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lawyer [7]
4 years ago
11

Calgary Industries is preparing a budgeted income statement for 2015 and has accumulated the following information. Predicted sa

les for the year are $750,000 and cost of goods sold is 40% of sales. The expected selling expenses are $83,000 and the expected general and administrative expenses are $92,000, which includes $25,000 of depreciation. The companies income tax rate is 30%. The budgeted net income for 2015 is:
Business
1 answer:
lesya [120]4 years ago
8 0

Answer:

$192,500

Explanation:

budgeted net income statement

Net sales                   $750,000

<u>COGS                       ($300,000) </u>

Gross profit               $450,000

Selling expenses       ($83,000)

<u>Adm. expenses         ($92,000) </u>

EBIT                           $275,000

<u>Income taxes             ($82,500) </u>

Net income                $192,500

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