You have the following income statement for a restaurant for the month of June. Sales Revenue 136550 Cost of Sales 31% of Sales Wages Expense 20.5% of Sales Operating Expenses $41,000 Rent Expense $17,500 Depreciation Expense $10,500 Operating Income $ Additional Information Actual sales revenue in May was $108,000 Actual purchases (cost of sales) in May was $69,000 Sales revenue is 25% cash Credit card sales revenue is 75% of total sales, of which 98% is collected in the month of sales, 2% is collected in the following month 40% of inventory purchases are paid in the month of purchase, the remaining 60% is paid in the following month Wages and operating expenses included in the income statement are paid in cash in June Cash balance at the end of May was 0217 Required: Calculate the actual cash balance at the end of June by preparing a cash budget

For February, sales revenue is $579,000, sales commissions are 7% of sales, the sales manager's salary is $80,300, advertising expenses are $87,600, shipping expenses total 3% of sales, and miscellaneous selling expenses are $2,000 plus ½ of 1% of sales. Total selling expenses for the month of February are a. $230,695 b. $227,800 c. $169,900 O d. $210,430

For February, sales revenue is $610,000, sales commissions are 7% of sales, the sales manager's salary is $91,600, advertising expenses are $92,700, shipping expenses total 3% of sale, and miscellaneous selling expenses are $2,200 plus 1/2 of 1% of sales. Total selling expenses for the month of February are a.$247,500 b.$250,550 c.$186,500 d.$229,200

The data shown were obtained from the financial records of Italian Exports, Inc., for March: Estimated Sales $580,000 Sales 567,930 Purchases 294,832 Ending Inventory* 10% Administrative Salaries 50,280 Marketing Expense** 5% Sales Commissions 2% Rent Expense 7,700 Depreciation Expense 1,200 Utilities 2,500 Taxes*** 15% *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 nearest dollar. Italian Exports, Inc.Budgeted Income StatementFor the Month Ending Mar. 31, 2020   $Sales Cost of Goods Sold     $Beginning Inventory   Purchases   $Cost of Goods Available for Sale   Ending Inventory   $Cost of Goods Sold   Gross Profit Operating Expenses     $Administrative Salaries   Marketing Expenses   Sales Commissions   Rent Expense   Depreciation Expense   Utilities Total…