The following are selected account balances of the Roberts Company: 
Prepare a partial income statement through gross profit on sales.
Definitions:
Operating Assets
Assets used by a business in its daily operations to generate revenue, excluding investments and non-essential properties.
Contribution Margin Ratio
A financial metric that shows the portion of sales revenue that exceeds variable costs, indicating how sales affect profitability.
Fixed Expenses
A rephrased definition could focus on the costs that do not vary with the level of production or business activity, which may include long-term contractual obligations and basic operational costs.
Minimum Required Rate
Refers to the lowest acceptable rate of return on investment that a business or individual expects to achieve.
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