What will the net income be for 2023

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Reference no: EM133538075

Case: Year 2021 Year 2022

Operating revenues $ 41,115.38 $ 53,450.00

Operating expenses $ 41,780.00 $ 52,225.00

Operating income (loss). $ (664.62) $ 1,225.00

Nonoperating income (expense). $ (650.00) $ (650.00)

Income (loss) before income taxes $ (1,314.62) $ 575.00

Income tax provision (benefit) $ 394.38 $ (172.50)

Net income (loss) $ (920.23) $ 402.50

Operating revenues

A) The CEO and the CFO asked you to prepare the forecast for 2023. In order to prepare the forecast, they told you to base it on the existent past historical data. Based on your forecast, what will the net income be for 2023? (Round to the nearest integer) Answer?????

B) Although you prepared the forecast based on historical data, you know that this forecast should not be used as the annual budget because some changes occurred in the company. Based on your experience and those changes, you predict that for the annual budget for 2023 there will be a 5% increase in operating revenues and a 5% decrease in operating expenses if compared to 2022. The nonoperating expenses will decrease 4%, and the tax rate remains the same. Based on your annual budget, what will the net income be for 2023? (Round to the nearest integer) $6336??

Reference no: EM133538075

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