Cornwall Mobile Detaling (CMD) is a service that washes and details a customer's vehicle at their home or office. It operates on a membership basis. Members pay $2,100 dues per month, which entitie them to a complete wash and detail service monthly. Members may also order additional car washes during the month at a fee of $170. Additional washes are common in both summer and winter months. The number of members also varies with the season. The number of members and the average number of additional washes by members for the months of interest follow: Cormwall allows members to pay for dues on credi Cornwall's experience is that 40 percent of its members pay cash for the dues, 50 percent of the members pay the dues for a month in the next month. 5 percent in the second month after The remainder is uncollectible. Additional washes are payable in cash. Cornwall estimates that the number of members in July should inciease 20 percent above June levels. Wnd the number of additional washes per member should inciease by an estmated 12.5 percent. The following infometion is available for costs incurred in June All costs except depreciation are paid in cosh Cornwall estimates that the number of members in July should increase 20 percent above June levels, and the number of additional washes per member should increase by an estimated 12.5 percent. The following information is avalable for costs incurred in June. All costs except depreciation are paid in cash. Variable service and marketing costs change with volume, measured by number of members. Fixed depreciation will remain the same. but fixed administrative costs will increase by 10 percent beginning July 1 . Equipment maintenance is outsourced and the contract calls for a 5 percent increase beginning July 1 Required: Prepare a budgeted income statement for July Note: Do not round intermediote colculations. Enter your onswers rounded to the neorest whole dollars. Jariable service and marketing costs change with volume, measured by number of members. Fixed depreciation will remain the same, out fixed administrative costs will increase by 10 percent beginning July 1 Equipment maintenance is outsourced and the contract calls or a 5 percent increase beginning July 1 . Required: Prepare a budgeted income statement for July. Note: Do not round intermediate calculations. Enter your answers rounded to the nearest whole dollars. Cornwall Mobile Detaling (CMD) is a service that washes and details a customer's vehicle at their home or office. It operates on a membership basis. Members pay $2,100 dues per month, which entitie them to a complete wash and detail service monthly. Members may also order additional car washes during the month at a fee of $170. Additional washes are common in both summer and winter months. The number of members also varies with the season. The number of members and the average number of additional washes by members for the months of interest follow: Cormwall allows members to pay for dues on credi Cornwall's experience is that 40 percent of its members pay cash for the dues, 50 percent of the members pay the dues for a month in the next month. 5 percent in the second month after The remainder is uncollectible. Additional washes are payable in cash. Cornwall estimates that the number of members in July should inciease 20 percent above June levels. Wnd the number of additional washes per member should inciease by an estmated 12.5 percent. The following infometion is available for costs incurred in June All costs except depreciation are paid in cosh Cornwall estimates that the number of members in July should increase 20 percent above June levels, and the number of additional washes per member should increase by an estimated 12.5 percent. The following information is avalable for costs incurred in June. All costs except depreciation are paid in cash. Variable service and marketing costs change with volume, measured by number of members. Fixed depreciation will remain the same. but fixed administrative costs will increase by 10 percent beginning July 1 . Equipment maintenance is outsourced and the contract calls for a 5 percent increase beginning July 1 Required: Prepare a budgeted income statement for July Note: Do not round intermediote colculations. Enter your onswers rounded to the neorest whole dollars. Jariable service and marketing costs change with volume, measured by number of members. Fixed depreciation will remain the same, out fixed administrative costs will increase by 10 percent beginning July 1 Equipment maintenance is outsourced and the contract calls or a 5 percent increase beginning July 1 . Required: Prepare a budgeted income statement for July. Note: Do not round intermediate calculations. Enter your answers rounded to the nearest whole dollars