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Pro forma income statements. Green Planet, a restaurant supply company, has the following income statement accounts for 2013: Sales Returns $184,710 Revenue $12,400,000 Fixed
Pro forma income statements. Green Planet, a restaurant supply company, has the following income statement accounts for 2013: Sales Returns $184,710 Revenue $12,400,000 Fixed Costs $1,940,500 Interest Expense $825,800 SG & A Costs $1,474,400 COGS $5,572,100 Depreciation $838,840 Construct the income statement for 2013 with a tax rate of 39%. Then construct pro forma income statements for the years 2014, 2015, and 2016 if the company expects projected sales to rise annually at 3.5% and all the accounts have the same percentage of sales as in 2013. Redo the pro forma statements for 2014, 2015, and 2016 if fixed costs are truly fixed and remain at $1,940,500, but all other accounts listed will be at the same percentage of sales for the next three years as in 2013. Find the growth in net income each year. Construct the income statement for 2013 with a tax rate of 39%. Complete the income statement for 2013 below: (Round to the nearest dollar.) Income Statement Revenue Returns Net Revenue Costs COGS Fixed Costs S G and A Costs 2013 S $ Depreciation S EBIT S Interest Expense S Taxable Income S Taxes Net Income S
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