Question
Construct an Income Statement for XXX, for the year ending December 31, 2019, given the following information. Total Sales was $465 million. Other Expenses (excluding
Construct an Income Statement for XXX, for the year ending December 31, 2019, given the following information.
Total Sales was $465 million. Other Expenses (excluding Depreciation & Amortization) was $20.3 million. EBITDA was 25% of Sales. Depreciation & Amortization was 4.6% of Gross Fixed Assets. Interest Expense was 8.4% of Long-Term Debt. The corporate tax rate for EVC Manufacturing is 20.5%. Net Fixed Assets at the start of 2019 was $287 million. Accumulated Depreciation at the start of 2019 was $67 million. No new fixed assets were acquired during 2019, and none were sold or retired. Long-Term Debt on December 31, 2018 totaled $322 million. The next principal payment will take place on December 31, 2021. No additional interest-bearing debt was incurred during 2019.
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