Calgary Industries is preparing a budgeted income statement for 2015 and has accumulated the following information.Predicted sales for the year are $730,000 and cost of goods sold is 40% of sales.The expected selling expenses are $81,000 and the expected general and administrative expenses are $90,000,which includes $23,000 of depreciation.The companies income tax rate is 30%.The budgeted net income for 2015 is:

Question

Quizplus · Accepted Answer

The Answer of Calgary Industries is preparing a budgeted income statement for 2015 and has accumulated the following information.Predicted sales for the year are $730,000 and cost of goods sold is 40% of sales.The expected selling expenses are $81,000 and the expected general and administrative expenses are $90,000,which includes $23,000 of depreciation.The companies income tax rate is 30%.The budgeted net income for 2015 is:

Calgary Industries Is Preparing a Budgeted Income Statement for 2015