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A summarized income statement for Leveraged Inc. is presented below. (2 pts.) Sales 1,000,000 Cost...

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Accounting

A summarized income statement for Leveraged Inc. is presented below. (2 pts.) Sales 1,000,000 Cost of Sales 600,000 Gross Profit 400,000 Operating Expenses 205,000 Operating Income 195,000 Interest Expense 30,000 Earnings Before Tax 165,000 Income Tax 40,000 Net Income 125,000 Calculate the degree of financial leverage. (1 point) Calculate the tax rate. (1 point) (Points : 2)

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