Question: Required: Based on the information in the table below, prepare an income statement for Windswept Woodworks, Incorporated for year 2. Assume that the company

Required: Based on the information in the table below, prepare an income
statement for Windswept Woodworks, Incorporated for year 2. Assume that the company

Required: Based on the information in the table below, prepare an income statement for Windswept Woodworks, Incorporated for year 2. Assume that the company pays a flat tax rate of 21% on its taxable income. (Round your answers to 2 decimal places.) Windswept Woodworks, Incorporated Input Data (millions of dollars). Accounts payable Accounts receivable Accumulated depreciation Cash & equivalents Common stock Cost of goods sold Depreciation expense Common stock dividends paid Interest expense Inventory Addition to retained earnings Long-term debt Notes payable Gross plant & equipment Retained earnings Sales Other current liabilities Tax rate Market price per share year end Number of shares outstanding Year 2 Year 1 582 514 1,426 960 6,892 370 1,330 6,762 258 1,250 1,550 n.a. n.a. ? n.a. 190 n.a. 1,160 1,156 602 n.a. 958 866 280 430 10,460 10,200 3,208 2,606 n.a. 146 n.a. $ 21.50 3,068 166 21% $ 23.80 500 million 500 million

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