Income Statement Preparation

Packers' Nation, an NFL franchise company, generates $62,500,000 in revenues each year. Its gross margin is 37.5 percent. Selling expenses account for two-thirds of its operating expenses and administration costs account for the balance. The income tax rate for the company is 24 percent and the company was able to generate net income of $3,250,000.

Required:

Prepare the income statement for the company. Round percentages to the nearest tenth of a percent.

Packers' Nation Company Income Statement For the Current Year