3. The data shown were obtained from the financial records of Italian Exports, Inc., for March: Estimated sales $560,000 567,923 294,823 10%* Sales Purchases Ending inventory Administrative salaries 50,320 5%** Marketing expense Sales commissions Rent expense Depreciation expense Utilities 2%** 7,500 1,100 2,500 15%*** Тахes *of next month's sales **of sales ***of income before taxes Sales are expected to increase each month by 10%. Prepare a budgeted income statement.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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B. The data shown were obtained from the financial records of Italian Exports, Inc., for
March:
Estimated sales
$560,000
567,923
294,823
10%*
Sales
Purchases
Ending inventory
Administrative salaries
Marketing expense
Sales commissions
50,320
5%**
2%**
Rent expense
Depreciation expense
Utilities
7,500
1,100
2,500
15%***
Taxes
*of next month's sales
**of sales
***of income before taxes
Sales are expected to increase each month by 10%. Prepare a budgeted income statement.
Transcribed Image Text:B. The data shown were obtained from the financial records of Italian Exports, Inc., for March: Estimated sales $560,000 567,923 294,823 10%* Sales Purchases Ending inventory Administrative salaries Marketing expense Sales commissions 50,320 5%** 2%** Rent expense Depreciation expense Utilities 7,500 1,100 2,500 15%*** Taxes *of next month's sales **of sales ***of income before taxes Sales are expected to increase each month by 10%. Prepare a budgeted income statement.
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