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1. Frank's Bakery had a great year! They had $120,000 in sales revenue. They started the year with $35,000 in stocks and had to purchase
1. Frank's Bakery had a great year! They had $120,000 in sales revenue. They started the year with $35,000 in stocks and had to purchase an additional $15,000 in stock. They ended the year with $9,000 in stock. Administrative costs were $15,300, electricity was $1675 and rent was $6000. They had a loan of $50,000 which they paid interest of $1,300. The federal government collected taxes of $2150. Dividends were paid as $30 of net profit. Construct a fully labeled profit and loss statement using the data provided above. Be sure to include all missing parts
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