Exercise 8-8 (Algo) Budgeted Income Statement [LO8-9] Gig Harbor Boating is the wholesale distributor of a small recreational catamaran sailboat. Management has prepared the following summary data to use in its annual budgeting process: Budgeted unit sales 640 • Selling price per unit Cost per unit Variable selling and administrative expense (per unit) Fixed selling and administrative expense (per year) Interest expense for the year Required: Prepare the company's budgeted income statement for the year. Gig Harbor Boating Budgeted Income Statement $ 2,040 $ 1,370 $ 75 $ 300,000 $ 20,000

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Budgeted Income Statement Gig Harbor Boating is the wholesale distributor of a small recreational catamaran sailboat. Management has prepared the following summary data to use in its annual budgeting process: Required: Using Schedule 9 as your guide, prepare the company’s budgeted income statement for the year.

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Gig Harbor Boating is the wholesale distributor of a recreational sailboat. Management provided the following data for budgeting purposes: Budgeted unit sales Selling price per unit Cost per unit Variable selling and administrative expense (per unit) Fixed selling and administrative expense (per year) Interest expense for the year Required: Prepare a budgeted income statement for the year. Gig Harbor Boating Budgeted Income Statement 460 $ 1,950 $ 1,575 $ 75 $ 105,000 $ 14,000

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