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Income statement of the company

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Reference no: EM131557262

Percentage of sales income statement. Using the percentage of sales method forecast the income statement of the company using the following data and forecasts:

Sales last year= $3,000,000

Variable expenses:

cost of goods sold= $1,200,000

Operating expenses=$960,000

Fixed operating expense = $200,000

Interest bearing debt:

Average balance next year=$1,000,000

Average interest rate net year 12%

Tax rate 35%

This problem must also factor in the company's sales forecast for next year is:

a. $ 3,400,000

b. $ 3,900,000

c. $ 4,200,000

d. $ 4,500,000

Please assist with obtaining the answers

Reference no: EM131557262

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