QuestionQuestion

The CEO of Smart Phone Cases, LLC is preparing a loan application to be used for expansion. Using the data below (only), prepare an Income Statement. Within this Income statement, include totals for Cost of Goods Sold, Gross Margin, Sales General, and Administrative, Earnings before Interest and Taxes, Pretax Income, and Net Income. Also compute the Profit Margin on Sales =Net Income / Revenue. Submit using a spreadsheet.   

Price each
$19.95   

Quantity Sold
50,000   

Production Labor Costs each
$8.25   

Material Costs
$2.00   

Labor Overhead
35% of labor

Marketing
$45,000
   
Depreciation
$8,000
   
Research and Development
$18,000
   
Administrative
$52,000
   
Interest Expense
$2,600
   
Taxes
25.0% of pretax Income

Solution PreviewSolution Preview

This material may consist of step-by-step explanations on how to solve a problem or examples of proper writing, including the use of citations, references, bibliographies, and formatting. This material is made available for the sole purpose of studying and learning - misuse is strictly forbidden.

Income Statement
    $13.00 for this solution

    PayPal, G Pay, ApplePay, Amazon Pay, and all major credit cards accepted.

    Find A Tutor

    View available Finance Tutors

    Get College Homework Help.

    Are you sure you don't want to upload any files?

    Fast tutor response requires as much info as possible.

    Decision:
    Upload a file
    Continue without uploading

    SUBMIT YOUR HOMEWORK
    We couldn't find that subject.
    Please select the best match from the list below.

    We'll send you an email right away. If it's not in your inbox, check your spam folder.

    • 1
    • 2
    • 3
    Live Chats