At the beginning of the year, an audio engineer quit his job and gave up a salary of 175,000 per year in order to start his own business, Sound…

At the beginning of the year, an audio engineer quit his job and gave up a salary of 175,000 per year in order to start his own business, Sound devices, inc. The new company builds, installs and maintain custom audio equiptment for businesses that require high-quality audio systems. A partial income statement for Sound devices, inc, is shown below:RevenueRevenue from sales of products and services

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