Preparing budgeted income statement LO₂ Canton Container Company has the following totals from its operating bud-

gets:

Prepare a budgeted income statement for the year ended December 3 1 , 2002, assuming that income from operations is taxed at a rate of 40%.

Transcribed Image Text:

Selling and administrative expenses budget.. Cost of goods sold budget. Sales budget... $ 244,500 727,300 1,222.700