2.) The budget committee of Lococo Company collects the following data for its San Miguel Store in preparing budgeted income statement for May 2006. Sales for May expected to be $600,000. Sales in June and July are expected to be 10% higher than the preceding month Cost of goods sold is expected to be 75% of sales Operating expenses are estimated to be: $ 30,000 Sales Salaries Advertising Delivery expense Sales Commissions Rent expense Depreciation Utilities Insurance 5% of the monthly sales 3% of the monthly sales 4% of the monthly sales $ 5,000 per month $ 800 per month $ 600 per month $ 500 per month Income taxes are estimated to be 30% of income from operations Prepare "budgeted income statement" for May.

2.) The budget committee of Lococo Company collects the following data for its San Miguel Store in preparing budgeted income statement for May 2006. Sales for May expected to be $600,000. Sales in June and July are expected to be 10% higher than the preceding month Cost of goods sold is expected to be 75% of sales Operating expenses are estimated to be: $ 30,000 Sales Salaries Advertising Delivery expense Sales Commissions Rent expense Depreciation Utilities Insurance 5% of the monthly sales 3% of the monthly sales 4% of the monthly sales $ 5,000 per month $ 800 per month $ 600 per month $ 500 per month Income taxes are estimated to be 30% of income from operations Prepare "budgeted income statement" for May.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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