Prepare an Income Statement based on the following: - gross sales = 2346217 - taxes...
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Accounting
Prepare an Income Statement based on the following: - gross sales = 2346217 - taxes = 9.3% of net sales - sales expenses = 12092 - building depreciation = 1 year depreciation from Balance Sheet - discount on sales = 3% of gross sales - administrative expense = 14598 - cost of goods sold = 3x merchandise inventory from Balance Sheet - sales returned = 2.5% gross sales - interest expense = 1 3/4% of net sales - income from other sources = 49876 - depreciation on equipment = 1/2 year depreciation from Balance Sheet III. Based on information in the Balance Sheet or Income Statement find, A) Return on Sales Ratio, B) Current Ratio, and the C) Inventory Turnover Ratio.
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