Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

need help with all three parts Income statement.Fill in the missing numbers on the following annual income statements for Barron Pizza, Inc., . Note:Use a

need help with all three parts

Income statement.Fill in the missing numbers on the following annual income statements for Barron Pizza, Inc., . Note:Use a tax rate of 37.5%.

Part 1

Complete the table below:(Round the income statement accounts to the nearest thousand dollars and the earnings per share to the nearest cent. Also, use parentheses or a minus sign for numbers to be subtracted.)

Barron Pizza, Inc.

Abbreviated Income Statements for the Years Ending 2012-2014

($ in thousands, except earnings per share)

Year Ending

Year Ending

Year Ending

Account

2014

2013

2012

Revenue

$

917,273

$

946,150

$

Cost of goods sold

$

$

-669,291

$

-656,152

Gross profit

$

169,333

$

$

315,099

Selling, general, and administrative expenses

$

-70,484

$

$

-193,014

Research and development

$

-5,416

$

-7,134

$

-3,452

Depreciation

$

$

-34,505

$

-35,624

Operating income

$

60,522

$

81,390

$

Other income

$

503

$

$

1,713

EBIT

$

$

82,403

$

84,722

Interest expense

$

-6,717

$

$

-8,793

Income before tax

$

$

74,831

$

75,929

Taxes

$

-20,366

$

-28,062

$

Net income

$

$

46,769

$

47,456

Shares outstanding

16,737,000

$

16,737,000

Earnings per share

$

2.03

$

2.79

$

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

American Public School Finance

Authors: William Owings, Leslie Kaplan

2nd Edition

1111838046, 978-1111838041

More Books

Students also viewed these Finance questions

Question

explain why both internal and external recovery are important;

Answered: 1 week ago