Question: Please Help. Thanks Based on the information in the table below, prepare an income statement for Windswept Woodworks, Inc. for year 2. Assume that the

Please Help. Thanks Based on the information in the table below, preparePlease Help. Thanks

Based on the information in the table below, prepare an income statement for Windswept Woodworks, Inc. for year 2. Assume that the company pays a flat tax rate of 34% on its taxable income. (Round each entry to 2 decimal places.) Year 1 Po 00 w NNW W 00 CON n.a. Windswept Woodworks, Inc. Input Data (millions of dollars) Year 2 Accounts payable 436 Accounts receivable 1,280 Accumulated depreciation 6,746 Cash & equivalents 224 Common stock 1,184 Cost of goods sold 1,500 Depreciation expense Common stock dividends paid Interest expense 140 Inventory 1,014 Addition to retained earnings 602 Long-term debt 812 Notes payable 230 Gross plant & equipment 10,260 Retained earnings 3,062 Sales 3,018 Other current liabilities 116 Tax rate 34% Market price per share - year end $ 19.80 Number of shares outstanding 500 million n.a. n.a. n.a. 1,026 n.a. 736 380 10,000 2,476 n.a. 96 n.a. 17.50 500 million $ Sales Cost of goods sold Gross profit on sales Depreciation expense Earnings before interest and taxes Interest expense Taxable income Taxes (@34%) Net income

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!