Using the budgeted Income Statement and Balance Sheet provided below:

• Analyze, summarize, and explain the key components of net income as shown in the budgeted statements.
• Evaluate the reasonableness of the budget. Are budgeted targets achievable?
• Identify at least two specific items the company should monitor to achieve their plan.

Please provide a detailed analysis. (Minimum 700 words)

What more information you need?

PANTHER CORPORATION Budgeted Income Statement For Year Ended December 31, Year 2 $ 2,530,000 62,000 $ 2,592,000 Revenues Sales revenue Other income Expenses Cost of goods sold Materials Direct labor Variable overhead Fixed overhead $ 963,000 987,000 629,000 77,000 2,656,000 318,000 2,974,000 (320,000) $ $ 2,654,000 Beginning inventory $ Ending inventory Selling Salaries $ Commissions Promotion and advertising General and administrative Salaries $ Travel Office costs 77,000 106,000 206,000 389,000 77,000 16,500 49,000 142,500 49,000 Office costs Income taxes Operating profit 142,500 (237,400) 2,948,100 (356,100) $ PANTHER CORPORATION Budgeted Balance Sheet Budgeted December 31, Year 2 Current assets Cash Accounts receivable Inventory Income tax receivable 6,100 333,000 320,000 237,400 $ 896,500 Total current assets Plant and equipment Accumulated depreciation Total assets 585,000 (177,000) 408,000 1,304,500 $ Current liabilities Accounts payable Accrued payable Notes payable 193,000 106,000 213,000 $ 512,000 Total current liabilities Shareholders' equity Common stock Retained earnings 410,000 382,500 Total shareholders' equity 792,500 792,500 Total shareholders' equity Total liabilities and shareholders' equity $ 1,304,500