Question 16 Prepare a 2020 income statement for Shanta Corporation based on the following information: Cost...

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SHANTA CORPORATION
Income Statement
For the Year, Ended December 31, 2020

Sales revenue $700000

- Cost of goods sold (490000)

Gross profit 210000

- Operating expenses (100000)

- Other expenses and loses (30000)

Operating Income 80000

- Interest expense -

Income before taxes 80000

- Tax @ 30% of 80000 (24000)

Net income $56000

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