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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:

  1. Prepare an adjusted trial balance.
  2. Draft an Income Statement for the year ending December 31, 2023.
  3. Compute the Earnings Before Interest and Taxes (EBIT).
  4. Calculate the Net Income.
  5. Evaluate Tesla’s financial performance based on the Income Statement.

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