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Score: 0 of 6 pts 4 of 4 (4 complete) HW Score: 52.39% , 7.86 of 15 X P22-46A (similar to) Question Help Holly Company prepared the following budgeted income statement for the first quarter of 2018 m(Click the loon to view the budgeted income statement) Holly Company is considering teo options Cick the icon to view the options) Read the mauirements Requirement 1. Prepare budgeted income statements for both options, assuming both options begin in January and January sales remain $8.000. Round all caloulations to the nearest dolar Begin by preparing the budgeted income statement for Option 1, Holly Company More Info Budgeted Income Statement For the Quarter Ended March 31, 2018 Opton 1 is to increase advertising by $700 per month Option 2 is to use January better quality increase the cost of one acng process The befter materials will same sales price. The marktho but will provide a betier product at the inoeses of 30% per month rther than 2n s ether option will result in sales Sales Revenue 8000 Data Table 3200 Cost of Goods Sold Gross Proft 4800 S and A Expenses Holy Company Print Done Budgeted Income Statement Operating Income For the Quarter Ended March 31, 2018 Income Tax Expenser January February March Total Net Income Net Sales Revenue (20 % increase per month) 8000 S 9,600 $ 11.520 S 29.120 Cost of Goods Sold 3,200 (40% of sales) 3,840 4,008 11,648 Gross Prod 4,800 5,760 6,912 17.472 and A Expenses 2000 10 % of sales) 2.800 2.900 8912 3,152 Operating Income 2.000 2800 3.760 Income Tax Expense (30 % of operating income) 600 840 2.568 1.128 1432 1,400 s.a60 5.992 Net Income Enter any number in the edit felds and then clic Prind Done 8 parts remaining Check Apewer to) Holly Company is considering two options. wing budgeted income statement for the first Data Table Holly Company Budgeted Income Statement For the Quarter Ended March 31, 2018 Total February March January 29,120 9,600 $ 11,520 $ 8,000 $ (20% increase per month) Net Sales Revenue 11,648 4,608 3,840 3,200 (40% of sales) Cost of Goods Sold 6,912 17,472 5.760 4,800 Gross Profit 8,912 2,960 3,152 ($2,000 10% of sales) 2,800 S and A Expenses + 8,560 3,760 2,800 2,000 Operating Income 2,568 1,128 840 600 Income Tax Expense (30% of operating income) 1,960 $ 2,632 $ 5,992 1,400 $ Net Income Print Done n th Check Answer Clear All Holly Company prepared the following budgeted income statement for the first uarter of 2018: Holly Company is considering two options (Click the icon to view the options.) Click the icon to view the budgeted income statement.) Read the requirements. Requirement 1. Prepare budgeted income statements for both options, assuming both options begin in January and January sales remain $8,000. Round all alculations to the nearest dollar. Begin by preparing the budgeted income statement for Option 1. Holly Company Budgeted Income Statement For the Quarter Ended March 31, 2018 January 8000 Sales Revenue 3200 Cost of Goods Sold 4800 Gross Profit S and A Expenses Operating Income Income Tax Expense Enter any number in the edit fields and then click Check Answer. Check Answer parts remaining Clear All