Question
Below are the same records of the HTM Corp (imaginary). According to the given information, please answer the following questions. If the Income Statement structure
Below are the same records of the HTM Corp (imaginary). According to the given information, please answer the following questions. If the Income Statement structure is broken on your screen, adjust the size of the window of your screen; or use zoom in/out function until it shows correctly.
Income Statement HTM Corp. Dec. 31,
2XX1 2XX2
Sales $1,200,000 $1,500,000
Cost of Sales $ 360,000 $ 480,000
Gross Profit $ 840,000 $1,020,000
Payroll Expenses $ 300,000 $ 360,000
Gen. & Admin. Exp. $ 144,000 $ 180,000
Other Expenses $ 120,000 $ 180,000
EBT $ 276,000 $ 300,000
Income Taxes $ ??????? $ ???????
Net Income $ 165,600 $ 180,000
The sales amount of the 2xx1 is the result of 20% growth from the previous year (2xx0). Determine the sales amount of the 2xx0.
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