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Common-Size and Forecast Income Statements Income statements for The Schism, Inc. (the Company), follow ($ millions). b. Prepare an income statement forecast for the fiscal
Common-Size and Forecast Income Statements Income statements for The Schism, Inc. (the Company), follow (\$ millions). b. Prepare an income statement forecast for the fiscal year 2020 (ending January 30, 2021), based on the following assumptions: - Net sales total $114,353 million. - Cost of goods sold and occupancy expenses are 62% of sales. - Operating expenses total 35% of sales. - Interest income and interest expense are unchanged from the 2019 (ending February 2, 2019) amounts. - The Gap's effective tax rate on income before taxes is 25% in 2020. - Note: Round your answers to the nearest million dollars. Use a negative sign to indicate interest income
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