Question: Script Mill has just completed their 5th year in business. They have reported the following information for December 2022. Budgeted Sales $ 560,000 Actual Sales

Script Mill has just completed their 5th year in business. They have reported the following information for December 2022. Budgeted Sales $ 560,000 Actual Sales $ 567,923 Purchases $ 294,823 Ending Inventory (% of next months sales) 10% Admin Salaries $ 50,320 Marketing Expense (% of sales) 5% Sales Commissions (% of sales) 2% Rent Expense Depreciation Expense Utilities 555 7,500 1,100 2,500 Taxes (% of income before taxes) 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 shaded squares. Script Mill Budgeted Income Statement For the Month Ending December 31, 2022 Sales Costs of Goods Sold Costs of Goods Available for Sale Costs of Goods Sold Operating Expenses Total Operating Expenses Income From Operations Income Tax Expense Net Income (loss)

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!