Prepare a budgeted income statement for Coca-Cola Company for the quarter ending September 30, 2024.

Item	Amount ($)
Expected Sales	950,000
Expected Cost of Goods Sold	600,000
Salaries Expense	200,000
Rent Expense	70,000
Advertising Expense	50,000
Utilities Expense	40,000
Interest Expense	25,000
Income Tax Expense	35,000

Question:

Using the given projections, prepare a budgeted income statement for Coca-Cola Company for the quarter ending September 30, 2024. Calculate the projected Net Income and explain how the budgeting process can help in financial planning.