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1. Assume the following Information: Sales: $25,000; Owners' Equity: $33,000; Current Assets: $54,000; Tax Rate: 21%; Depreciation Expense: $3,000; Cost of Sales: $10,000; Interest: $2,000;
1. Assume the following Information: Sales: $25,000; Owners' Equity: $33,000; Current Assets: $54,000; Tax Rate: 21%; Depreciation Expense: $3,000; Cost of Sales: $10,000; Interest: $2,000; Fixed Assets: $20,000; Current Liabilities: $18,000. a. FILL IN THE FINANCIAL STATEMENTS ON THE WORKSHEET (some calculations will be necessary). What is the amount of Long Term Debt? $ b. CREATE A COMMON-SIZED Income Statement in the box provided. What is the Net Income entry on the common-sized income statement
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