Question

Germaine Labs performs a specialty lab test for local companies for $ 55 per test. For the upcoming quarter, Germaine Labs is projecting the following sales:


The budgeted cost of performing each test is $ 31. Operating expenses are projected to be $ 61,000 in January, $ 58,000 in February, and $ 62,000 in March. Germaine Labs is subject to a corporate tax rate of 30%.

Requirement
Prepare a budgeted income statement for the first quarter, with a column for each month and for thequarter.


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  • CreatedAugust 27, 2014
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