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Question - Gross Margin Income Statement - Rebound Therapy Inc ("RTI") is a company that provides post-injury, registered massage therapy services for amateur and professional athletes. They also sell a line of essential oils for various therapeutic applications. The essential oils are produced by one supplier, RTI purchases from and resells in their therapy clinics. The company generated $285,000 of revenues during 2021. Below are the company's costs incurred during fiscal 2021.
Cost Description
Amount ($)
Legal Fees
$5,000
Office Supplies
$13,500
Interest Expense
$2,250
Loss on sale of asset
$750
Salaries - therapists
$95,000
Salaries - receptionists
$50,000
Depreciation - massage tables
$7,850
Depreciation - office furniture
$5,600
Office phone & internet
$2,400
Linens, towels and cleaning supplies
$1,000
Essential oils
$38,500
Dividends declared and paid
$42,500
Required - Complete the Company's gross margin income statement as at December 31, 2021. RTI classifies its expenses as: Cost of Goods Sold, Cost of Sales, Operating Expenses and Non-Operating Expenses.
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