The data shown were obtained from the financial records of Italian Exports, Inc., for March: Estimated Sales $600,000 Sales 567,930 Purchases 294,830 Ending Inventory* 10% Administrative Salaries 50,320 Marketing Expense** 5% Sales Commissions 2% Rent Expense 7,500 Depreciation Expense 1,000 Utilities 2,500 Taxes*** 15% *of next month's sales **of estimated sales ***of income before taxes Sales are expected to increase each month by 10%. Prepare a budgeted income statement. Round your answers to the nearest dollar.
The data shown were obtained from the financial records of Italian Exports, Inc., for March: Estimated Sales $600,000 Sales 567,930 Purchases 294,830 Ending Inventory* 10% Administrative Salaries 50,320 Marketing Expense** 5% Sales Commissions 2% Rent Expense 7,500 Depreciation Expense 1,000 Utilities 2,500 Taxes*** 15% *of next month's sales **of estimated sales ***of income before taxes Sales are expected to increase each month by 10%. Prepare a budgeted income statement. Round your answers to the nearest dollar.
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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The data shown were obtained from the financial records of Italian Exports, Inc., for March:
| Estimated Sales | $600,000 |
| Sales | 567,930 |
| Purchases | 294,830 |
| Ending Inventory* | 10% |
| Administrative Salaries | 50,320 |
| Marketing Expense** | 5% |
| Sales Commissions | 2% |
| Rent Expense | 7,500 |
| 1,000 | |
| Utilities | 2,500 |
| Taxes*** | 15% |
*of next month's sales
**of estimated sales
***of income before taxes
Sales are expected to increase each month by 10%.
Prepare a
Transcribed Image Text:Italian Exports, Inc.
Budgeted Income Statement
For the Month Ending Mar. 31, 2020
Cost of Goods Sold
Operating Expenses
Total Operating Expenses
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