Please do not give solution in image format thanku The data shown were obtained from the financial records of Italian Exports, Inc., for March:Estimated SalesSalesPurchasesEnding Inventory*Administrative SalariesMarketing Expense**Sales CommissionsRent ExpenseDepreciation ExpenseUtilitiesTaxes***of next month's sales**of estimated sales***of income before taxesSales are expected to increase each month by 10%.Pranare a hudneted income statement. Round your answers to the nearest dollar.$530,000567,925294,816▼Italian Exports, Inc.Budgeted Income StatementFor the Month Ending Mar. 31, 2020SalesCost of Goods SoldBeginning InventoryPurchases✓Cost of Goods Available for SaleEnding Inventory✓Cost of Goods SoldGross ProfitOperating ExpensesAdministrative SalariesMarketing ExpensesSales CommissionsRent ExpenseDepreciation ExpenseUtilities10%50,3605%2%7,3001,3002,60015%Net Income✔Total Operating ExpensesIncome From OperationsIncome Tax Expense15✓294,816jobb gobog50,3607,3001,300X2,600

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Description: Please do not give solution in image format thanku The data shown were obtained from the financial records of Italian Exports, Inc., for March:Estimated SalesSalesPurchasesEnding Inventory*Administrative SalariesMarketing Expense**Sales CommissionsRe

Income Statement is a Financial Statement Containing the Details of Total Revenues and Expenditures…

Business

Accounting

Estimated Sales Sales Purchases Ending Inventory* Administrative Salaries Marketing Expense** Sales Commissions Rent Expense Depreciation Expense Utilities Taxes*** $530,000 567,925 294,816 10% 50,360 5% 2% 7,300 1,300 2,600 15%

Estimated Sales Sales Purchases Ending Inventory* Administrative Salaries Marketing Expense Sales Commissions Rent Expense Depreciation Expense Utilities Taxes* $530,000 567,925 294,816 10% 50,360 5% 2% 7,300 1,300 2,600 15%

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 56P: The following selected information is taken from the financial statements of Arnn Company for its...

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