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Income Statement Preparation
Packers' Nation, an NFL franchise company, generates $71,375,000 in revenues each year. Its gross margin is 32 percent. Selling expenses account for three-fourths of its operating expenses and administration costs account for the balance. The income tax rate for the company is 20 percent and the company was able to generate net income of $3,568,750.
Required:
Problem 1: Prepare the income statement for the company. Round dollar values to the nearest dollar. Round percentages to the nearest tenth of a percent.
Note: When allocating the selling and administrative expenses, do not round intermediate computations.
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