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The following is an income statement for January 2 0 xx , of Sample Caf . Use this information to answer the questions for the

The following is an income statement for January 20xx, of Sample Caf. Use this information to answer the questions for the remainder of the assignment.
Account
Balance
Revenues
$24,000
Cost of Goods Sold
$3,000
Gross Margin or Gross Profit
$21,000
Expenses:
Salaries and Wages
$17,000
Rent and Utilities
$2,000
Advertising
$2,000
Insurance
$50
Equipment Depreciation
$300
Interest
$200
Total Expenses
$21,550
Net Income
$-550
Use the Income Statement to answer the following question:
QUESTION 5
What is the Net Income as a percent of revenue?
Answer
-2.3
%

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