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Clear water products, Inc. had sales during 2009 of $900,000. Its gross profit percentage was 55%.company's selling expenses were 18%of sales and general $ &administrative expenses were equal to 80% of selling expenses. Company's income tax rate is 30 percent and the company has 60,000 shares of common stock outstanding for 2009.

Prepare company's income statement, using single-step method, for the year ended December 31,2009, and provide with EPS (income per share).

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9432342

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