1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Income Statements 2019 Net sales Cost of goods sold Gross profit Selling, general, and administrative expenses Operating profit Interest income (expense) Earnings before tax Tax Net income Dividends $10,000 7,200 2,800 1,200 1,600 77 1,523 381 1,142 286 2020 $11,300 8,927 2,373 1,243 1,130 72 1,058 265 794 198 2021 $12,995 10,396 2,599 1,300 1,300 68 1,232 308 924 231 2022 $15,204 11,859 3,345 1,672 1,672 64 1,608 402 1,206 302 Forecast 2023E 5 points Comments 15% increase 79% of sales 12% of sales 8% interest on all 25% tax rate 25% dividend rate