5. The 2019 Income Statement for Odyssey Enterprises, Inc., appears below. Odyssey's marketing department forecasts sales...

 

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5. The 2019 Income Statement for Odyssey Enterprises, Inc., appears below. Odyssey's marketing department forecasts sales of $4,375,000 for 2020. Use a simple percent of sales calculation to estimate Odyssey's general and administrative expenses for 2020. Sales Cost of Goods Sold General and Administrative expenses Depreciation. Tot. operating costs EBIT Interest. expense Pre-tax earnings Taxes (40%) Net income 2019 $3,432,000 2,864,000 375,000 18,900 3,222,900 209,100 62,500 146,600 58,640 $87,960 5. The 2019 Income Statement for Odyssey Enterprises, Inc., appears below. Odyssey's marketing department forecasts sales of $4,375,000 for 2020. Use a simple percent of sales calculation to estimate Odyssey's general and administrative expenses for 2020. Sales Cost of Goods Sold General and Administrative expenses Depreciation. Tot. operating costs EBIT Interest. expense Pre-tax earnings Taxes (40%) Net income 2019 $3,432,000 2,864,000 375,000 18,900 3,222,900 209,100 62,500 146,600 58,640 $87,960

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