Question

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 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

This is only a preview of the solution. Please use the purchase button to see the entire solution

Related Homework Solutions

Finance Questions
Homework Solution
$275.00
Business
Finance
Exel
Component
Value
Rate
Annual
Portfolio
Income
Tax
Earnings
Asset
Return
Finance Questions
Homework Solution
$73.00
Business
Finance
Dividend
Record
Date
Shares
Paid
Cash
Balance
Decrease
Earnings
Shereholders
Finance Questions
Homework Solution
$133.00
Business
Finance
Current
Values
Building
Improvements
Cost
Capital
Brazil
Investment
Project
Corporate Finance Questions
Homework Solution
$28.00
Corporate
Finance
Questions
Dividends
Stock
Price
Common
Construction
Debt
Value
Trading
Finance Questions
Homework Solution
$25.00
Finance
Questions
Business
Proposed
Acquisition
Special
Truck
Net
Working
Capital
Depreciation
Inventory
Get help from a qualified tutor
Live Chats