Develop a projected income statement that shows how many bikes Reid must sell to make a before tax profit of $30,000 and for $50,000? Is it feasible based on is current sales for him to make a profit of $30,000 or $50,000?Explain.

Income Statement

Sales289,545

Cost of Goods(177,775)

Contributions111,170

Fixed Costs

Depreciation2,000

Utilities13,800

Insurance2650

Vehicle Gas1,140

Phone and Internet3,300

Rent24,000

Vehicle License795

Tools1,020

Part-time Help7,800(56,505)

Profit54,665

Interest: 50,000*.065(3,250)

51,415

Tax: 51,415 * .24(12,339.60)

Profit after Interest and Tax39,075.40

Balance Sheet

LiabilitiesAssets

Loan (6.5% Interest)50,000Miscellaneous Parts9,550

Accounts Payable2,500Tools4,800

Service Truck22,000

Racks, Phone, Computer19,000

Total Cash45,000

Accounts Receivable4,500

Total = 52,500Total = 104,850