Swifty Company has completed all of its operating budgets. The sales budget for the year shows 41,000 units and total sales of $1,845,000. The total cost of producing one unit is $25. Selling and administrative expenses are expected to be $246,000. Interest is estimated to be $8,200. Income taxes are estimated to be $164,000. Prepare a budgeted multiple-step income statement for the year ending December 31, 2022.

SWIFTY COMPANY Budgeted Income Statement choose the accounting period December 31, 2022For the Year Ending December 31, 2022For the Quarter Ending December 31, 2022
select an income statement item SalesEnding InventoryCost of Goods SoldSelling and Administrative ExpensesTotal Operating ExpensesIncome Before Income TaxesPurchasesGross ProfitIncome Tax ExpenseNet Income / (Loss)Operating ExpensesBeginning InventoryInterest ExpenseIncome from Operations		$enter a dollar amount
select an income statement item Income Before Income TaxesIncome from OperationsEnding InventoryNet Income / (Loss)Income Tax ExpenseBeginning InventoryCost of Goods SoldGross ProfitSelling and Administrative ExpensesInterest ExpenseTotal Operating ExpensesPurchasesSalesOperating Expenses		enter a dollar amount
select a summarizing line for the first part Selling and Administrative ExpensesSalesIncome Tax ExpenseInterest ExpenseOperating ExpensesTotal Operating ExpensesBeginning InventoryPurchasesNet Income / (Loss)Income from OperationsCost of Goods SoldIncome Before Income TaxesEnding InventoryGross Profit		enter a total amount for the first part
select an income statement item Interest ExpenseGross ProfitIncome Tax ExpensePurchasesCost of Goods SoldSalesNet Income / (Loss)Income Before Income TaxesBeginning InventoryEnding InventoryOperating ExpensesSelling and Administrative ExpensesIncome from OperationsTotal Operating Expenses		enter a dollar amount
select a summarizing line for the second part Selling and Administrative ExpensesEnding InventoryIncome Before Income TaxesIncome from OperationsBeginning InventoryIncome Tax ExpensePurchasesGross ProfitCost of Goods SoldNet Income / (Loss)SalesOperating ExpensesInterest ExpenseTotal Operating Expenses		enter a total amount for the second part
select an income statement item SalesCost of Goods SoldNet Income / (Loss)Operating ExpensesGross ProfitPurchasesInterest ExpenseIncome from OperationsSelling and Administrative ExpensesIncome Before Income TaxesEnding InventoryBeginning InventoryIncome Tax ExpenseTotal Operating Expenses		enter a dollar amount
select a summarizing line for the third part Ending InventoryIncome Before Income TaxesSalesPurchasesSelling and Administrative ExpensesOperating ExpensesIncome Tax ExpenseIncome from OperationsCost of Goods SoldGross ProfitBeginning InventoryNet Income / (Loss)Total Operating Expenses		enter a total amount for the third part
select an income statement item Interest ExpensePurchasesIncome from OperationsNet Income / (Loss)Cost of Goods SoldOperating ExpensesEnding InventoryTotal Operating ExpensesIncome Tax ExpenseGross ProfitIncome Before Income TaxesSelling and Administrative ExpensesBeginning InventorySales		enter a dollar amount
select a closing name for this statement Gross ProfitBeginning InventorySalesCost of Goods SoldOperating ExpensesEnding InventoryIncome Before Income TaxesSelling and Administrative ExpensesTotal Operating ExpensesNet Income / (Loss)Income Tax ExpensePurchasesIncome from OperationsInterest Expense		$enter a total net income or loss amount

eTextbook and Media