Sheridan, LLC is a small company that sells decorative picture frames from local artisans. John, the chief financial officer (CFO), is in the process of compiling a Budgeted Income Statement for 2024 so that the company can apply for a loan at the local bank. John has budgeted for sales of 6, 100 mugs at a sales price of $16.00 per mug. The company originally paid $5.00 per mug when it acquired them. The company has selling, general & admin (SG&A) expenses of $46,200 and an existing loan of $8,000 with an annual percentage rate (APR) of 4.0%. The tax rate is a flat 21%. What is the amount of net income that the company will report on the budgeted income statement for 2024? (Round answers to O decimal places, e.g. 1,525.) Net Income $ eTextbook and Media Assistance Used List of Accounts Assistance Used Save for Later Attempts: 0 of 3 used Submit