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A B Assignment 1.5 Exercises D E F G 5 Points Problem 1: Building an Income Statement K L M N 0 P Viola's
A B Assignment 1.5 Exercises D E F G 5 Points Problem 1: Building an Income Statement K L M N 0 P Viola's Medical Supplies, Inc., had product sales of $817,000 and rental sales of $121,000 for 2019. The cost of the products sold was $389,000. In addition, the company incurred $143,000 in expense for its workers, $14,000 for utilities, and $83,000 to lease its warehouse space. Viola was paid $85,000 for his management of the business. The company purchased $80,000 of new equipment during the year. Depreciation of warehouse equipment was $51,000, and interest expense on the company's credit line was $38,000. The company has an effective tax rate of 21 nercent Complete the full Income Statement for Viola's Medical Supplies. What is the Net Income for this firm? Use the Template Provided Below to Create Your Solution - Pay close attention to the formulas and formatting of the inp Input area: Product Sales ($) Rental Sales ($) Cost of Goods Sold ($) Wages Expense ($) Utilities Expense ($) Warehouse Lease ($) Management Salaries ($) Depreciation expense ($) Interest expense ($) Tax rate (%) Output area: Viola's Medical Supplies, Inc. Income Statement For Year Ended Dec 31st, 2019 $ Product Sales Revenue Rental Sales Revenue Total Revenue Expenses: Costs of Goods Sold Wages Expense Utilities Expense Warehouse Expense Management Salaries Depreciation expense EBIT Interest expense EBT Taxes (0%) Net income
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