Reference no: EM13878629
Connelly Corporation is a preparing a tax forma income statement for the 4th quarter. Solve for earnings after tax
Raw materials is 12 percent of sales
Labor is 16 percent of sales
Utilities is $4600 plus 4 percent of sales
Factory over head is 5 percent of sales
Selling and admin is $6800 plus 5 percent of sales
Fixed overhead is $40,000 per quarter
Depreciation will be $50,000
Interest Expense will be $6,000
Tax rate is 35%
The marketing department predicts fourth quarters sales is $218,000.
What I have so far: How do I solve for taxes?
TOTAL SALES $218,000
RAW MATERIAL $26,160
LABOR $34,880.00
Utilities $17,680.0
FACTORY OVERHEAD $10,900.0
SELLING AND ADMIN 17700
Fixed $40,000
Depreciation 50000
Interest $6,000
TOTAL SALES $14,680.00
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