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Question 6 Use the information provided below for questions (6) to (10) 5 pts During 2019. Rainbow Umbrella Corp. had sales of $860,000. Costs
Question 6 Use the information provided below for questions (6) to (10) 5 pts During 2019. Rainbow Umbrella Corp. had sales of $860,000. Costs of goods sold, administrative and selling expenses, and depreciation expenses were $680,000, $85,000, and $10,000, respectively. In addition, the company had an interest expense of $55,000 and a tax rate of 21 percent. Suppose the company paid out $9,000 in cash dividends. Capital spending was zero. The company experienced zero change in net working capital. No new stock was issued during the year. Construct the 2019 Income statement for Rainbow Umbrella Corp. Edit Format Table 12pt Paragraph BIUAL ||
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