Help with the budgeted income statement please

Prepare a budgeted multiple-step income statement for 2025. SHEFFIELD INDUSTRIES Budgeted Income Statement For the Year Ending December 31, 2025 Selling and Administrative Expenses Selling and Administrative Expenses Income from Operations Income from Operations Net Income / (Loss) Prenare a hudgeted statement of cost of sonds sold. Sheffield Industries' balance sheet at December 31, 2024, is presented below. SHEFFIELD INDUSTRIES Balance Sheet December 31, 2024 Assets Current Assets Cash Accounts receivable Finished goods inventory (1,950 units) Total current assets Property, Plant, and Equipment Equipment Less: Accumulated depreciation Total assets $9,750 95,550 31,200 136,500 Liabilities and Stockholders' Equity Liabilities Notes payable Accounts payable Total liabilities Stockholders' Equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $52,00013,00039,000$175,500 $32,500 58,500 91,000 $52,000 32,500 84,500$175,500 Budgeted data for the year 2025 include the following. To meet sales requirements and to have 3,250 units of finished goods on hand at December 31,2025 , the production budget shows 11,700 required units of output. The total unit cost of production is expected to be $18. Sheffield uses the first-in, first-out (FIFO) inventory costing method. Interest expense is expected to be $4,550 for the year. Income taxes are expected to be 20% of income before income taxes. In 2025 , the company expects to declare and pay an $10,400 cash dividend. The company's cash budget shows an expected cash balance of $37,794 at December 31,2025 . All sales and purchases are on account. It is expected that 60% of quarterly sales are collected in cash within the quarter and the remainder is collected in the following quarter. Direct materials purchased from suppliers are paid 50% in the quarter incurred and the remainder in the following quarter. Purchases in the fourth quarter were the same as the materials used. In 2025, the company expects to purchase additional equipment costing $11,700. A total of $4,100 of depreciation expense on equipment is included in the budget data and split equally between manufacturing overhead and selling and administrative expenses. Sheffield expects to pay $10,400 on the outstanding notes payable balance plus all interest due and payable to December 31 (included in interest expense $4,550, above). Accounts payable at December 31,2025, includes amounts due suppliers (see above) plus other accounts payable relating to manufacturing overhead of $9,360. Unpaid income taxes at December 31 will be $6,500