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Coca-Cola's Trial Balance as of December 31, 2023: Sales Revenue: $40,000,000 Cost of Goods Sold: $18,000,000 Operating Expenses: $10,000,000 Interest Income: $500,000 Interest Expense: $1,000,000
Coca-Cola's Trial Balance as of December 31, 2023:
- Sales Revenue: $40,000,000
- Cost of Goods Sold: $18,000,000
- Operating Expenses: $10,000,000
- Interest Income: $500,000
- Interest Expense: $1,000,000
- Income Tax Expense: $2,500,000
Requirements:
- Prepare an adjusted trial balance.
- Prepare an Income Statement for the year ending December 31, 2023.
- Calculate the Earnings Before Interest and Taxes (EBIT).
- Compute the Net Income.
- Analyze Coca-Cola’s financial performance based on the Income Statement.
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