North Company has completed all of its operating budgets. The sales budget for t

Question

North Company has completed all of its operating budgets. The sales budget for the year shows 50,700 units and total sales of $2,358,800. The total unit cost of making one unit of sales is $24. Selling and administrative expenses are expected to be $301,300. Income taxes are estimated to be $252,210.

Prepare a budgeted income statement for the year ending December 31, 2014.

NORTH COMPANY
Budgeted Income Statement
For the Year Ending December 31, 2014

NORTH COMPANY
Budgeted Income Statement
For the Year Ending December 31, 2014

Beginning InventoryCost of Goods SoldEnding InventoryGross Profit/(Loss)Income Before Income TaxesIncome from OperationsIncome Tax ExpenseNet Income/(Loss)Operating ExpensesPurchasesSalesSelling and Administrative ExpensesTotal Operating Expenses

$

Beginning InventoryCost of Goods SoldEnding InventoryGross Profit/(Loss)Income Before Income TaxesIncome from OperationsIncome Tax ExpenseNet Income/(Loss)Operating ExpensesPurchasesSalesSelling and Administrative ExpensesTotal Operating Expenses

Beginning InventoryCost of Goods SoldEnding InventoryGross Profit/(Loss)Income Before Income TaxesIncome from OperationsIncome Tax ExpenseNet Income/(Loss)Operating ExpensesPurchasesSalesSelling and Administrative ExpensesTotal Operating Expenses

Beginning InventoryCost of Goods SoldEnding InventoryGross Profit/(Loss)Income Before Income TaxesIncome from OperationsIncome Tax ExpenseNet Income/(Loss)Operating ExpensesPurchasesSalesSelling and Administrative ExpensesTotal Operating Expenses

Beginning InventoryCost of Goods SoldEnding InventoryGross Profit/(Loss)Income Before Income TaxesIncome from OperationsIncome Tax ExpenseNet Income/(Loss)Operating ExpensesPurchasesSalesSelling and Administrative ExpensesTotal Operating Expenses

Beginning InventoryCost of Goods SoldEnding InventoryGross Profit/(Loss)Income Before Income TaxesIncome from OperationsIncome Tax ExpenseNet Income/(Loss)Operating ExpensesPurchasesSalesSelling and Administrative ExpensesTotal Operating Expenses

Beginning InventoryCost of Goods SoldEnding InventoryGross Profit/(Loss)Income Before Income TaxesIncome from OperationsIncome Tax ExpenseNet Income/(Loss)Operating ExpensesPurchasesSalesSelling and Administrative ExpensesTotal Operating Expenses

$

Explanation / Answer

NORTH COMPANY Budgeted Income Statement For the Year Ending December 31, 2014 Sales(50700 units) 2358800 Less: Cost of goods sold(50700*24) 1216800 Gross Profit 1142000 Less: Selling and administrative expenses 301300 Income before income taxes 840700 Less: Income Taxes 252210 Net Income 588490

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