North Company has completed all of its operating budgets The sales budget for the year shows 50,000 units and total sales of $2,250,000 The total unit cost of making one unit of sales is $25 Selling and administrative expenses are expected to be $300,000 Interest is estimated to be $10,000 Income taxes are estimated to be $200,000 Prepare a budgeted multiple step income statement for the year ending December 31, 2017 NORTH COMPANY Budgeted Income Statement For the Year Ending December 31, 2017December 31, 2017For the Quarter Ending December 31, 2017 Beginning InventoryIncome Before Income TaxesInterest ExpenseNet Income (Loss)Gross ProfitTotal Operating ExpensesSelling and Administrative ExpensesEnding InventoryCost of Goods SoldIncome from OperationsIncome Tax ExpenseOperating ExpensesPurchasesSales $ Selling and Administrative ExpensesIncome from OperationsBeginning InventoryOperating ExpensesInterest ExpenseTotal Operating ExpensesSalesCost of Goods SoldPurchasesEnding InventoryGross ProfitIncome Before Income TaxesIncome Tax ExpenseNet Income (Loss) Operating ExpensesCost of Goods SoldPurchasesSalesIncome Before Income TaxesEnding InventorySelling and Administrative ExpensesTotal Operating ExpensesIncome from OperationsInterest ExpenseGross ProfitBeginning InventoryIncome Tax ExpenseNet Income (Loss) Ending InventoryCost of Goods SoldSelling and Administrative ExpensesBeginning InventoryGross ProfitIncome Before Income TaxesIncome from OperationsIncome Tax ExpenseInterest ExpenseNet Income (Loss)Operating ExpensesSalesPurchasesTotal Operating Expenses SalesGross ProfitIncome from OperationsIncome Tax ExpenseEnding InventorySelling and Administrative ExpensesIncome Before Income TaxesPurchasesTotal Operating ExpensesInterest ExpenseBeginning InventoryNet Income (Loss)Cost of Goods SoldOperating Expenses Ending InventoryInterest ExpenseNet Income (Loss)Operating ExpensesBeginning InventoryGross ProfitIncome Tax ExpenseIncome Before Income TaxesPurchasesIncome from OperationsSalesSelling and Administrative ExpensesTotal Operating ExpensesCost of Goods Sold Income Tax ExpenseEnding InventorySelling and Administrative ExpensesSalesGross ProfitTotal Operating ExpensesIncome from OperationsOperating ExpensesBeginning InventoryNet Income (Loss)Cost of Goods SoldIncome Before Income TaxesPurchases Income Before Income TaxesIncome from OperationsSalesInterest ExpenseIncome Tax ExpenseNet Income (Loss)Gross ProfitOperating ExpensesCost of Goods SoldPurchasesSelling and Administrative ExpensesTotal Operating ExpensesBeginning InventoryEnding Inventory Net Income (Loss)Cost of Goods SoldOperating ExpensesIncome from OperationsPurchasesSalesIncome Tax ExpenseSelling and Administrative ExpensesIncome Before Income TaxesEnding InventoryGross ProfitInterest ExpenseTotal Operating ExpensesBeginning Inventory $

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North Company has completed all of its operating budgets. The sales budget for the year shows 50,000 units and total sales of $2,250,000. The total

North Company has completed all of its operating budgets. The sales budget for the year shows 50,000 units and total sales of $2,250,000. The total unit cost of making one unit of sales is $25. Selling and administrative expenses are expected to be $300,000. Interest is estimated to be $10,000. Income taxes are estimated to be $200,000. Prepare a budgeted multiple-step income statement for the year ending December 31, 2017.

NORTH COMPANY Budgeted Income Statement For the Year Ending December 31, 2017December 31, 2017For the Quarter Ending December 31, 2017
Beginning InventoryIncome Before Income TaxesInterest ExpenseNet Income / (Loss)Gross ProfitTotal Operating ExpensesSelling and Administrative ExpensesEnding InventoryCost of Goods SoldIncome from OperationsIncome Tax ExpenseOperating ExpensesPurchasesSales		$
Selling and Administrative ExpensesIncome from OperationsBeginning InventoryOperating ExpensesInterest ExpenseTotal Operating ExpensesSalesCost of Goods SoldPurchasesEnding InventoryGross ProfitIncome Before Income TaxesIncome Tax ExpenseNet Income / (Loss)
Operating ExpensesCost of Goods SoldPurchasesSalesIncome Before Income TaxesEnding InventorySelling and Administrative ExpensesTotal Operating ExpensesIncome from OperationsInterest ExpenseGross ProfitBeginning InventoryIncome Tax ExpenseNet Income / (Loss)
Ending InventoryCost of Goods SoldSelling and Administrative ExpensesBeginning InventoryGross ProfitIncome Before Income TaxesIncome from OperationsIncome Tax ExpenseInterest ExpenseNet Income / (Loss)Operating ExpensesSalesPurchasesTotal Operating Expenses
SalesGross ProfitIncome from OperationsIncome Tax ExpenseEnding InventorySelling and Administrative ExpensesIncome Before Income TaxesPurchasesTotal Operating ExpensesInterest ExpenseBeginning InventoryNet Income / (Loss)Cost of Goods SoldOperating Expenses
Ending InventoryInterest ExpenseNet Income / (Loss)Operating ExpensesBeginning InventoryGross ProfitIncome Tax ExpenseIncome Before Income TaxesPurchasesIncome from OperationsSalesSelling and Administrative ExpensesTotal Operating ExpensesCost of Goods Sold
Income Tax ExpenseEnding InventorySelling and Administrative ExpensesSalesGross ProfitTotal Operating ExpensesIncome from OperationsOperating ExpensesBeginning InventoryNet Income / (Loss)Cost of Goods SoldIncome Before Income TaxesPurchases
Income Before Income TaxesIncome from OperationsSalesInterest ExpenseIncome Tax ExpenseNet Income / (Loss)Gross ProfitOperating ExpensesCost of Goods SoldPurchasesSelling and Administrative ExpensesTotal Operating ExpensesBeginning InventoryEnding Inventory
Net Income / (Loss)Cost of Goods SoldOperating ExpensesIncome from OperationsPurchasesSalesIncome Tax ExpenseSelling and Administrative ExpensesIncome Before Income TaxesEnding InventoryGross ProfitInterest ExpenseTotal Operating ExpensesBeginning Inventory		$