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General Electric (GE) provided the following financial information for the fiscal year ending December 31, 2023: Item Amount ($) Net Sales 85,000,000 Cost of Sales
General Electric (GE) provided the following financial information for the fiscal year ending December 31, 2023:
Item | Amount ($) |
Net Sales | 85,000,000 |
Cost of Sales | 55,000,000 |
Operating Expenses | 15,000,000 |
Depreciation Expense | 4,000,000 |
Interest Expense | 2,500,000 |
Income Tax Expense | 5,500,000 |
Dividends Paid | 6,000,000 |
Beginning Retained Earnings | 20,000,000 |
Requirements:
- Draft an income statement.
- Calculate the operating profit.
- Prepare a statement of retained earnings.
- Determine the earnings per share assuming 300,000 shares.
- Assess the impact of a 15% increase in net sales on net income.
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