The data shown were obtained from the financial records of Italian Exports, Inc., for March: Estimated Sales $580,000 Sales 567,930 Purchases 294,832 Ending Inventory* 10% Administrative Salaries 50,280 Marketing Expense** 5% Sales Commissions 2% Rent Expense 7,700 Depreciation Expense 1,200 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. Italian Exports, Inc.Budgeted Income StatementFor 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 Total Operating Expenses $fill in the blank 27 $Income From Operations Income Tax Expense $Net Income The red x marks or empty lines were incorrect. Follow up would be helpful along with an explaniation of the answers. I am still stumped/
The data shown were obtained from the financial records of Italian Exports, Inc., for March: Estimated Sales $580,000 Sales 567,930 Purchases 294,832 Ending Inventory* 10% Administrative Salaries 50,280 Marketing Expense** 5% Sales Commissions 2% Rent Expense 7,700 Depreciation Expense 1,200 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. Italian Exports, Inc.Budgeted Income StatementFor 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 Total Operating Expenses $fill in the blank 27 $Income From Operations Income Tax Expense $Net Income The red x marks or empty lines were incorrect. Follow up would be helpful along with an explaniation of the answers. I am still stumped/
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
The data shown were obtained from the financial records of Italian Exports, Inc., for March:
| Estimated Sales | $580,000 |
| Sales | 567,930 |
| Purchases | 294,832 |
| Ending Inventory* | 10% |
| Administrative Salaries | 50,280 |
| Marketing Expense** | 5% |
| Sales Commissions | 2% |
| Rent Expense | 7,700 |
| 1,200 | |
| 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
Italian Exports, Inc.Budgeted Income StatementFor 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 |
| Total Operating Expenses | $fill in the blank 27 |
|
|
$Income From Operations |
|
|
Income Tax Expense |
|
|
$Net Income |
The red x marks or empty lines were incorrect. Follow up would be helpful along with an explaniation of the answers. I am still stumped/
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