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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........................$1,458,000Production Labor Costs.......$385,444Material Costs......................$247,500Marketing.............................$127,000Depreciation.........................$58,122Research and Development.$98,000Administrative.......................$258,300Interest Expense...................$21,608Taxes.......................................25% of pretax income
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