The following income statement data pertains to Tatum Toy Company's recent year completed and its forecast...

 

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The following income statement data pertains to Tatum Toy Company's recent year completed and its forecast for the coming year (in millions): Recent $875.00 625.00 $250.00 50.00 $200.00 42.00 $158.00 Sales Operating costs EBIT Interest expense EBT Income tax expense (21%) Net income Projected $1,050.00 $52.67 105.33 682.50 $367.50 50.00 $317.50 ??? $ ??? Dividends (one-third of net income) Addition to retained earnings Fill in the missing amounts for projected income tax expense and net income? $83.61 167.21 The following income statement data pertains to Tatum Toy Company's recent year completed and its forecast for the coming year (in millions): Recent $875.00 625.00 $250.00 50.00 $200.00 42.00 $158.00 Sales Operating costs EBIT Interest expense EBT Income tax expense (21%) Net income Projected $1,050.00 $52.67 105.33 682.50 $367.50 50.00 $317.50 ??? $ ??? Dividends (one-third of net income) Addition to retained earnings Fill in the missing amounts for projected income tax expense and net income? $83.61 167.21

Answer rating: 100% (QA)

SOLUTION To find the missing amounts for projected income tax expense and net income we can use the ... View the full answer