Accounting -North Company has completed all of its operating budgets

| January 30, 2017

Question
North Company has completed all of its operating budgets. The sales budget for the year shows 50,100 units and total sales of $2,186,000. The total unit cost of making one unit of sales is $22. Selling and administrative expenses are expected to be $301,100. Income taxes are estimated to be $234,810.

Prepare a budgeted income statement for the year ending December 31, 2014.

NORTH COMPANY
Budgeted Income Statement
For the Year Ending December 31, 2014
Beginning InventoryCost of Goods SoldEnding InventoryGross Profit/(Loss)Income Before Income TaxesIncome from OperationsIncome Tax ExpenseNet Income/(Loss)Operating ExpensesPurchasesSalesSelling and Administrative ExpensesTotal Operating Expenses $
Beginning InventoryCost of Goods SoldEnding InventoryGross Profit/(Loss)Income Before Income TaxesIncome from OperationsIncome Tax ExpenseNet Income/(Loss)Operating ExpensesPurchasesSalesSelling and Administrative ExpensesTotal Operating Expenses
Beginning InventoryCost of Goods SoldEnding InventoryGross Profit/(Loss)Income Before Income TaxesIncome from OperationsIncome Tax ExpenseNet Income/(Loss)Operating ExpensesPurchasesSalesSelling and Administrative ExpensesTotal Operating Expenses
Beginning InventoryCost of Goods SoldEnding InventoryGross Profit/(Loss)Income Before Income TaxesIncome from OperationsIncome Tax ExpenseNet Income/(Loss)Operating ExpensesPurchasesSalesSelling and Administrative ExpensesTotal Operating Expenses
Beginning InventoryCost of Goods SoldEnding InventoryGross Profit/(Loss)Income Before Income TaxesIncome from OperationsIncome Tax ExpenseNet Income/(Loss)Operating ExpensesPurchasesSalesSelling and Administrative ExpensesTotal Operating Expenses
Beginning InventoryCost of Goods SoldEnding InventoryGross Profit/(Loss)Income Before Income TaxesIncome from OperationsIncome Tax ExpenseNet Income/(Loss)Operating ExpensesPurchasesSalesSelling and Administrative ExpensesTotal Operating Expenses
Beginning InventoryCost of Goods SoldEnding InventoryGross Profit/(Loss)Income Before Income TaxesIncome from OperationsIncome Tax ExpenseNet Income/(Loss)Operating ExpensesPurchasesSalesSelling and Administrative ExpensesTotal Operating Expenses
$North Company has completed all of its operating budgets. The sales budget for the year shows 50,100 units and total sales of $2,186,000. The total unit cost of making one unit of sales is $22. Selling and administrative expenses are expected to be $301,100. Income taxes are estimated to be $234,810.

Prepare a budgeted income statement for the year ending December 31, 2014.

NORTH COMPANY
Budgeted Income Statement
For the Year Ending December 31, 2014
Beginning InventoryCost of Goods SoldEnding InventoryGross Profit/(Loss)Income Before Income TaxesIncome from OperationsIncome Tax ExpenseNet Income/(Loss)Operating ExpensesPurchasesSalesSelling and Administrative ExpensesTotal Operating Expenses $
Beginning InventoryCost of Goods SoldEnding InventoryGross Profit/(Loss)Income Before Income TaxesIncome from OperationsIncome Tax ExpenseNet Income/(Loss)Operating ExpensesPurchasesSalesSelling and Administrative ExpensesTotal Operating Expenses
Beginning InventoryCost of Goods SoldEnding InventoryGross Profit/(Loss)Income Before Income TaxesIncome from OperationsIncome Tax ExpenseNet Income/(Loss)Operating ExpensesPurchasesSalesSelling and Administrative ExpensesTotal Operating Expenses
Beginning InventoryCost of Goods SoldEnding InventoryGross Profit/(Loss)Income Before Income TaxesIncome from OperationsIncome Tax ExpenseNet Income/(Loss)Operating ExpensesPurchasesSalesSelling and Administrative ExpensesTotal Operating Expenses
Beginning InventoryCost of Goods SoldEnding InventoryGross Profit/(Loss)Income Before Income TaxesIncome from OperationsIncome Tax ExpenseNet Income/(Loss)Operating ExpensesPurchasesSalesSelling and Administrative ExpensesTotal Operating Expenses
Beginning InventoryCost of Goods SoldEnding InventoryGross Profit/(Loss)Income Before Income TaxesIncome from OperationsIncome Tax ExpenseNet Income/(Loss)Operating ExpensesPurchasesSalesSelling and Administrative ExpensesTotal Operating Expenses
Beginning InventoryCost of Goods SoldEnding InventoryGross Profit/(Loss)Income Before Income TaxesIncome from OperationsIncome Tax ExpenseNet Income/(Loss)Operating ExpensesPurchasesSalesSelling and Administrative ExpensesTotal Operating Expenses
$

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