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Estimated Sales Sales Purchases Ending Inventory* Administrative Salaries Marketing Expense** Sales Commissions Rent Expense Depreciation Expense Utilities Taxes*** $530,000 567,925 294,816 10% 50,360 5% 2% 7,300 1,300 2,600 15%

Estimated Sales Sales Purchases Ending Inventory* Administrative Salaries Marketing Expense** Sales Commissions Rent Expense Depreciation Expense Utilities Taxes*** $530,000 567,925 294,816 10% 50,360 5% 2% 7,300 1,300 2,600 15%

FINANCIAL ACCOUNTING
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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The data shown were obtained from the financial records of Italian Exports, Inc., for March: Estimated Sales Sales Purchases Ending Inventory* Administrative Salaries Marketing Expense** Sales Commissions Rent Expense Depreciation Expense Utilities Taxes*** of next month's sales **of estimated sales ***of income before taxes Sales are expected to increase each month by 10%. Pranare a hudneted income statement. Round your answers to the nearest dollar. $530,000 567,925 294,816 ▼ Italian Exports, Inc. Budgeted Income Statement For the Month Ending Mar. 31, 2020 Sales Cost of Goods Sold Beginning Inventory Purchases ✓ Cost of Goods Available for Sale Ending Inventory ✓ Cost of Goods Sold Gross Profit Operating Expenses Administrative Salaries Marketing Expenses Sales Commissions Rent Expense Depreciation Expense Utilities 10% 50,360 5% 2% 7,300 1,300 2,600 15% Net Income ✔ Total Operating Expenses Income From Operations Income Tax Expense 15 ✓ 294,816 jobb gobog 50,360 7,300 1,300 X 2,600
Transcribed Image Text:The data shown were obtained from the financial records of Italian Exports, Inc., for March: Estimated Sales Sales Purchases Ending Inventory* Administrative Salaries Marketing Expense** Sales Commissions Rent Expense Depreciation Expense Utilities Taxes*** of next month's sales **of estimated sales ***of income before taxes Sales are expected to increase each month by 10%. Pranare a hudneted income statement. Round your answers to the nearest dollar. $530,000 567,925 294,816 ▼ Italian Exports, Inc. Budgeted Income Statement For the Month Ending Mar. 31, 2020 Sales Cost of Goods Sold Beginning Inventory Purchases ✓ Cost of Goods Available for Sale Ending Inventory ✓ Cost of Goods Sold Gross Profit Operating Expenses Administrative Salaries Marketing Expenses Sales Commissions Rent Expense Depreciation Expense Utilities 10% 50,360 5% 2% 7,300 1,300 2,600 15% Net Income ✔ Total Operating Expenses Income From Operations Income Tax Expense 15 ✓ 294,816 jobb gobog 50,360 7,300 1,300 X 2,600
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