The data shown were obtained from the financial records of Italian Exports, Inc., for March:Estimated SalesSalesPurchasesEnding Inventory*Administrative SalariesMarketing Expense**Sales CommissionsRent ExpenseDepreciation ExpenseUtilitiesTaxes****of next month's sales**of estimated salesSalesCost of Goods Sold***of income before taxesSales are expected to increase each month by 10%.Prepare a budgeted Income statement. Round your answers to the nearest dollar.Italian Exports, Inc.Budgeted Income StatementFor the Month Ending Mar. 31, 2020Beginning InventoryPurchasesCost of Goods Avaliable for SaleEnding InventoryCost of Goods SoldGross ProfitOperating ExpensesAdministrative SalariesMarketing ExpensesSales CommissionsRent ExpenseDepreciation Expense$340,000367,932294,830UtilitiesTotal Operating ExpensesIncome From OperationsIncome Tax ExpenseNet Income10%30,3405%2%7,0009002,30015%to ovembo

Income statement refers to the statement which is prepared by the business at the end of the period…

Estimated Sales Sales Purchases Ending Inventory Administrative Salaries Marketing Expense** Sales Commissions Rent Expense Depreciation Expense $540,000 307,932 294,830 10% 30,340 5% 7,000 900 Utilities Taxes*** *of next month's sales **of estimated sales ***of income before taxes Sales are expected to increase each month by 10%. Prepare a budgeted income statement. Round your answers to the neares 2,300 15%

Estimated Sales Sales Purchases Ending Inventory Administrative Salaries Marketing Expense Sales Commissions Rent Expense Depreciation Expense $540,000 307,932 294,830 10% 30,340 5% 7,000 900 Utilities Taxes* of next month's sales of estimated sales of income before taxes Sales are expected to increase each month by 10%. Prepare a budgeted income statement. Round your answers to the neares 2,300 15%

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

ChapterMB: Model-building Problems

Section: Chapter Questions

Problem 22M

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