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Income Statement PreparationThe following information is taken from the records of Wadley's Car Wash for the year endedDecember 31, 2012.Income taxes . . . . . . . . . . . . . $ 45,000Service revenues. . . . . . . . . . . 210,000Rent expense . . . . . . . . . . . . . 6,000Salaries expense. . . . . . . . . . . 41,000
Required:- Prepare an income statement for Wadley's Car Wash for the year ended December 31, 2012. (Assume that 3,000 shares of stock are outstanding.)
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Calculate the Return on Sales and Asset Turnover 1. Complete a trend analysis for the items below for the last three years using the earliest year as the base year. Cash
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Lockheed Martin's management wishes to find out whether they have excess debt capacity. Its current market value of equity is $40 b and its book value of debt is $
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