Project #24631 - Financial accounting

Assignment 5: Income Statement

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 unit

$8.25

 

Material Costs each unit

$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

 

Subject Business
Due By (Pacific Time) 03/09/2014 11:59 pm
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