Brief Exercise 21-8 North Company has completed all of its operating budgets. Th

Question

Brief Exercise 21-8 North Company has completed all of its operating budgets. The sales budget for the year shows 50,720 units and total sales of $2,448,100. The total unit cost of making one unit of sales is $23. Selling and administrative expenses are expected to be $308,900. Interest is estimated to be $10,000. Income taxes are estimated to be $213,300.
Prepare a budgeted multiple-step income statement for the year ending December 31, 2017 Brief Exercise 21-8 North Company has completed all of its operating budgets. The sales budget for the year shows 50,720 units and total sales of $2,448,100. The total unit cost of making one unit of sales is $23. Selling and administrative expenses are expected to be $308,900. Interest is estimated to be $10,000. Income taxes are estimated to be $213,300 Prepare a budgeted multiple-step income statement for the year ending December 31, 2017. NORTH COMPANY Budgrted Income Statement Click if you would like to Show Work for this question: Open Show Work

Explanation / Answer

Prepare multistep income statement :

Sales 2448100 Less: Cost of goods sold (1166560) Gross proft 1281540 Less: Selling and administrative exp (308900) Income from operation 972640 Less: Non operating expenses (interest) (10000) Income before tax 962640 Less: Income tax (213300) Net income 749340

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