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Prepare a contribution margin income statement

Question:

A small inn has annual fixed costs of $86,000, variable costs of 70 percent of sales revenue, and a tax rate of 25 percent. The owner wants an after-tax net income of $30,000. What sales revenue must be achieved to provide $30,000 net income after tax? Prepare a contribution margin income statement to confirm the calculated required sales revenue.

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Accounting Basics: Prepare a contribution margin income statement

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