Question: Based on the income statement below, answer the following questions: Item Value ($ millions) Revenue 800 Cost of Goods Sold 500 Operating Expenses 200 Interest

  1. Based on the income statement below, answer the following questions:

Item

Value ($ millions)

Revenue

800

Cost of Goods Sold

500

Operating Expenses

200

Interest Expense

20

Tax Expense

30

  1. a. What is the Gross Profit? b. Calculate the Operating Income. c. Determine the Net Income. d. What is the effective tax rate?

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