You are a summer intern at the office of a local tax preparer. To test your basic knowledge of financial statements, your manager gives you the following list of accounts

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and asks you to prepare a simple income statement using those accounts.

a. Arrange the accounts into a well-labeled income statement. Make sure you label and solve for gross profits, operating profits, and net profits before taxes.

b. Using a

21%

tax rate, calculate taxes paid and net profits after taxes.

c. Assuming a dividend of

$1.02

per share with

4.33

million shares outstanding, calculate EPS and additions to retained earnings.