Use the cash budget worked out in Problem 5 and the
following additional information to prepare a forecast income statement for the
first half of 20X2 for the Central City Department Store. (Note that the store
maintains a safety stock of inventory.)
a. Inventory at 12/31/X1 was $200,000.
b. Depreciation is taken on a straight-line basis
on $250,000 of assets with an average remaining life of 10 years and no salvage
c. The tax rate is 50 percent.
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