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Sweeney Labs performs a specialty lab test for local companies for $56 per test. For the upcoming quarter, Sweeney Labs is projecting the following sales:
Sweeney Labs performs a specialty lab test for local companies for $56 per test. For the upcoming quarter, Sweeney Labs is projecting the following sales: Prepare the budgeted income statement by first calculating the operating income, then calculate the net income. The budgeted cost of performing each test is $29. Operating expenses are projected to be $58,000 in January, $57,000 in February, and $62,000 in March. Sweeney Labs is subject to a corporate tax rate of 30%. Prepare a budgeted income statement for the first quarter, with a column for each month and for the quarter
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