E$3$ Q$28$ Anderson Labs performs a specialty lab test for local companies for $$55$ per test.

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Requirement

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

Prepare the budgeted income statement by first calculating the operating income, then calculate the net income.

Anderson Labs

Budgeted Income Statement

For the Quarter Ended March $31$

Additional information

For the upcoming quarter, Anderson Labs is projecting the following sales:

The budgeted cost of performing each test is $$29.$ Operating expenses are

projected to be $$58,000$ in January, $$53,000$ in February, and $$60,000$ in March.

Anderson Labs is subject to a corporate tax rate of $30\%.$