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The owner of a bicycle repair shop forecasts revenues of $224,000 a year. Variable costs...

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Accounting

The owner of a bicycle repair shop forecasts revenues of $224,000 a year. Variable costs will be $66,000, and rental costs for the shop are $46,000 a year. Depreciation on the repair tools will be $26,000.

a. Prepare an income statement for the shop based on these estimates. The tax rate is 20%.

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