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The following information is available for a company that prepare its financial statements in accordance with U.S. GAAP. 2023 2022 2021 forecast actual actual Sales
The following information is available for a company that prepare its financial statements in accordance with U.S. GAAP.
2023 | 2022 | 2021 | |
forecast | actual | actual | |
Sales ($ million) | 3,200 | 2,500 | 2,000 |
% of Sales | |||
Sales | 100.00% | 100.00% | |
COGS | 40.00% | 40.00% | |
Operating expenses | 35.00% | 35.00% | |
Interest expense | 4.00% | 5.00% | |
Restructure expense | 0.00% | 7.50% | |
Pre-tax margin | 21.00% | 12.50% | |
Tax (tax rate 30%) | 6.30% | 3.75% | |
Net Income | 14.70% | 8.75% |
Restructuring expense is an one-time expense, that is, those outside a company's usual activities. Assuming the bonds were issued at par in 2018 and no change in the capital structure for the company between 2021 to 2023, the projected net income for 2023 is closest to $_____________ million (xxx.xx)
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