Preparing a Budgeted Income Statement Jameson Company provided the following information for the coming year: Units...
Preparing a Budgeted Income Statement
Jameson Company provided the following information for the coming year:
| Units produced and sold | 230,000 |
| Cost of goods sold per unit | $5.30 |
| Selling price | $9.70 |
| Variable selling and administrative expenses per unit | $1.60 |
| Fixed selling and administrative expenses | $387,000 |
| Tax rate | 35% |
Required:
Prepare a budgeted income statement for Jameson Company for the coming year. Round all income statement amounts to the nearest dollar.
| Jameson Company | |
| Budgeted Income Statement | |
| For the Coming Year | |
| Sales | $ |
| Cost of goods sold | |
| Gross margin | $ |
| Less: Variable selling and administrative expenses | |
| Less: Fixed selling and administrative expenses | |
| Operating income | $ |
| Less: Income taxes | |
| Net income | $ |
Homework Answers
Ans.
| JAMESON COMPANY BUDGETED INCOME STATEMENT FOR THE COMING YEAR |
| Sales (230,000 @ $9.70) | $2,231,000 |
| Less;- Cost of goods sold (230,000 @ $5.30) | $1,219,000 |
| Gross Margin | $1,012,000 |
| Less:- Variable selling & administrative expenses (230,000 @ $1.60) | $368,000 |
| Less:- Fixed selling & administrative expenses | $387,000 |
| Operating Income | $257,000 |
| Less;- Income Taxes ($257,000 x 35%) | $89,950 |
| Net Income | $167,050 |
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Preparing a Budgeted Income Statement
Jameson Company provided the following information for the
coming year:
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