings