Solution for QID #22288: Using thetable below and the next worksheetforecast the 2017 | StudyHelpMe

Using the table below and the next worksheet forecast the 2017 income statement for Ethan Allen Use the percent of sales method and the following assumptions: (1) sales in FY 2017 will be $797.3359; (2) the tax rate will be 35%; (3) each item that changes with sales will be the five-year average percentage of sales; (4) net fixed assets will increase to $300; (5) the common dividend will be $0.75 per share. (6) Use your judgment on all other items. Ethan Allen Interiors Inc. Income Statement (Industrial)   2017* 2016 2015 2014 2013 2012 Sales   794.202 754.600 746.659 729.083 729.373 Cost of Goods Sold (COGS) incl. D&A   351.966 343.437 340.163 330.734 339.085 Gross Income   442.236 411.163 406.496 398.349 390.288 SG&A Expense   353.057 345.229 336.860 337.912 340.676 EBIT (Operating Income)   89.179 65.934 69.636 60.437 49.612 Interest Expense   1.618 5.957 7.540 8.778 9.020 Other Income - Net   0.395 1.206 0.306 -1.485 0.562 Unusual Expense - Net   0.000 4.500 0.000 0.000 -0.085 Pretax Income   87.956 56.683 62.402 50.174 41.239 Income Taxes   31.319 19.541 19.471 17.696 -8.455 Net Income   56.637 37.142 42.931 32.478 49.694