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sales commissions 9% of sales dollars rent $ 45,000 per quarter advertising $ 590,000 per quarter office salaries $ 293,000 per quarter depreciation $ 109,000 per quarter interest 1.75% quarterly on $250,000 note payable tax rate 30%

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The sales, costs, and profitability of a business are displayed on an income statement over a given time period.

What Is an Income Statement?

  • Of the four main financial statements, an income statement is one. Statements of cash flows, shareholder equity, and the balance sheet round out the list of essential financial statements.
  • In addition to the profit and loss statement and the statement of earnings, the income statement may also go by these other titles. It's a gauge of how well your business is doing, regardless of name.
  • A financial statement can be used for
  1. Calculate your expected tax liability now.
  2. Determine which costs to cut
  3. Keep track of how much it costs to make sales.
  4. Analyze the business's viability by planning for and predicting future revenues and costs.

The Complete Question is  Income Statement.

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