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WXY Corporation has the following financials for 2023: Revenue: $950,000 Cost of Goods Sold: $550,000 Administrative Expenses: $150,000 Selling Expenses: $100,000 Interest Expense: $25,000 Tax
WXY Corporation has the following financials for 2023:
- Revenue: $950,000
- Cost of Goods Sold: $550,000
- Administrative Expenses: $150,000
- Selling Expenses: $100,000
- Interest Expense: $25,000
- Tax Expense: $45,000
Requirements:
- Prepare an income statement.
- Calculate the gross profit.
- Calculate the operating income.
- Determine the net income.
- Assess the impact of a 10% decrease in administrative expenses on the net income.
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