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Tesla Inc. Trial Balance as of December 31, 2023: Account Amount Sales Revenue $50,000,000 Cost of Goods Sold $25,000,000 Operating Expenses $15,000,000 Interest Income $800,000
Tesla Inc. Trial Balance as of December 31, 2023:
Account | Amount |
Sales Revenue | $50,000,000 |
Cost of Goods Sold | $25,000,000 |
Operating Expenses | $15,000,000 |
Interest Income | $800,000 |
Interest Expense | $1,200,000 |
Income Tax Expense | $3,500,000 |
Requirements:
- Prepare an adjusted trial balance.
- Draft an Income Statement for the year ending December 31, 2023.
- Compute the Earnings Before Interest and Taxes (EBIT).
- Calculate the Net Income.
- Evaluate Tesla’s financial performance based on the Income Statement.
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