New Venture: Game Plan

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New Venture: Game Plan

QUESTION

Explain an Income tax on extraordinary gain

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Subject	Business	Pages	3	Style	APA

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Answer

Pro-Forma Income Statement
XYZ, Inc.
		For 2021 through 2023
(all numbers in $000)


REVENUE		2021	2022	2023	2024
Gross sales		$500	$650	$720	$850
	Less sales returns and allowances	200	230	280	320
Net Sales		$300	$420	$440	$530

COST OF SALES
Beginning inventory		$350	$360	$420	$435
	Plus goods purchased / manufactured	120	165	185	190
Total Goods Available		$470	$525	$605	$625
	Less ending inventory	360	420	435	440
Total Cost of Goods Sold		$110	$105	$170	$185

Gross Profit (Loss)		$190	$315	$270	$345

OPERATING EXPENSES
Selling
	Salaries and wages	$35	$41	$46	$52
	Commissions	12	14	16	18
	Advertising	10	12	14	20
	Depreciation	14	15	16	16
	Other	5	6	6	7
Total Selling Expenses		$76	$88	$98	$113

General/Administrative
	Salaries and wages	$12	$14	$16	$18
	Employee benefits	4	5	5	6
	Payroll taxes	2	3	3	4
	Insurance	6	6	7	7
	Rent	8	8	9	9
	Utilities	2	2	2	3
	Depreciation & amortization	3	4	4	5
	Office supplies	1	1	1	1
	Travel & entertainment	3	3	3	4
	Postage	1	1	1	2
	Equipment maintenance & rental	0	0	1	1
	Interest	0	1	1	2
	Furniture & equipment	3	4	4	5
Total General/Administrative Expenses		$45	$52	$57	$67

Total Operating Expenses		$121	$140	$155	$180


Net Income Before Taxes		$69	$175	$115	$165
	Taxes on income	22	32	26	28
Net Income After Taxes		$47	$143	$89	$137

Extraordinary gain or loss		$0	$0	$43	$0
Income tax on extraordinary gain		0	0	12	0

NET INCOME (LOSS)		$47	$143	$120	$137

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References

Appendix

Appendix A:

Communication Plan for an Inpatient Unit to Evaluate the Impact of Transformational Leadership Style Compared to Other Leader Styles such as Bureaucratic and Laissez-Faire Leadership in Nurse Engagement, Retention, and Team Member Satisfaction Over the Course of One Year

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