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LearnCo Selling and Administrative Expenses Budget For the Year Ending December 31, 2012 Selling expenses: Sales salaries expense $45,000 Advertising expense 15,000 Travel expense 5,400 $65,400 Total selling expenses Administrative expenses: officers salaries expense $85,000 Office salaries expense 35,000 Office rent expense 26,000 N Office supplies expense 6,400 1,600 Miscellaneous administrative expenses Total administrative expenses 154,000 Total selling and administrative expenses $219,400 Budgeted Income Statement Budgeted Income Statement Data Table Interest revenue for the year $2,000 Interest expense for the year $1,500 LearnCo's income tax rate 40% LearnCo Budgeted Income Statement For the Year Ending December 31, 20Y2 Revenue from sales 720,000 Cost of goods sold IN -374,313 X Gross profit $ 338,402 X Selling and administrative expenses: Selling expenses 65,400 Administrative expenses 154,000 Total selling and administrative expenses 219,400 7 Operating Income $ 119,002 x Selling and administrative expenses: Selling expenses 65,400 Administrative expenses 154,000 Total selling and administrative expenses 219,400 Operating income 119,002 x Other revenue and expense: Interest revenue 2,000 Interest expense 1,500 500 Income before income tax 119,502 X Income tax 47,800.8 X Net income 71,701.2 X he Feedback Check My Work Put together information from the Budgeted Income Statement Data Table, along with data from all the prior bud Don't forget to round the income tax amount to the nearest dollar Final Questions LearnCo Selling and Administrative Expenses Budget For the Year Ending December 31, 2012 Selling expenses: Sales salaries expense $45,000 Advertising expense 15,000 Travel expense 5,400 $65,400 Total selling expenses Administrative expenses: officers salaries expense $85,000 Office salaries expense 35,000 Office rent expense 26,000 N Office supplies expense 6,400 1,600 Miscellaneous administrative expenses Total administrative expenses 154,000 Total selling and administrative expenses $219,400 Budgeted Income Statement Budgeted Income Statement Data Table Interest revenue for the year $2,000 Interest expense for the year $1,500 LearnCo's income tax rate 40% LearnCo Budgeted Income Statement For the Year Ending December 31, 20Y2 Revenue from sales 720,000 Cost of goods sold IN -374,313 X Gross profit $ 338,402 X Selling and administrative expenses: Selling expenses 65,400 Administrative expenses 154,000 Total selling and administrative expenses 219,400 7 Operating Income $ 119,002 x Selling and administrative expenses: Selling expenses 65,400 Administrative expenses 154,000 Total selling and administrative expenses 219,400 Operating income 119,002 x Other revenue and expense: Interest revenue 2,000 Interest expense 1,500 500 Income before income tax 119,502 X Income tax 47,800.8 X Net income 71,701.2 X he Feedback Check My Work Put together information from the Budgeted Income Statement Data Table, along with data from all the prior bud Don't forget to round the income tax amount to the nearest dollar Final Questions