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CALCULATOR PRINTER VERSION Problem 9-2A (Part Level Submission) (Video) Deleon Inc. is preparing its annual budgets for the y
CALCULATOR PRINTER VERSION Prepare the budegeted multiple-step income statement for the year. (Note: income taxes are not all
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Budgeted Income Statement - Deleon Inc.
For the year ended Dec 31, 2020
Particulars JB50 JB60 Total
Sales Revenue $9,225,300.00 $5,456,700.00 $14,682,000.00
Cost of goods sold
JB 50 - 401100*$12
JB 60 - 202100*$22
$4,813,200.00 $4,446,200.00 $9,259,400.00
Gross Profit $4,412,100.00 $1,010,500.00 $5,422,600.00
Operating Expenses:
Selling Expenses $662,000.00 $363,000.00 $1,025,000.00
Administrative expenses $544,000.00 $343,000.00 $887,000.00
Total Operating expenses $1,206,000.00 $706,000.00 $1,912,000.00
Operating Income $3,206,100.00 $304,500.00 $3,510,600.00
Interest expense $150,000.00
Income before taxes $3,360,600.00
Income tax expense (30%) $1,008,180.00
Net Income $2,352,420.00
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