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Thank you. (Working with the income statement) At the end of its third year of operations, the Sandifer Manufacturing Co. had $4,549,000 in revenues, $3,395,000
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(Working with the income statement) At the end of its third year of operations, the Sandifer Manufacturing Co. had $4,549,000 in revenues, $3,395,000 in cost of goods sold, $459,000 in operating expenses which included depreciation expense of $147,000, and a tax liability equal to 34 percent of the firm's taxable income. Sandifer Manufacturing Co. plans to reinvest $47,000 of its earnings back into the firm. What does this plan leave for the payment of a cash dividend to Sandifer's stockholders? Complete the income statement for Sandifer Manufacturing Co.: (Round to the nearest dollar.) Revenues = $ Less: Cost of Goods Sold = $ Equals: Gross Profit = Less: Operating Expenses = Equals: Net Operating Income = $ Less: Interest Expense = Equals: Earnings before Taxes = $ Less: Income Taxes = $ Equals: Net Income = $Step by Step Solution
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