Calgary Industries is preparing a budgeted income statement for 2018 and has accumulated the following information. Predicted
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Question:
Calgary Industries is preparing a budgeted income statement for 2018 and has accumulated the following information. Predicted sales for the year are $740,000 and cost of goods sold is 40% of sales. The expected selling expenses are $83,500 and the expected general and administrative expenses are $92,500, which includes $25,500 of depreciation. The company's income tax rate is 30%. The budgeted net income for 2018 is:
Multiple Choice
$453,000.
$193,900.
$277,000.
$85,200.
$83,100.
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