Sales
Cost of Goods Sold:	N/A
Beginning Inventory
Purchases
Cost of Goods Available for Sale
Ending Inventory
Cost of Goods Sold
Gross Profit
Operating Expenses:	N/A
Administrative Salaries

Marketing Expenses
Sales Commissions
Rent Expense
Depreciation Expense
Utilities
Total Operating Expenses
Income from Operations
Income Tax Expense
Net Income (loss)

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Script Mill has just completed their 5th year in business. They have reported the following information for December 2022. Budgeted Sales Actual Sales Purchases Beginning Inventory Ending Inventory (% of next months sales) Admin Salaries Marketing Expense (% of budgeted sales) Sales Commissions (% of budgeted sales) Rent Expense Depreciation Expense Utilities Taxes (% of income from operations) $ $ $ $ $ $ $ $ 560,000 567,923 294,823 56,000 10% 50,320 5% 2% 7,500 1,100 2,500 15% Script Mill has seen sales increase at a rate of 10% in the past. They anticipate this trend to continue. Prepare a budgeted income statement - complete the items below. Script Mill has just completed their 5th year in business. They have reported the following information for December 2022. Budgeted Sales Actual Sales Purchases Beginning Inventory Ending Inventory (% of next months sales) Admin Salaries Marketing Expense (% of budgeted sales) Sales Commissions (% of budgeted sales) Rent Expense Depreciation Expense Utilities Taxes (% of income from operations) $ $ $ $ $ $ $ $ 560,000 567,923 294,823 56,000 10% 50,320 5% 2% 7,500 1,100 2,500 15% Script Mill has seen sales increase at a rate of 10% in the past. They anticipate this trend to continue. Prepare a budgeted income statement - complete the items below.

Answer rating: 100% (QA)

To prepare the budgeted income statement for Script Mill we will need to calculate the relevant valu... View the full answer