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D E F G A B Meyerson's Bakery 2 Projected Income Statement for Pie Line 3 For the Year Ended December 31, 2017 4 2017* 5 Sales 6 Less: Variable Costs 7 Less: Fixed Costs 20,000 8 Earnings Before Interest and Taxes 9 Less: Interest Expense 3,000 10 Earnings Before Taxes 11 Taxes 12 Net Income 13 14 Less: Preferred Dividends 100 15 Net Income Available to Common 16 Common Shares Outstanding 1,000 17 Earnings per Share 18 19 Assumptions 20 Price per pie $ 20.00 21 Unit Sales 3,000 22 Target EBIT 23 Variable Costs as a Percent of Sales 60% 24 Projected Sales Growth 10% 25 Tax Rate 35% 26 27 28 29 20 Exercise 2 Direction Operating BE Total BE + D A B Meyerson's Bakery Projected Income Statement for Pie Line For the Year Ended December 31, 2017 3 2017* 5 Sales 5 Less: Variable Costs 7 Less: Fixed Costs 20,000 3 Earnings Before Interest and Taxes Less: Interest Expense 3,000 0 Earnings Before Taxes 1 Taxes 2 Net Income 3 14 Less: Preferred Dividends 100 15 Net Income Available to Common 16 Common Shares Outstanding 1,000 17 Earnings per Share 18 19 Assumptions 20 Price per pie $ 20.00 21 Unit Sales 3,000 22 Target EBIT 23 Variable Costs as a Percent of Sales 60% 24 Projected Sales Growth 10% 25 Tax Rate 35% 26 27 Exercise 2 Direction Operating BE Total BE