The CEO of Smartphone Apps, LLC is preparing a loan application. Using the data below (only), prepare an Income Statement. Within this Income statement, include totals for Gross Margin, Sales General, and Administrative, Earnings before Interest and Taxes, Pretax Income, and Net Income. Also compute the Profit Margin on Sales. Submit using a spreadsheet.
Net Revenue........................$1,458,000
Production Labor Costs.......$385,444
Material Costs......................$247,500
Marketing.............................$127,000
Depreciation.........................$58,122
Research and Development.$98,000
Administrative.......................$258,300
Interest Expense...................$21,608
Taxes.......................................25% of pretax income