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Anthony Gray has been interested in music as he was old enough to sit at the piano. He grew up with music and utilized his talent to earn his way via college. Anthony has now grown tired of his job at a large music house in Houston and is seriously considering moving back to his hometown in the Massachusetts to open a small music shop. In researching this venture, Anthony notices that he should comprise a projected income statement in his loan application.

By using Anthony's target income of $23,000 and the given statistics from Robert Morris Associate's Annual Statement Studies, construct a pro forma income statement for Anthony's proposed music shop.

Net sales 100.0%

Cost of sales 59.9%

Gross profit 40.1%

Operating expenses 31.2%

Net profit (before taxes) 8.9%

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