Question

Brief Exercise 9-8 North Company has completed all of its operating budgets. The sales budget for the year shows 50,770 units and total sales of $2,290,900. The total unit cost of making one unit of sales is $22. Selling and administrative expenses are expected to be $303,600. Interest is estimated to be $13,850. Income taxes are estimated to be $206,800. Prepare a budgeted multiple-step income statement for the year ending December 31, 2020. NORTH COMPANY Budgeted Income Statement choose the accounting period select an income statement item $enter a dollar amount select an income statement item enter a dollar amount select a summarizing line for the first part enter a total amount for the first part select an income statement item enter a dollar amount select a summarizing line for the second part enter a total amount for the second part select an income statement item enter a dollar amount select a summarizing line for the third part enter a total amount for the third part select an income statement item enter a dollar amount select a closing name for the budgeted income statement $enter a total net income or loss amount.

Answer 1

Answer-

NORTH COMPANY
INCOME STATEMENT
FOR YEAR ENDED 31,2020
PARTICULARS		AMOUNT
		$
Net sales revenue		2290900
Less-Cost of goods sold	50770*$22 per unit	1116940
Gross profit		1173960
Less- Operating expenses
Selling & administrative expenses		303600
Income before interest & income taxes		870360
Less- Interest		13850
Income before income taxes		856510
Less- income tax expenses		206800
Income from continuing operations		649710