Lead! Inc. offers executive coaching services to small business owners. Lead!s operating profits average 20 percent of

Question:

Lead! Inc. offers executive coaching services to small business owners. Lead!’s operating profits average 20 percent of revenues and its marketing and administrative costs average 25 percent of the cost of services sold.

Required
Lead! Inc. expects revenues to be $400,000 for April. Prepare an income statement for April for Lead! Inc. assuming its expectations are met.