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Prepare income statement for shop based on estimates

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The owner of a bicycle repair shop forecasts revenues of $188,000 a year. Variable costs will be $57,000, and rental costs for the shop are $37,000 a year. Depreciation on the repair tools will be $17,000. Prepare income statement for the shop based on these estimates. The tax rate is 40%.

Reference no: EM132404584

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