Don't give answer in image format QUESTION.If the sales are forecasted to be $3,850,000 in 2021 for Andrew Group, which is financialconsultancy company, the additional depreciation in 2021 will be $5,000 and the tax rate 35%.Required:Forecast the 2021 income statement below for Andrew Group by using the method of percentageof sales. Based on the method of percentage of sales analysis, prepare the income statement for2021. You can use Excel (copy paste the final income statement of 2021 or manual calculation tofind the solution.Income Statement for Andrew GroupFor the Year Ended Dec. 31, 2020 in S2020SalesCost of Goods SoldGross ProfitSelling and G&A ExpensesFixed ExpensesDepreciation ExpenseEBITInterest ExpenseEarnings Before TaxesTaxesNet Income20194,660,000 4.230,0003.250,000 2,864,0001,410,000 1,366,000330,300 240,000110,000110.00023.00019,500946,700996,50065,00060,000881,700 936,500309,645 327,985572,055 608,515

The income statement shows the profitability of the entity, it reported the profit or loss for a…

Answered: QUESTION. If the sales are forecasted…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Projecting NOPAT and NOA Using Parsimonious Forecasting Method Following are Logitech's sales, net operating profit after tax (NOPAT), and net operating assets (NOA) for its fiscal year ended March 31, 2019 ($ thousands). Note: Complete the entire question using the following Excel template: Excel Template. Then enter the answers into the provided spaces below with two decimal places. Financial information Net sales $2,091,242 Net operating profit after tax (NOPAT) 158,522 Net operating assets (NOA) 428,867 Use the parsimonious method to forecast Logitech's sales, NOPAT, and NOA for fiscal years ended March 31, 2020 through 2023 using the following assumptions. Note: Complete the entire question in Excel (template provided above). Using Excel, format each answer to two decimal places. Use Increase Decimal or Decrease Decimal to adjust decimal places. Do not round answers. Then enter the answers into the provided spaces below with two decimal places.. Note: When completing the question…
A. Wally asks you to create an Income Statement for 2020 using the information below. 1. 2020 sales were 150% of last year’s sales2. Gross profit margin was 55%3. Operating profit margins were 15% 4. Interest expense fell to 7%, given a change in interest rates 5. The tax rate was 30% B. Based on the change in Income between 2020 and 2019, how would you say AndrewCo is doing?
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