Using Schedule 8 as your guide, prepare the company's cash budget for the upcoming fiscal year....

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Using Schedule 8 as your guide, prepare the company's cash budget for the upcoming fiscal year. EXERCISE 8-8 Budgeted Income Statement LO8-9 Gig Harbor Boating is the wholesale distributor of a small recreational catamaran sailboat. Management has prepared the following summary data to use in its annual budgeting process: Budgeted unit sales 460 Selling price per unit Cost per unit Variable selling and administrative expenses (per unit) $1,950 $1,575 $75 Fixed selling and administrative expenses (per year) Interest expense for the year $105,000 $14,000 Required: Using Schedule 9 as your guide, prepare the company's budgeted income statement for the year. Using Schedule 8 as your guide, prepare the company's cash budget for the upcoming fiscal year. EXERCISE 8-8 Budgeted Income Statement LO8-9 Gig Harbor Boating is the wholesale distributor of a small recreational catamaran sailboat. Management has prepared the following summary data to use in its annual budgeting process: Budgeted unit sales 460 Selling price per unit Cost per unit Variable selling and administrative expenses (per unit) $1,950 $1,575 $75 Fixed selling and administrative expenses (per year) Interest expense for the year $105,000 $14,000 Required: Using Schedule 9 as your guide, prepare the company's budgeted income statement for the year.