The data shown were obtained from the financial records of Italian Exports, Inc., for March: Estimated Sales $570,000 Sales 567,921 Purchases 294,826 Ending Inventory* 10% Administrative Salaries 50,280 Marketing Expense 5% Sales Commissions 2% Rent Expense 7,300 Depreciation Expense 900 Utilities 2,700 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. Italian Exports, Inc. Budgeted Income Statement For the Month Ending Mar. 31, 2020 Sales $fill in the blank 2 Cost of Goods Sold Beginning Inventory $fill in the blank 4 Purchases fill in the blank 6 Cost of Goods Available for Sale $fill in the blank 8 Ending Inventory fill in the blank 10 Cost of Goods Sold $fill in the blank 12 Gross Profit fill in the blank 14 Operating Expenses Administrative Salaries $fill in the blank 16 Marketing Expenses fill in the blank 18 Sales Commissions fill in the blank 20 Rent Expense fill in the blank 22 Depreciation Expense fill in the blank 24 Utilities fill in the blank 26 Total Operating Expenses $fill in the blank 27 Income From Operations Correct $fill in the blank 29 Income Tax Expense fill in the blank 31 Net Income $fill in the blank 33

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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Question

The data shown were obtained from the financial records of Italian Exports, Inc., for March:

Estimated Sales	$570,000
Sales	567,921
Purchases	294,826
Ending Inventory*	10%
Administrative Salaries	50,280
Marketing Expense**	5%
Sales Commissions	2%
Rent Expense	7,300
Depreciation Expense	900
Utilities	2,700
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.

Italian Exports, Inc.
Budgeted Income Statement
For the Month Ending Mar. 31, 2020
Sales	$fill in the blank 2
Cost of Goods Sold
Beginning Inventory	$fill in the blank 4
Purchases	fill in the blank 6
Cost of Goods Available for Sale	$fill in the blank 8
Ending Inventory	fill in the blank 10
Cost of Goods Sold	$fill in the blank 12
Gross Profit	fill in the blank 14
Operating Expenses
Administrative Salaries	$fill in the blank 16
Marketing Expenses	fill in the blank 18
Sales Commissions	fill in the blank 20
Rent Expense	fill in the blank 22
Depreciation Expense	fill in the blank 24
Utilities	fill in the blank 26
Total Operating Expenses	$fill in the blank 27
Income From Operations Correct	$fill in the blank 29
Income Tax Expense	fill in the blank 31
Net Income	$fill in the blank 33

The data shown were obtained from the financial records of Italian Exports, Inc., for March:
Estimated Sales
$570,000
Sales
567,921
Purchases
294,826
Ending Inventory*
10%
Administrative Salaries
50,280
Marketing Expense**
5%
Sales Commissions
2%
Rent Expense
7,300
Depreciation Expense
900
Utilities
2,700
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.

Itanan cxports, INC.
Budgeted Income Statement
For the Month Ending Mar. 31, 2020
Sales
$
Cost of Goods Sold
Beginning Inventory
2$
Purchases
Cost of Goods Available for Sale
2$
Ending Inventory v
Cost of Goods Sold v
Gross Profit
Operating Expenses
Administrative Salaries
Marketing Expenses
Sales Commissions V
Rent Expense
Depreciation Expense
Utilities
Total Operating Expenses
Income From Operations
Income Tax Expense
Net Income v
2$

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