Question 16 Prepare a 2020 income statement for Shanta Corporation based on the following information:...
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Accounting
Question 16
Prepare a 2020 income statement for Shanta Corporation based on the following information:
| Cost of goods sold | $490,000 | |
| Operating expenses | 100,000 | |
| Other expenses and losses | 30,000 | |
| Sales revenue | 700,000 | |
| Tax rate | 30% |
Prepare a income statement
SHANTA CORPORATION Income Statement For the Year Ended December 31, 2020
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