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
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