Income statement for 2022

Line item Amount ($)

Sales 410,000

- COGS 164,000

= Gross profit 246,000

- SG&A 82,000

- Depreciation 41,000

= Operating profit 123,000

- Interest 25,000

= Taxable income 98,000

- Taxes (28%) 27,440

= Net income 70,560

Sales are expected to increase to $492,000 in 2023, while interest expenses and the average tax rate are expected to stay constant.

Income statement for 2022 Sales are expected to increase to $492,000 in 2023 , while interest expenses and the average tax rate are expected to stay constant. Part 1 Attempt 1/10 for 10 pts. Prepare a pro forma income statement for 2023 using the percent-of-sales method. What is the expected net income? We also know the break-down into fixed and variable costs for 2022 : Prepare a pro forma income statement for 2023 using the percent-of-sales method and distinguish between fixed and variable costs. What is the expected net income