he data shown were obtained from the financial records of Italian Exports, Inc., for March: Estimated Sales $590,000 Sales 567,916 Purchases 294,822 Ending Inventory* 10% Administrative Salaries 50,280 Marketing Expense** 5% Sales Commissions 2% Rent Expense 7,700 Depreciation Expense 1,300 Utilities 2,700 Taxes*** 15% *of next month's sales **of estimated sales ***of income before taxes Sales are expected to increase each month by 10%. Prepare a budgeted income statement. Round your answers to the nearest dollar. Italian Exports, Inc.Budgeted Income StatementFor the Month Ending Mar. 31, 2020 $Sales Cost of Goods Sold $Beginning Inventory Purchases $Cost of Goods Available for Sale Ending Inventory $Cost of Goods Sold Gross Profit Operating Expenses $Administrative Salaries Marketing Expenses Sales Commissions Rent Expense Depreciation Expense Utilities Total Operating Expenses $fill in the blank 27 $Income From Operations Income Tax Expense $Net Income I need the last two problems anwsered the income tax expense and net income or explain how to solve.
he data shown were obtained from the financial records of Italian Exports, Inc., for March: Estimated Sales $590,000 Sales 567,916 Purchases 294,822 Ending Inventory* 10% Administrative Salaries 50,280 Marketing Expense** 5% Sales Commissions 2% Rent Expense 7,700 Depreciation Expense 1,300 Utilities 2,700 Taxes*** 15% *of next month's sales **of estimated sales ***of income before taxes Sales are expected to increase each month by 10%. Prepare a budgeted income statement. Round your answers to the nearest dollar. Italian Exports, Inc.Budgeted Income StatementFor the Month Ending Mar. 31, 2020 $Sales Cost of Goods Sold $Beginning Inventory Purchases $Cost of Goods Available for Sale Ending Inventory $Cost of Goods Sold Gross Profit Operating Expenses $Administrative Salaries Marketing Expenses Sales Commissions Rent Expense Depreciation Expense Utilities Total Operating Expenses $fill in the blank 27 $Income From Operations Income Tax Expense $Net Income I need the last two problems anwsered the income tax expense and net income or explain how to solve.
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter5: Accounting For Retail Businesses
Section: Chapter Questions
Problem 41E: Cost of goods sold and related items The following data were extracted from the accounting records...
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Question
he data shown were obtained from the financial records of Italian Exports, Inc., for March:
| Estimated Sales | $590,000 |
| Sales | 567,916 |
| Purchases | 294,822 |
| Ending Inventory* | 10% |
| Administrative Salaries | 50,280 |
| Marketing Expense** | 5% |
| Sales Commissions | 2% |
| Rent Expense | 7,700 |
| 1,300 | |
| Utilities | 2,700 |
| Taxes*** | 15% |
*of next month's sales
**of estimated sales
***of income before taxes
Sales are expected to increase each month by 10%.
Prepare a
|
|
$Sales |
| Cost of Goods Sold | |
|
|
$Beginning Inventory |
|
|
Purchases |
|
|
$Cost of Goods Available for Sale |
|
|
Ending Inventory |
|
|
$Cost of Goods Sold |
|
|
Gross Profit |
| Operating Expenses | |
|
|
$Administrative Salaries |
|
|
Marketing Expenses |
|
|
Sales Commissions |
|
|
Rent Expense |
|
|
Depreciation Expense |
|
|
Utilities |
| Total Operating Expenses | $fill in the blank 27 |
|
|
$Income From Operations |
|
|
Income Tax Expense |
|
|
$Net Income |
I need the last two problems anwsered the income tax expense and net income or explain how to solve.
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