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Listed below is the income statement for Tom and Sue Travels, Incorporated. TOM AND SUE TRAVELS, INCORPORATED Income Statement for Year End ( in millions
Listed below is the income statement for Tom and Sue Travels, Incorporated.
TOM AND SUE TRAVELS, INCORPORATED
Income Statement for Year End
in millions of dollars
Net sales $
Less: Cost of goods sold
Gross profits $
Less: Other operating expenses
Earnings before interest, taxes, depreciation, and amortization EBITDA $
Less: Depreciation
Earnings before interest and taxes EBIT $
Less: Interest
Earnings before taxes EBT $
Less: Taxes
Net income $
The CEO of Tom and Sues wants the company to earn a net income of $ million. Cost of goods sold is expected to be percent of net sales, depreciation and other operating expenses are not expected to change, interest expense is expected to increase to $ million, and the firms tax rate will be percent. Calculate the net sales needed to produce net income of $ million.
Note: Enter your answer in millions of dollars rounded to decimal places. ie Enter as
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