Budgeted Income Statement Coral Seas Jewelry Company makes and sells costume jewelry For the coming year, Coral Seas expects sales of $15,900,000 and cost of goods sold of $8,745,000 Advertising is a key part of Coral Seas' business strategy, and total marketing expense for the year is budgeted at $2,862,000 Total administrative expenses are expected to be $636,000 Coral Seas has no interest expense Income taxes are paid at the rate of 40 percent of operating income Required 1 Construct a budgeted income statement for Coral Seas Jewelry Company for the coming year Coral Seas Jewelry Company Budgeted Income Statement For the Coming Year Gross margin Less $ Operating income 2 What if Coral Seas had interest payments of $477,000 during the year What effect would that have on operating income On income before taxes On net income If no effect, select no impact and enter 0 Operating income to $ Income before taxes to $ Net income to $

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Budgeted Income Statement Coral Seas Jewelry Company makes and sells costume jewelry  For the coming year, Coral Seas expects sales of $15,900,000 and cost of goods sold of $8,745,000  Advertising is a key part of Coral Seas' business strategy, and total marketing expense for the year is budgeted at $2,862,000  Total administrative expenses are expected to be $636,000  Coral Seas has no interest expense  Income taxes are paid at the rate of 40 percent of operating income  Required  1  Construct a budgeted income statement for Coral Seas Jewelry Company for the coming year  Coral Seas Jewelry Company Budgeted Income Statement For the Coming Year Gross margin Less  $ Operating income 2  What if Coral Seas had interest payments of $477,000 during the year  What effect would that have on operating income  On income before taxes  On net income  If no effect, select  no impact  and enter  0   Operating income to $ Income before taxes to $ Net income to $

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Budgeted Income Statement Coral Seas Jewelry Company makes and sells costume jewelry. For the coming year, Coral Seas expects sales of $15,900,000 and cost of

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