Question
Venus, Inc. had sales in 2019 of $2 million dollars. The common stockholders received $300,000 in cash dividends. There are no preferred stockholders. Interest expense
Venus, Inc. had sales in 2019 of $2 million dollars. The common stockholders received $300,000 in cash dividends. There are no preferred stockholders. Interest expense was $150,000 while operating expenses totaled $600,000(depreciation is 50% of operating expenses), and cost of goods sold was $500,000. Venus, Inc. issued 1 million shares outstanding.
Complete the following brief income statement (Suppose the tax rate is flat and 34%).
Sales
$2,000,000
Cost of goods sold
- $
Operating expenses
- $
Interest expense
- $
Taxable income
$
Tax liability
- $
Net Income
$
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