Budgeted income statement

The following budget information is available for Sluyter Corp. for May:

Sales are expected to be $$720,000.$ All sales are on account, and a provision for bad debts is accrued monthly at $3$ percent of sales.

Inventory was $$63,000$ on April $30,$ and an increase of $$18,000$ is planned for May.

All inventory is marked to sell at cost plus $60$ percent.

Estimated cash disbursements for selling and administrative expenses for the month are $$99,000.$

Depreciation for May is projected at $$14,400.$

Prepare a budgeted income statement for Sluyter Corp. for May.

Note: Do not use negative signs with your answers.