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The data shown were obtained from the financial records of Italian Exports, Inc., for March: Estimated Sales $580,000 Sales 567,930 Purchases 294,832 Ending Inventory* 10% Administrative Salaries 50,280 Marketing Expense** 5% Sales Commissions 2% Rent Expense 7,700 Depreciation Expense 1,200 Utilities 2,500 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   The red x marks or empty lines were incorrect. Follow up would be helpful along with an explaniation of the answers. I am still stumped/

The data shown were obtained from the financial records of Italian Exports, Inc., for March: Estimated Sales $580,000 Sales 567,930 Purchases 294,832 Ending Inventory* 10% Administrative Salaries 50,280 Marketing Expense** 5% Sales Commissions 2% Rent Expense 7,700 Depreciation Expense 1,200 Utilities 2,500 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   The red x marks or empty lines were incorrect. Follow up would be helpful along with an explaniation of the answers. I am still stumped/

Financial And Managerial Accounting
Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter6: Inventories
Section: Chapter Questions
Problem 3MAD: The general merchandise retail industry has a number of segments represented by the following...
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The data shown were obtained from the financial records of Italian Exports, Inc., for March:

Estimated Sales $580,000
Sales 567,930
Purchases 294,832
Ending Inventory* 10%
Administrative Salaries 50,280
Marketing Expense** 5%
Sales Commissions 2%
Rent Expense 7,700
Depreciation Expense 1,200
Utilities 2,500
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

 

The red x marks or empty lines were incorrect. Follow up would be helpful along with an explaniation of the answers. I am still stumped/ 

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