ABC MANUFACTURING Budgeted Income Statement // For the Year Ended Dec. 31, 20XX % INCREASE OVER LAST YEAR REVENUE: Sales 700.000 15% COST OF GOODS SOLD: Cost of Goods Sold 420.000 20% GROSS PROFIT 280.000 EXPENSES: Advertising 9,500 20% Cleaning 1,800 20% Insurance 28,000 20% Phone 3,600 20% Rent 24,000 20% Supplies 6.500 20% Taxes 10,000 20% Training/Education 9.800 100% Utilities 8.500 35% Wages 150,000 Total Expenses 251.700 NET INCOME 28,300