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Prepare an income statement for the shop

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Reference no: EM133072011

Question - The owner of a bicycle repair shop forecast revenues of $24,000 a year. Variable costs will be $70.000, and rental costs for the shop are $50,000 a year. Depreciation and the repair tools will be $30,000. Prepare an income statement for the shop based on these estimates. The tax rate is 20%.

Reference no: EM133072011

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