Please do not give solution in image format thanku Exercise 13-44 (Algo) Prepare Budgeted Financial Statements (LO 13-5)Cymbal E-Motors is a fast-growing start-up firm that manufactures electric motors for bicycles. The following income statement isavailable for April:Sales revenue (810 units $1,300 per unit)LessManufacturing costsVariable costsDepreciation (fixed)Marketing and administrative costeFixed costs (cash)Depreciation (fixed)Total costsOperating profits$1,053,00061,20055,000Required:Prepare a budgeted income statement for May.Note: Do not round intermediate calculations.125,00063,0005 304,200$ 748,800Sales volume is expected to increase by 30 percent in May, but the sales price is expected to fall 5 percent. Variable manufacturingcosts are expected to increase by 7.5 percent per unit in May. In addition to these cost changes, variable manufacturing costs also willchange with sales volume. Marketing and administrative cash costs are expected to increase by 15 percent.All revenues and costs at Cymbal are cash transactions, except for depreciation. Cymbal maintains no inventories. Depreciation isfixed and is forecast to remain unchanged in the next six months.

The income statement is prepared to record the revenue and expenses of the current period. The…

Exercise 13-44 (Algo) Prepare Budgeted Financial Statements (LO 13-5) Cymbal E-Motors is a fast-growing start-up firm that manufactures electric motors for bicycles. The following income statement is available for April: Sales revenue (810 units # $1,300 per unit) Less Manufacturing costs Variable costs Depreciation (fixed) Marketing and administrative coste Fixed costs (cash) Depreciation (fixed) Total costs Operating profits $1,053,000 61,200 55,000 Required: Prepare a budgeted income statement for May. Note: Do not found intermediate calculations 125,000 63,000 $304,200 $ 748,800 Sales volume is expected to increase by 30 percent in May, but the sales price is expected to fall 5 percent. Variable manufacturing costs are expected to increase by 7.5 percent per unit in May. In addition to these cost changes, variable manufacturing costs also will change with sales volume. Marketing and administrative cash costs are expected to increase by 15 percent. All revenues and costs at Cymbal are cash transactions, except for depreciation. Cymbal maintains no inventories. Depreciation is fixed and is forecast to remain unchanged in the next six months.

Exercise 13-44 (Algo) Prepare Budgeted Financial Statements (LO 13-5) Cymbal E-Motors is a fast-growing start-up firm that manufactures electric motors for bicycles. The following income statement is available for April: Sales revenue (810 units # $1,300 per unit) Less Manufacturing costs Variable costs Depreciation (fixed) Marketing and administrative coste Fixed costs (cash) Depreciation (fixed) Total costs Operating profits $1,053,000 61,200 55,000 Required: Prepare a budgeted income statement for May. Note: Do not found intermediate calculations 125,000 63,000 $304,200 $ 748,800 Sales volume is expected to increase by 30 percent in May, but the sales price is expected to fall 5 percent. Variable manufacturing costs are expected to increase by 7.5 percent per unit in May. In addition to these cost changes, variable manufacturing costs also will change with sales volume. Marketing and administrative cash costs are expected to increase by 15 percent. All revenues and costs at Cymbal are cash transactions, except for depreciation. Cymbal maintains no inventories. Depreciation is fixed and is forecast to remain unchanged in the next six months.

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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