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

It is December 31, 2016 and Wally 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.

o 2016 sales were 125% of 2015 sales

o Gross profit margin was 55%

o Operating profit margins were 15%

o Interest expense fell to 7%, given a change in interest rates

o The tax rate was 30%

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