Jimmie believes he can sell an average of 150 ice cream cones per day at $2 per cone. Jimmie operates his business 7 days per week between May and August, for a total of 123 days. Calculate the following:

a. How many ice cream cones would Jimmie sell in total?

b. What would Jimmie’s total revenue be?

c. What would be Jimmie’s total COGS?

d. Calculate Jimmie’s gross profit.

e. Assume that Jimmie’s total monthly operating costs are $1,500.

His business operates for four months of the year. Calculate his total net profit for one year of business operations.

f. Create a projected income statement for the period from May 1 until August 31, 2012. Remember to include the interest to his mother for the four months and taxes at 25%. Assume that there is no depreciation or operating costs other than those described in the case study.