6 7 8 9 10 01 11 12 13 14 15 16 17 Sales Sales use the sales from sales budget in week 3. Cost of Goods sold use the rate of $41.50125 per unit from the sales budge from week 3. SG&A expenses are from the SG&A budget from week 4 total SGA. 18 Cost of Goods Sold 19 Gross Profit 20 SG&A Expenses 21 Operating Profit 22 Interest Expense 23 Taxable Income 24 Income Tax 25 Net Income A 26 27 28 29 30 31 Husky Co. Budgeted Income Statement by Quarter For the Year Ended Dec 31, 2021 QI $420,000 -290,509 $129,491 ($108,200) $21,291 SO D $21,291 ($6,387) $14,904 E ($720) Q2 Q3 Q4 $480,000 $720,000 $960,000 -332,010 $110,800 $121,200 $131,600 ($10,020) ($18,030) F Annual $2,580,000 $323,645

6 7 8 9 10 01 11 12 13 14 15 16 17 Sales Sales use the sales from sales budget in week 3. Cost of Goods sold use the rate of $41.50125 per unit from the sales budge from week 3. SG&A expenses are from the SG&A budget from week 4 total SGA. 18 Cost of Goods Sold 19 Gross Profit 20 SG&A Expenses 21 Operating Profit 22 Interest Expense 23 Taxable Income 24 Income Tax 25 Net Income A 26 27 28 29 30 31 Husky Co. Budgeted Income Statement by Quarter For the Year Ended Dec 31, 2021 QI $420,000 -290,509 $129,491 ($108,200) $21,291 SO D $21,291 ($6,387) $14,904 E ($720) Q2 Q3 Q4 $480,000 $720,000 $960,000 -332,010 $110,800 $121,200 $131,600 ($10,020) ($18,030) F Annual $2,580,000 $323,645

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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