Creasy estimates Income Tax at a rate of 22% of net income before taxes.

Use this information plus the information from the previous questions to create the Budgeted Income Statement.

Do not use the dollar sign.

Budgeted Income Statement

Income Statement	July	August	September	July - September
Sales				3,000,000
COGS	575,000			1,875,000
Gross Profit		375,000
Sales Commissions			97,200	270,000
Sales Salaries	5,000	5,000		15,250
G&A Salaries	10,000	10,000	10,000	30,000
Interest expense -short term				[125]
Interest expense - long term	1,500	1,500	1,500	4,500
Total Operating Expenses	99,425			319,875
Net Income before Taxes			291,050
Income Tax Expense	54,027
Net Income	191,548			627,997