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cannot figure out how to do iii The owner of a bicycle repair shop forecasts revenues of $160,000 a year. Variable costs will be $50,000,

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The owner of a bicycle repair shop forecasts revenues of $160,000 a year. Variable costs will be $50,000, and rental costs for the shop are $30,000 a year. Depreciation on the repair tools will be $10,000. a. Prepare an income statement for the shop based on these estimates. The tax rate is 20%. Methods of Calculation i. Dollars in minus dollars out ii . Adjusted Accounting profits iii. After tax Operating Cash flow Operating Cash flow $ 66,000 $ 66,000

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