Learn Co Sales Budget Production Budget Selling/Admin Expenses Budget Selling expenses: Sales salaries expense $45,000 Advertising expense 15,000 Travel expense 5,400 Total selling expenses $65,400 Administrative expenses: Officers' salaries expense $85,000 Office salaries expense 35,000 Office rent expense 26,000 Office supplies expense 6,400 Miscellaneous administrative expenses 1,600 Total administrative expenses 154,000 Total selling and administrative expenses $219,400 Learco Sales Budget Production Budget x Seling/Admin Expenses Budget Budgeted Income Statement The budgeted income statement is prepared by integrating the sales budget cost of goods sold budget, and selling and administrative expenses budget. Additional information that may be helpful in preparing the budgeted income statement are in the following Budgeted Income Statement Data Table Review the Budgeted Income Statement Data Table, then complete the budgeted Income statement that follows the table Round the computed amount for income tax to the nearest whole dollar. Enter all amounts as positive numbers Budgeted Income Statement Data Table Interest revenue for the year Interest expense for the year $2,000 $1,500 LearniCo's income tax rate 40% calculator Mastery Problem: Budgeting LearnCo Sales Budget Production Budget Selling/Admin Expenses Budget Budgeted Income Statement 1 Revenue from sales 2 Cost of goods sold 3 Gross profit Selling and administrative expenses: Selling expenses Administrative expenses Total selling and administrative expenses 8 Income from operations 9 Other revenue and expense: S 6 7 10 Interest revenue Total selling and administrative expenses $219.400 Mastery Problem: Buageuny Learn Co Sales Budget Production Budget Selling/Admin Expenses Budget Budgeted Income Statement 6 Administrative expenses Total selling and administrative expenses 8 Income from operations 9 Other revenue and expense: 10 Interest revenue 11 Interest expense 12 Income before income tax 13 Income tax 14 Net income Learn Co Sales Budget Production Budget Selling/Admin Expenses Budget Selling expenses: Sales salaries expense $45,000 Advertising expense 15,000 Travel expense 5,400 Total selling expenses $65,400 Administrative expenses: Officers' salaries expense $85,000 Office salaries expense 35,000 Office rent expense 26,000 Office supplies expense 6,400 Miscellaneous administrative expenses 1,600 Total administrative expenses 154,000 Total selling and administrative expenses $219,400 Learco Sales Budget Production Budget x Seling/Admin Expenses Budget Budgeted Income Statement The budgeted income statement is prepared by integrating the sales budget cost of goods sold budget, and selling and administrative expenses budget. Additional information that may be helpful in preparing the budgeted income statement are in the following Budgeted Income Statement Data Table Review the Budgeted Income Statement Data Table, then complete the budgeted Income statement that follows the table Round the computed amount for income tax to the nearest whole dollar. Enter all amounts as positive numbers Budgeted Income Statement Data Table Interest revenue for the year Interest expense for the year $2,000 $1,500 LearniCo's income tax rate 40% calculator Mastery Problem: Budgeting LearnCo Sales Budget Production Budget Selling/Admin Expenses Budget Budgeted Income Statement 1 Revenue from sales 2 Cost of goods sold 3 Gross profit Selling and administrative expenses: Selling expenses Administrative expenses Total selling and administrative expenses 8 Income from operations 9 Other revenue and expense: S 6 7 10 Interest revenue Total selling and administrative expenses $219.400 Mastery Problem: Buageuny Learn Co Sales Budget Production Budget Selling/Admin Expenses Budget Budgeted Income Statement 6 Administrative expenses Total selling and administrative expenses 8 Income from operations 9 Other revenue and expense: 10 Interest revenue 11 Interest expense 12 Income before income tax 13 Income tax 14 Net income