Complete the following Income Statement for 12/31/2020 with these assumptions which are in no particular order:

HINT: Determine revenue as a starting point. If you cannot figure that output in a number and finish based on the rest of the assumptions as this will allow you to receive some points.

1. The company has an Operating Profit Margin of 30%

2. The company has an Account Receivable turnover of 9

3. The Contribution Rate for this company is 42%

4. They have an Interest Coverage ratio of 3

5. All sales for the company were on credit

6. They have a 30% tax rate

7. The account receivable balance as of 12/31/2020 was $7,000,000

Sales

-Fixed Costs

- Variable Costs

EBIT

- Interest

Profit before Tax

- Tax

Net Income