Note: Use a tax rate of 37.5%. nd the income statement accounts to the nearest t

Question

Note: Use a tax rate of 37.5%. nd the income statement accounts to the nearest thousand dollars and the earnings per Complete the table below: (Rou share to the nearest cent. Also, use parentheses or a minus sign for numbers to be subtracted.) Barron Pizza, Inc. Abbreviated Income Statements for the Years Ending 2012-2014 $ in thousands, except earnings per share) Year Ending Year EndingYear Ending 2014 2013 2012 Revenue Cost of goods sold Gross proft Selling, general, and administrative expenses 70,404 $ Research and development Depreciation Operating income Other income EBIT Interest expense Income before tax Taxes Net income Shares outstanding Earnings per share S 917,282 946,294 $S $ 669,334 S 656.197 315,054 92,947 3,439 35,765 $ 169,438 $ -7,046 $ 34,504S 81,396$ 5,457 S 60,468 $ 530S 1,785 $ 82,422 S 84,688 6,797 S 8,702 $ 74,737 -28,026 $ 46,711| 75,986 20,325$ 47,491 16,742,000 16,742,000 2.02 S 2.79 Round the income state Also, use parentheses or a minus sign for numbers to be subtracted) ment accounts to the nearest thousand dollars and the eamings per share to the nearest cent hrpe:lialitemprod pearsoncmg.com/api'v1/ prink 'en-usfinance

Explanation / Answer

Barron Pizza Inc.

Abbreviated Income Statements for the Years ending 2012 - 2014

Account Year Ending 2014 Year Ending 2013 Year Ending 2012 Revenue $ 917,282 $ 946,294 971,251 Cost of Goods Sold -747,844 - 669,334 - 656,197 Gross Profit 169,438 276,960 315,054 Selling, General and Administrative Expenses - 70,404 - 154,014 - 192, 947 Research and Development - 5,457 - 7,046 - 3,439 Depreciation - 33,109 - 34,504 - 35,765 Operating Income 60,468 81,396 82,903 Other Income 530 1,026 1,785 EBIT 60,998 82,422 84,688 Interest Expense - 6,797 - 7,685 - 8,702 Income Before Tax 54,201 74,737 75,986 Taxes ( 37.5%) - 20,325 - 28,026 - 28,495 Net Income 33,876 46,711 $ 47,491 Shares Outstanding 16,742,000 16,742,000 16,742,000 Earnings per Share $ 2.02 $ 2.79 $ 2.84

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