Please use the information to build an Income statement, you may have to make assumptions.

Also, use horizontal Trend analysis of Melissa's business from 2022 to 2025 to confirm if her assumptions are realistic. Quantitative answers.

To try to save up faster for three more years of college, Melissa is planning on also growing her part-time online retail business. In the last year, she started painting cartoon portraits of students at the college campus, earning $60 per painting. The business concept started slowly, during a drunk Friday night with her friends in a dorm room of an art student. After a few other people approached her offering to pay for paintings of themselves, Melissa decided to put some flyers up around campus. She believes she ended up selling 100 paintings at an average price of $60 each (she hasn't kept track of the exact numbers).

Melissa's plan, in the absence of young people/potential customers all around, is to market her services online under a catchy name, Melissa's Swirls. She plans on having friends and family follow, perhaps even share, photos of her work on social media which would hopefully help attract new customers. Being a day away from the new year, 2023, Melissa has put together some projections for next year. Because of shipping costs, she is planning to increase her price to $85 per portrait. Each portrait will cost, on average, $15 to package and ship (and take an hour of Melissa's time). Additionally, Melissa estimates that the supplies for creating 100 paintings last year totalled $1,500. She expects this trend to continue. Melissa's expectation is that she will sell 300 paintings in 2023 and a 8%-10% annual growth rate is realistic until December 31, 2025. Melissa is open to advice on this business, especially the online elements.