Zulu, Inc., is preparing its master budget for the first quarter. The company sells a single product at a price of $25 per unit. Sales (in units) are forecasted at 40,000 for January, 60,000 for February, and 50,000 for March. Cost of goods sold is $14 per unit. Other expense information for the first quarter follows. Prepare a budgeted income statement for this first quarter.
Commissions | 10% of sales |
Rent | $20,000 per month |
Advertising | 15% of sales |
Office salaries | $75,000 per month |
Depreciation | $50,000 per month |
Interest | 15% annually on a $250,000 note payable |
Tax rate | 40% |
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