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Script Mill has just completed their 5th year in business. They have reported the following information for December 2022. Budgeted Sales $ 560,000 Actual Sales
Script Mill has just completed their 5th year in business. They have reported the following information for December 2022.
Budgeted Sales | $ 560,000 |
Actual Sales | $ 567,923 |
Purchases | $ 294,823 |
Beginning Inventory | $ 56,000 |
Ending Inventory (% of next months sales) | 10% |
Admin Salaries | $ 50,320 |
Marketing Expense (% of budgeted sales) | 5% |
Sales Commissions (% of budgeted sales) | 2% |
Rent Expense | $ 7,500 |
Depreciation Expense | $ 1,100 |
Utilities | $ 2,500 |
Taxes (% of income from operations) | 15% |
Script Mill has seen sales increase at a rate of 10% in the past. They anticipate this trend to continue. Prepare a budgeted income statement - complete the items below.
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