The CEO of Smart Phone Cases, LLC is preparing a loan application to be used for
ID: 2503761 • Letter: T
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. Provide 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
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
Explanation / Answer
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