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Jolly Cleaners offers residential and commercial cleaning services. Clients pay a fixed monthly fee for the service, but can cancel the service at the end of any month. In addition to the employees who do the actual cleaning, the firm includes two managers who handle the administrative tasks (human resources, accounting, and so on) and one dispatcher, who assigns the cleaning employees to jobs on a daily basis. On average, residential clients pay $300 per month for cleaning services and the commercial clients pay $1,400 per month. A typical residential client requires 10 hours a month for cleaning and a typical commercial client requires 50 hours a month. In March, Jolly Cleaners had 40 commercial clients and 160 residential clients. Cleaners are paid $15 per hour and are only paid for the hours actually worked. Supplies and other variable costs are estimated to cost $5 per hour of cleaning. Other monthly costs (all fixed) are $30,000 SG&A, including managerial and dispatcher salaries, and $2,000 in other expenses. For July, Jolly Cleaners has budgeted profit of $5,000 based on 50 commercial clients. Required: How many residential clients are budgeted for July? Prepare a budgeted income statement for July to confirm your answer. X Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Residential Clients Budgeted Inc Stmt Complete this question by entering your answers in the tabs below. Residential Clients Budgeted Inc Stmt Prepare a budgeted income statement for July to confirm your answer. JOLLY CLEANERS Budgeted Income Statement For the month of July Revenues: Commercial $ 70,000 51,000 Residential Total revenue $ 121,000 Expenses: Cleaner compensation Supplies $ 63,000 25,500 X 30,000 2,000 SG&A Other expenses Total expenses $ 120,500 Income $ 500