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Sweeney Motors is a chain of car dealerships Sales in the fourth quarter of last year were 4.000.000 Suppose management projects that is current year's quarterlyses will increase by 0% in quarter 1. by another in quarter 2 by another in quarter and by another 7% in quarter 4 Management copects cout of goods sold to 55% of very quarter, while operating panses should be 350 revenues during each of the first two quarters 30% of revenues during the bird quarter and 20% during the fourth quarter Requirement Prepare a budgeted income statement for each of the four quarters and for the entire year Sweeney Motors Budgeted Income Statement For the upcoming Year Quarter Quarter 2 Quarter Quarter 4 Year Sale Les Cost of goods sold Group Swooney Motors is a chain of car dealerships Sales in the fourth quarter of last year were $4.600.000. Suppose management projects that is current year's quarterly sales is increase by e in quarter 1. by another 29 in quattor 2by another 5% in quarter 3, and by another 79 in quarter 4. Management expects cost of goods sold to De 55% of revenues every quarter, while operating expenses should be 35 of revenues during each of the first two quarters, 30% of revenues during the third quarter, and 20% during the fourth quartet Requirement Prepare a budgeted income statement for each of the four Quarters and for the entire year. Sweeney Motors Budgeted Income Statement For the upcoming Year Quarter 1 Quarter 2 Quarter 3 Quarter 4 Year Sales Les Cost of goods sold Gross profil