Attempte 3. Income statement Keep the Highest/2 The income statement, also known as the profit and kiss (PC) statement, provides a snapshot of the financial performance of a company during specified period of tow. It reports a firm's gross income, expenses, net income, and the income that is available for distribution to its preferred and common shareholders The income statement in prepared using the generally accepted accounting principles (GAAP) that match the firm's revenues and expenses period in which they were incurred, not necessarity when cash was received or pait investors and analysts use the information given in the income statement and other financial statements and reports to evaluate the company's financial performance and condition Consider the following scenario Cute Camel Woodcraft Company's income statement reports data for first year of operation. The finer's CEO would ske sales to increase by 25% next year 1. Cute Camel is able to achieve this level of creased sales, but as anderst costs increase from 10% to 15% of earnings before interest and taxes (EBIT) 2. The company's operating costs (excluding depreciation and amortization) remain at 70% of net sales, and its deprecation and abortication expenses remain constant from year to year 3. The company's tax rate remaire constant at 25% of its pre-tax income or earnings before taxes (ET) 4. In War 2. Cute Camel expects to pay $100,000 and $1,281.175 of preferred and common stock dividends, respectively Complete the Year 2 income dutement data for Cute Camel, then answer the questions Hato e se to round each dolar value to the neared whole dollar Net sales te Operating costs, est dronecaron and emotion the Deprication and art Opening income (o) Laws (25%) Tags alter tas Cute Camel Woodcraft Company Income Statement for Year Ending December 31 Year 1 $15,000,000 Year 2 (Forecasted) 10,500,000) 000,000 600,000 $3,000,000 390,000 3,510,000 877,500 $2,632,500 Le Preferred stack avades 100,000 Laming ilable to common sharbolders 2,532,500 Common stack des 1,051,000 Contrition retained angs $1,479,500 Give the ts of the previous income statement calculation, complete the folowing statem $122,063 2, Cade Cartel has 5,000 shares of prefered shock issued and outstanding, then each preferred share should expect to receive anal dividends Cute Camel has 400,000 shares of common stick med and outstanding, then the firm's earnings per share (EPS) is expected t Year 2 Cute Casings before test, taxes, depreciation and amortization (EBITDA) value changed from Your 2 change on to say that Cute Cama's net lows and autflows of cash at the end of Years 1 and 2 equal to the company's tribute to setained sarings $1,429,500 and $1,822,062, pectively. This is because of the Bes reported the