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MBA 613 - Excel Assignment - Step 1 You decide to open a Bike Store...

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Accounting

MBA 613 - Excel Assignment - Step 1 You decide to open a Bike Store in January 2023. As part of the process, you need to prepare as a Financial Forecast/Budget. Use Excel to do this. You only need to prepare an Income Statement Assume: 1. The company will sell 16,000 bicycles at an average price of $2,500 each 2. Cost of Labor is 20% of Sales 3. Cost of Materials is 10% of Sales 4. Variable Overhead is 6% of Sales 5. Fixed Manufacturing Overhead is $4,000,000 6. Office Salaries are 5,000,000 7. Office Deprecation Expense is $500,000 8. Lease Expense of Corporate Office is $2,000,000 9. Advertising is $1,000,000 10. Income Taxes are 30% of all revenues minus all expenses before income taxes. In addition to the Net Income with the assumptions above, what would be the company's: A. Gross Profit Margin? B. Operating Profit Margin? C. Net Profit Margin? Since this is an internal report, you don't necessarily have to use a GAAP Income Statement. Make sure the report is easy to follow and "pretty" enough to show to a potential business partner or to a bank where you might apply for a loan. Important. You must do this assignment by yourself. You cannot discuss this with a co-worker, another student, or anyone else

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