HW Chapter 2A O Help Save & Exit Submit Check my work 7 Problem 2-37 Income Statement (LG2-1) 2.5 points Listed below is the 2021 incarne statement for Tom and Suc Travels, Inc. check TON AND SUE TWELS, INC. Incone Statenent for Year Ending December 31, 2021 in millions of dollars Net sales s19.600 Less: Cost of goods sold 9.063 Gross profits s16.688 Less: Other operating expenses 4.158 Earnings before interest, taxes, depreciation and emortization (EBITDA) 5 6.450 Less: Degreciation 3.819 Earnings before interest and taxes (EBIT) Less: Interest 0.810 Earnings before taxes (EBT) S 1.810 Less: Taxes 0.388 Net incente S 1.438 PH 5 2.658 A. The CEO of Tom and Sue's wants the company to eam a net income of $3.200 million in 2022. Cost of goods sold is expected to be 60 percent of net sales depreciation and other operating expenses are not expected to change, interest experise is expected to Increase to S1.306 million, and the firm's tax rate will be 21 percent. Calculate the net sales needed to produce net income of $3.200 million. [Enter your answer In millons of dollars rounded to 3 decimal places.) Notsalas milion HW Chapter 2A A Help Save & Exit Submit Check my work 8 Problem 2-38 Income Statement (LG2-1) 2.5 points You have been given the following Information for PattyCake's Athletic Wear Corp. for the year 2021 eBook 3. Net sales - $38,550,000 b. Cost of goods sold - $22,150,000. Other operating expenses = $5,700,000 d. Addition to retained eamings - 51,203,500. e. Dividends paid to preferred and common stockholders = $1,925.500. 1. Interest expense - $1,815.000. g. The firm's tax rate is 30 percent RIP in 2022 h. Net sales are expected to increase by $9.55 million i. Cost of goods sold is expected to be 60 percent of net sales. j. Depreciation and other operating expenses are expected to be the same as in 2021 k. Interest expense is expected to be $2,090,000 1. The tax rate is expected to be 30 percent of EBT. m. Dividends paid to preferred and common stockholders will not change. Calculate the addition to retained earnings expected in 2022. (Enter your answer in dollars, not millions.) Addition to remained amings