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(Working with the Income statement) At the end of its third year of operations, the Sandifer Manufacturing Co. had $4,567,000 in revenues, $3,313,000 in
(Working with the Income statement) At the end of its third year of operations, the Sandifer Manufacturing Co. had $4,567,000 in revenues, $3,313,000 in cost of goods sold, $449,000 in operating expenses which included depreciation expense of $159,000, and a tax liability equal to 34 percent of the firm's taxable income. Sandifer Manufacturing Co. plans to reinvest $49,000 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 $ 4567000 Less: Cost of Goods Sold $ 3313000 Equals: Gross Profit Less: Operating Expenses $ Equals: Net Operating Income Less: Interest Expense $ Equals: Eamings before Taxes $ Less: Income Taxes $ Equals: Net Income
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