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, 2020.

NORTH COMPANY Budgeted Income Statement choose the accounting period For the Year Ending December 31, 2020December 31, 2020For the Quarter Ending December 31, 2020

select an income statement item Beginning InventoryCost of Goods SoldEnding InventoryGross ProfitIncome Before Income TaxesIncome from OperationsIncome Tax ExpenseInterest ExpenseNet Income / (Loss)Operating ExpensesPurchasesSalesSelling and Administrative ExpensesTotal Operating Expenses

$enter a dollar amount

select an income statement item Beginning InventoryCost of Goods SoldEnding InventoryGross ProfitIncome Before Income TaxesIncome from OperationsIncome Tax ExpenseInterest ExpenseNet Income / (Loss)Operating ExpensesPurchasesSalesSelling and Administrative ExpensesTotal Operating Expenses

enter a dollar amount

select a summarizing line for the first part Beginning InventoryCost of Goods SoldEnding InventoryGross ProfitIncome Before Income TaxesIncome from OperationsIncome Tax ExpenseInterest ExpenseNet Income / (Loss)Operating ExpensesPurchasesSalesSelling and Administrative ExpensesTotal Operating Expenses

enter a total amount for the first part

select an income statement item Beginning InventoryCost of Goods SoldEnding InventoryGross ProfitIncome Before Income TaxesIncome from OperationsIncome Tax ExpenseInterest ExpenseNet Income / (Loss)Operating ExpensesPurchasesSalesSelling and Administrative ExpensesTotal Operating Expenses

enter a dollar amount

select a summarizing line for the second part Beginning InventoryCost of Goods SoldEnding InventoryGross ProfitIncome Before Income TaxesIncome from OperationsIncome Tax ExpenseInterest ExpenseNet Income / (Loss)Operating ExpensesPurchasesSalesSelling and Administrative ExpensesTotal Operating Expenses

enter a total amount for the second part

select an income statement item Beginning InventoryCost of Goods SoldEnding InventoryGross ProfitIncome Before Income TaxesIncome from OperationsIncome Tax ExpenseInterest ExpenseNet Income / (Loss)Operating ExpensesPurchasesSalesSelling and Administrative ExpensesTotal Operating Expenses

enter a dollar amount

select a summarizing line for the third part Beginning InventoryCost of Goods SoldEnding InventoryGross ProfitIncome Before Income TaxesIncome from OperationsIncome Tax ExpenseNet Income / (Loss)Operating ExpensesPurchasesSalesSelling and Administrative ExpensesTotal Operating Expenses

enter a total amount for the third part

select an income statement item Beginning InventoryCost of Goods SoldEnding InventoryGross ProfitIncome Before Income TaxesIncome from OperationsIncome Tax ExpenseInterest ExpenseNet Income / (Loss)Operating ExpensesPurchasesSalesSelling and Administrative ExpensesTotal Operating Expenses

enter a dollar amount

select a closing name for the budgeted income statement Beginning InventoryCost of Goods SoldEnding InventoryGross ProfitIncome Before Income TaxesIncome from OperationsIncome Tax ExpenseInterest ExpenseNet Income / (Loss)Operating ExpensesPurchasesSalesSelling and Administrative ExpensesTotal Operating Expenses

$enter a total net income or loss amount