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Income statement: In an accounting conference, discussion turned to the possibility of preparing financial statements...

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Accounting

Income statement: In an accounting conference, discussion turned to the possibility of preparing financial statements from a few key accounts together with financial or cost ratios The assistant controller of a participating firm provided the following data pretax income for the year $1,200,000; pretax income rate on sales 10% gross profit rate 40% rate of marketing expenses to sales 15%; 5% bonds payable represent 37.5% of the total liabilities of $ 2,000,000

Required: An income statement for the year based on the above information

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