TB MC Qu, 07-168 (Algo) Calgary Industries is preparing... Caigary Industries is preparing a budgeted income statement. Predicted sales for the year are $725,000 and cost of goods sold is 40% of sales. The expected selling expenses are $80,500 and the expected general and administrative expenses are $89,500, which includes $22,500 of depreciation. The company's income tax rate is 302 . Budgeted net income is: Multiple Choice $435,000. $265,000 TB MC Qu. 07168 (Algo) Calgary Industries is preparing... Calgary Industries is preparing a budgeted income statement. Predicted sales for the year are $725,000 and cost of goods sold is 40% of sales. The expected selling expenses are $80,500 and the expected general and administrative expenses are $89,500, which includes $22,500 of depreciation. The company's income tax rate is 30\%. Budgeted net income is: Multiple Choice $435,000. $265,000