Question: Problem 4 (5 pts) Complete the following Income Statement for 12/31/2020 with these assumptions which are in no particular order: HINT: Determine revenue as a

 Problem 4 (5 pts) Complete the following Income Statement for 12/31/2020

Problem 4 (5 pts) Complete the following Income Statement for 12/31/2020 with these assumptions which are in no particular order: HINT: Determine revenue as a starting point. If you cannot figure that out put in a number and finish based on rest of the assumptions as this will allow you to receive some points. 1. The company has an Operating Profit Margin of 25% 2. The company has an Account Receivable turnover of 10 3. The Contribution Rate for this company is 40% 4. They have an Interest Coverage ratio of 4 5. All sales for the company were on credit 6. They have a 30% tax rate 7. The account receivable balance as of 12/31/2020 was $7,000,000 Sales -Fixed Costs - Variable Costs EBIT - Interest Profit before Tax - Tax Net Income

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