Wallflower, LLC is a small company that sells decorative picture frames from local artisans. John, the chief financial officer (CFO), is in the process of compiling a Budgeted Income Statement for 2024 so that they can apply for a loan at their local bank. John has budgeted for sales of 6,200 mugs at a sales price of $15.50 per mug. They originally paid $2.48 per mug when they acquired them. They have selling, general & admin (SG&A) expenses of $46,800 and have an existing loan of $7,200 with an annual percentage rate (APR) of 3.2%. Their tax rate is a flat 21%. What is the amount of net income that John will report on the budgeted income statement for 2024? All calculations should be rounded to the nearest whole number.

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The Answer of Wallflower, LLC is a small company that sells decorative picture frames from local artisans. John, the chief financial officer (CFO), is in the process of compiling a Budgeted Income Statement for 2024 so that they can apply for a loan at their local bank. John has budgeted for sales of 6,200 mugs at a sales price of $15.50 per mug. They originally paid $2.48 per mug when they acquired them. They have selling, general & admin (SG&A) expenses of $46,800 and have an existing loan of $7,200 with an annual percentage rate (APR) of 3.2%. Their tax rate is a flat 21%. What is the amount of net income that John will report on the budgeted income statement for 2024? All calculations should be rounded to the nearest whole number.

Wallflower, LLC Is a Small Company That Sells Decorative Picture