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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 567,923
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 Ending Inventory (% of next months sales) 10% Admin Salaries $ 50,320 Marketing Expense (% of sales) 5% Sales Commissions (% of sales) 2% Rent Expense 7,500 Depreciation Expense $ 1,100 Utilities $ 2,500 Taxes (% of income before taxes) 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 shaded squares. Script Mill Budgeted Income Statement For the Month Ending December 31, 2022 Sales $ 567,923 Costs of Goods Sold $ 294,824 Costs of Goods Available for Sale Costs of Goods Sold Operating Expenses Total Operating Expenses Income From Operations Income Tax Expense
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