FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Transcribed Image Text:The data shown were obtained from the financial records of Italian Exports, Inc., for March:
Estimated Sales
$550,000
Sales
567,933
Purchases
294,814
Ending Inventory*
10%
Administrative Salaries
50,340
Marketing Expense**
5%
Sales Commissions
2%
Rent Expense
7,400
Depreciation Expense
1,100
Utilities
2,600
Taxes***
15%
*of next month's sales
**of estimated sales
***of income before taxes
Sales are expected to increase each month by 10%.
Transcribed Image Text:Prepare a budgeted income statement. Round your answers to the nearest dollar.
Italian Exports, Inc.
Budgeted Income Statement
For the Month Ending Mar. 31, 2020
Sales v
567,933
X
Cost of Goods Sold
Operating Expenses
Total Operating Expenses
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