Consider the following income statement for the first year of operations for Anna's Sandwich Shop. Income Statement: Anna's Sandwich Shop Revenue Expenses $25,600 Bread Condiments Total sandwich sales $2,600 850 Vegetables 450 Meat 950 Rent 2500 Insurance 1200 Total Revenue S25,600 Total Expenses $8,550 Anna withdrew $25,000 from her savings account last year to open the business after quitting her job as an equity analyst. Her annual salary was $125,000 and her bank pays 4.5% interest on saving accounts. An accountant would calculate Anna's profit to be:

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Production Budget

A budget can be defined as a financial plan designed by an undertaking for a definite period in the future that can contribute towards enhancing the financial success of the business undertaking. It is used to estimate the revenue and expenses. The budget generally takes into account both current and future income and expenses.