1. Firm C has sales of 10,000 units for year ended 12-13-'14. The Unit Price was $ 100 (i.e. per unit) and 60% of ... Sales fell to Gross Profit. S,G,& A Expense was 10% of ... Sales, and the Interest Rate was 10% which was paid on $ 1,000,000 of Year-End Debt. The After-Tax Rate was 70%, and half of the year's Net Income was paid out in the form of Dividends. Total Assets was $ 8,000,000 at year-end (which was the average balance at any point during the year). Year 2014 was the firm's first year of operations.

(a.) an Income Statement

(b.) a Statement of Retained Earnings

(c.) a Statement of Owners Equity