Question
Fortune Incorporated is preparing its master budget for the first quarter. The company sells a single product at a price of $25 per unit. Sales
Fortune Incorporated is preparing its master budget for the first quarter. The company sells a single product at a price of $25 per unit. Sales (in units) are budgeted at 151,000 for the first quarter. Cost of goods sold is $12 per unit. Other expense information for the first quarter follows.
| Sales Commissions | 11% | of sales dollars |
| Rent | $ 40,000 | per quarter |
| Advertising | $ 584,000 | per quarter |
| Office salaries | $ 233,000 | per quarter |
| Depreciation | $ 100,000 | per quarter |
| Interest | 1.00% | quarterly on $280,000 note payable |
| Tax rate | 40% |
Prepare a budgeted income statement for the first quarter ended March 31. (Round your intermediate and final answers to the nearest whole dollar.)
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Clinical Audit In Mental Health Toward A Multidisciplinary Approach
Authors: John Riordan, Darren Mockler
1st Edition
0471963321, 978-0471963325
