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Prepare an income statement for Sheffield Corp

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Problem - Sheffield Corp. had net sales of $594,000 and cost of goods sold of $355,000. Operating expenses were $151,000, and interest expense was $7,000. The corporation's tax rate is 31%. The corporation declared preferred dividends of $13,716 in 2022, and its average common stockholders' equity during the year was $198,000. Prepare an income statement for Sheffield Corp.

Reference no: EM132845786

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