Using the assumptions below, build a P&L (Income) statement for this business. You may do this by hand or use a spreadsheet. Note: All $'s should be rounded to the nearest dollar [$x.] (20 Points)

List of Assumptions:

1. Income from Gross Sales are: $275,000
2. Income from Interest Income is: 3.5% of starting cash balance
3. Returns and Allowances are: $50,000
4. Cost of Goods Sold is 45% of Net Sales
5. R&D is $12,000
6. SG&A is, 5% of Net Sales
7. The firms taxes are 10% of Net income from operations
8. Starting cash balance $1,000,000