Question: It is December 31, 2016 and Mr. X needs your help again. He wants you to create his Income Statement for 2016. Please use the

  1. It is December 31, 2016 and Mr. X needs your help again. He wants you to create his Income Statement for 2016. Please use the following information to create the 2016 Income Statement.

  1. 2016 sales were 125% of 2015 sales
  2. Gross profit margin was 55%
  3. Operating profit margins were 15%
  4. Interest expense fell to 7%, given a change in interest rates
  5. The tax rate was 30%

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