1. Details for Rainbow Inc. for the fiscal year ending February 28, 2024:

• Sales: ₹700,000
• Cost of Goods Sold: ₹420,000
• Administrative Expenses: ₹50,000
• Selling Expenses: ₹40,000
• Interest Expense: ₹18,000
• Income Tax: ₹20,000

Requirements (listed):

• Calculate the gross profit.
• Determine the operating profit.
• Compute the net profit before tax.
• Calculate the net profit after tax.

Prepare the income statement