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Question - Last year Cito's Corporation had sales of $600,000, with a cost of goods sold of $215,000. The firm's operating expenses were $230,000, and its increase in retained earnings was $55,000. There are currently 18,000 shares of common stock outstanding, the firm pays a $1.90 dividend per share, and the firm has no interest-bearing debt.
Required -
a) Assuming the firm's earnings are taxed at 25 percent, construct the firm's income statement.
b) Compute the firm's operating profit margin and gross profit margin. Write all the steps clearly.
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