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Microsoft Corporation Trial Balance as of December 31, 2023: Sales Revenue: $120,000,000 Cost of Goods Sold: $60,000,000 Operating Expenses: $30,000,000 Interest Income: $2,000,000 Interest Expense:
Microsoft Corporation Trial Balance as of December 31, 2023:
- Sales Revenue: $120,000,000
- Cost of Goods Sold: $60,000,000
- Operating Expenses: $30,000,000
- Interest Income: $2,000,000
- Interest Expense: $1,500,000
- Income Tax Expense: $8,000,000
Requirements:
- Prepare an adjusted trial balance.
- Create an Income Statement for the year ending December 31, 2023.
- Calculate the Earnings Before Interest and Taxes (EBIT).
- Compute the Net Income.
- Assess Microsoft’s financial performance based on the Income Statement.
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