Homework Answers
Answer-
| BRADY SHILLER | ||
| BUDGETED INCOME STATEMENT | ||
| FOR THE MONTH ENDED JANUARY 31 | ||
| PARTICULARS | AMOUNT | |
| $ | ||
| Net sales revenue | 700 units*$2370 per unit | 1659000 |
| Less-Cost of goods sold | 700 units*$1460 per unit | 1022000 |
| Gross profit | 637000 | |
| Less- Operating expenses | ||
| Variable operating expenses | 700 units*$1.30 per unit | 910 |
| Fixed operating expenses | 7000 | |
| Income before interest & income taxes | 629090 | |
| Less- Interest | 3100 | |
| Income before income taxes | 625990 | |
| Less- income tax expenses | $625990*40% | 250396 |
| Income from continuing operations | 375594 |
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