Please do not give solution in image format thanku 3Exercise 20-24 (Static) Budgeted income statement LO P3Fortune Incorporated is preparing its master budget for the first quarter. The company sells a single product at a price of $25 per unit.Sales (in units) are budgeted at 150,000 for the first quarter. Cost of goods sold is $14 per unit. Other expense information for the firstquarter follows.Sales CommissionsRentAdvertisingOffice salariesDepreciationInterestTav rate8% of sales dollars)$ 42,000 per quarter$ 562,500$ 225,000$ 120,0001.25%30%per quarterper quarterper quarterquarterly on $250,000 note payable Prepare a budgeted income statement for the first quarter ended March 31. (Round your intermediate and final answnearest whole dollar.)SalesCost of goods soldGross profitSelling, general and administrative expensesSales commissions expenseRent expenseAdvertising expenseOffice salaries expenseDepreciation expenseInterest expenseIncome taxes payableTotal operating expensesFORTUNE, INCORPORATEDBudgeted Income StatementFor Quarter Ended March 31Net income$ 150,000$00

The gross profit is calculated as difference between sales and cost of goods sold. The net income is…

Exercise 20-24 (Static) Budgeted income statement LO P3 Fortune Incorporated is preparing its master budget for the first quarter. The company sells a single product at a price of $25 per un Sales (in units) are budgeted at 150,000 for the first quarter. Cost of goods sold is $14 per unit. Other expense information for the fin quarter follows. Sales Commissions Rent Advertising Office salaries Depreciation Interest 8% of sales dollars per quarter. per quarter $ 42,000 $ 562,500 $ 225,000 $ 120,000 1.25% per quarter per quarter quarterly on $250,000 noté payable

Exercise 20-24 (Static) Budgeted income statement LO P3 Fortune Incorporated is preparing its master budget for the first quarter. The company sells a single product at a price of $25 per un Sales (in units) are budgeted at 150,000 for the first quarter. Cost of goods sold is $14 per unit. Other expense information for the fin quarter follows. Sales Commissions Rent Advertising Office salaries Depreciation Interest 8% of sales dollars per quarter. per quarter $ 42,000 $ 562,500 $ 225,000 $ 120,000 1.25% per quarter per quarter quarterly on $250,000 noté payable

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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LutoSave 日 Off UnitlILabAssignment_Question1 O Search (Alt-Q) Protected View Home Insert Draw Page Layout Formulas Data Review View Help PROTECTED VIEW Be careful-files from the Internet can contain viruses. Unless you need to edit, it's safer to stay in Protected View. Enable Editing fx Formula: Multiply, Subtract; Cell Referencing A D E F G H. K Formula: Multiply, Subtract; Cell Referencing Using Excel to Record Stock Entries Student Work Area PROBLEM Required: Provide input into cells shaded in yellow in this template. Select account names from the drop-down lists. Use cell references to the data area. Use mathematical formulas to calculate any amounts not given. On May 10, Jack Corporation issues common stock for cash. Shares of stock issued Par value per share 2,000 24 %24 10.00 Amount at which stock issued 18.00 Journalize the issuance of the stock. 10 11 Date Debit Credit 12 May 10 13 14 15 16 17 18 19 20 21 22 23 25 26 27 28 29 30 31 32 33 Enter Answer Ready 24
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