The data shown were obtained from the financial records of Italian Exports, Inc., for March: Estimated Sales Sales Purch

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The Data Shown Were Obtained From The Financial Records Of Italian Exports Inc For March Estimated Sales Sales Purch 1 (64.81 KiB) Viewed 11 times

The data shown were obtained from the financial records of Italian Exports, Inc., for March: Estimated Sales Sales Purchases Ending Inventory* Administrative Salaries Marketing Expense** Sales Commissions Rent Expense Depreciation Expense Sales Cost of Goods Sold 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 nearest dollar. Italian Exports, Inc. Budgeted Income Statement For the Month Ending Mar. 31, 2020 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 $540,000 567,917 294,830 Total Operating Expenses Income From Operations Income Tax Expense Net Income 10% 50,360 5% 2% 7,700 1,200 2,600 15% $ 540,000 56,791 X 294,830 351,621 X 62,470 X 289,151 X 278,766 X 50,360 27,000 11,358 X 7,700 1,200 2,600 100,218 X 178,548 X 26,782 X 151,765 X