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Assuming that sales revenue decreases by 20%, prepare a variable cost income statement for each company. (Enter loss using either a negative sign preceding the

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Assuming that sales revenue decreases by 20%, prepare a variable cost income statement for each company. (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

Pharoah Company

Sheridan Company

The following CVP income statements are available for Pharoah Company and Sheridan Company

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