Use the following information and your formulas for ratio analysis build the income statement. (Hint: do not attempt to do these in alphabetical order, to start look at the info provided and your ratios and see if there is an obvious starting point)

• Average shareholders equity $3,600
• Operating income as a percent of sales 22%
• Return on equity (ROE) 20%
• Income tax rate 30%
• Interest Expense (already in the statement below) $350

Sales (a) ____________ (1pt)

Operating expense (b) ____________ (1pt)

Operating income (c) ____________ (1pt)

Interest expense $350

Income before tax (d) ____________ (1pt)

Income tax expense (e) ____________ (1pt)

Net income (f) ____________ (2pts)