Question 23 2-3-6 What was their marginal tax rate? Edit View Insert Format Tools Table 12ptParagraph B I UA 2 T2 1 I 30 stv Income Statement Cline Custom Bikes Income Statement ($000) For year ended December 31, 2000 $2,200 $1,420 $ 780 Sales revenue Less Cost of goods sold Gross profit Less operating expenses Selling expense G&A Depreciation Total operating expenses Operating profits Less interest expense Net profit before tax Less taxes (30%) Net profit after tax $300 $270 $ 30 $ 600 $ 180 $ 29 $ 151 $ 45 $ 106 Statement of Retained Earnings Retained Earnings balance (Jan 1 2000) Plus: net profit after tax (for 2000) Less cash dividends on common $ 80 106 (76) I Retained Earnings balance (Dec 31, 2000) $ 110 Page