Chapter 21 Budgeting I. Estimated other income and expense for December: Interest revenue Interest expense $200 J. Estimated tax rate: 30% 122 Feathered Friends Inc. Budgeted Income Statement For the Month Ending December 31. 2070 Revenue from Sales COGS 370,000 203,708 Gross Profit Selling and Admin. Expenses : Selling Expenses Administrative Expenses Total SellinG and Admin. Expenses 1666.292 92,550 72.450 ం 51,292 Inceme from Operations Other Revenue and Epenses: interest Bevenue Interest Expcnse Income before Income Tak income TaX 200 78 (122) S1,370 Net income 00

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question

I'm working on a budgeted income statement. How do I find the income tax? And what do I do with Estimated Tax Rate:30%?

Chapter 21 Budgeting
I.
Estimated other income and expense for December:
Interest revenue
Interest expense
$200
J. Estimated tax rate: 30%
122
Feathered Friends Inc.
Budgeted Income Statement
For the Month Ending December 31. 2070
Revenue from Sales
COGS
370,000
203,708
Gross Profit
Selling and Admin. Expenses :
Selling Expenses
Administrative Expenses
Total SellinG and Admin. Expenses
1666.292
92,550
72.450
ం
51,292
Inceme from Operations
Other Revenue and Epenses:
interest Bevenue
Interest Expcnse
Income before Income Tak
income TaX
200
78
(122)
S1,370
Net income
00
Transcribed Image Text:Chapter 21 Budgeting I. Estimated other income and expense for December: Interest revenue Interest expense $200 J. Estimated tax rate: 30% 122 Feathered Friends Inc. Budgeted Income Statement For the Month Ending December 31. 2070 Revenue from Sales COGS 370,000 203,708 Gross Profit Selling and Admin. Expenses : Selling Expenses Administrative Expenses Total SellinG and Admin. Expenses 1666.292 92,550 72.450 ం 51,292 Inceme from Operations Other Revenue and Epenses: interest Bevenue Interest Expcnse Income before Income Tak income TaX 200 78 (122) S1,370 Net income 00
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Tax Assistance and the Audit Process
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education