Uing anthonys target income of 23000 and the following

Assignment Help Accounting Basics

Reference no: EM13452052

Anthony Gray has been interested in music since he was old enough to sit at the piano. He grew up with music and used his talent to earn his way through college. Anthony has now grown tired of his job at a large music house in Houston and is seriously considering moving back to his hometown in Massachusetts to open a small music shop. In researching this venture, Anthony notices that he must include a projected income statement in his loan application.

Using Anthony's target income of $23,000 and the following statistics from Robert Morris Associates' Annual Statement Studies, construct a pro forma income statement for Anthony's proposed music shop.

Net sales 100.0%

Cost of sales 59.9%

Gross profit 40.1%

Operating expenses 31.2%

Net profit (before taxes) 8.9%

Reference no: EM13452052

Questions Cloud

Ortega company issued five-year 5 bonds with a face value : ortega company issued five-year 5 bonds with a face value of 50000 on january 1 2010. interest is paid annually on

Discuss a research question for which you can choose either : 1. explain a research project which can only be done using participant-observation methodology. why is it the best

Wite a 350- to 700-word essay comparing similarities and : write a 350- to 700-word essay comparing the similarities and differences between virtue theory utilitarianism and

Modern artifacts can produce keepsakes that will be sold : modern artifacts can produce keepsakes that will be sold for 70 each. nondepreciation fixed costs are 2000 per year and

Uing anthonys target income of 23000 and the following : anthony gray has been interested in music since he was old enough to sit at the piano. he grew up with music and used

Identify the organizations you have researched and describe : 1prepare a 350 word paper in which you research at least two quality management organizations-one national and one

Buckhorn corporation bases its predetermined overhead rate : buckhorn corporation bases its predetermined overhead rate on the estimated machine hours for the upcoming year. data

Two years ago you bought 300 shares of kayleigh milk co for : 1.you decide to sell short 100 shares of charlotte horse farms when it is selling at its yearly high of 56. your broker

Required prepare the companys cash budget for october in : matuseski corporation is preparing its cash budget for october. the budgeted beginning cash balance is 17000. budgeted

User Account

All Pages