Anderson Labs performs a specialty lab test for local companies for $50 per test. For the upcoming quarter, Anderson Labs is projecting the following sales: The budgeted cost of performing each test is $24. Operating expenses are projected to be $57,000 in January, $52,000 in February, and $61,000 in March. Anderson Labs is subject to a corporate tax rate of 30%. Requirement Prepare a budgeted income statement for the first quarter, with a column for each month and for the quarter. January February March Number of lab tests .... 5,900 4,700 5,200 Prepare the budgeted income statement by first calculating the operating income, then calculate the net income. Anderson Labs Budgeted Income Statement For the Quarter Ended March 31 January February March Quarter Sales Less: Cost of goods sold Gross profit Less: Operating expenses Operating income Less: Income tax expense Net income

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Anderson Labs performs a specialty lab test for local companies for $50 per test. For the upcoming quarter, Anderson
Labs is projecting the following sales:
The budgeted cost of performing each test is $24. Operating expenses are projected to be $57,000 in January,
$52,000 in February, and $61,000 in March. Anderson Labs is subject to a corporate tax rate of 30%.
Requirement
Prepare a budgeted income statement for the first quarter, with a column for each month and for the quarter.
January February
March
Number of lab tests
5,900
4,700
5,200
.....
Prepare the budgeted income statement by first calculating the operating income, then calculate the net income.
Anderson Labs
Budgeted Income Statement
For the Quarter Ended March 31
January
February
March
Quarter
Sales
Less: Cost of goods sold
Gross profit
Less: Operating expenses
Operating income
Less: Income tax expense
Net income
.....
Transcribed Image Text:Anderson Labs performs a specialty lab test for local companies for $50 per test. For the upcoming quarter, Anderson Labs is projecting the following sales: The budgeted cost of performing each test is $24. Operating expenses are projected to be $57,000 in January, $52,000 in February, and $61,000 in March. Anderson Labs is subject to a corporate tax rate of 30%. Requirement Prepare a budgeted income statement for the first quarter, with a column for each month and for the quarter. January February March Number of lab tests 5,900 4,700 5,200 ..... Prepare the budgeted income statement by first calculating the operating income, then calculate the net income. Anderson Labs Budgeted Income Statement For the Quarter Ended March 31 January February March Quarter Sales Less: Cost of goods sold Gross profit Less: Operating expenses Operating income Less: Income tax expense Net income .....
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