Reformulate the following income statement (in millions of dollars): Sales Operating expenses to generate sales Loss...

 

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Reformulate the following income statement (in millions of dollars): Sales Operating expenses to generate sales Loss from real estate partnership Interest income Interest expense Income tax expense Net income The firm's statutory tax rate is 35%. What is the effective tax rate on operating income from sales? 2,400 (1,650) (100) 40 (160) 530 159 371 Reformulate the following income statement (in millions of dollars): Sales Operating expenses to generate sales Loss from real estate partnership Interest income Interest expense Income tax expense Net income The firm's statutory tax rate is 35%. What is the effective tax rate on operating income from sales? 2,400 (1,650) (100) 40 (160) 530 159 371