Business, 31.07.2020 20:01 kingjonesjr

Fortune, Inc., is preparing its master budget for the first quarter. The company sells a single product at a price of $25 per unit. Sales (in units) are forecasted at 45,000 for January, 55,000 for February, and 50,000 for March. Cost of goods sold is $14 per unit. Other expense information for the first quarter follows. Commissions8% of sales
Rent$14,000 per month
Advertising15% of sales
Office salaries$75,000 per month
Depreciation$40,000 per month
Interest15% annually on a $250,000 note payable
tax rate30%
Prepare a budgeted income statement for this first quarter.

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Fortune, Inc., is preparing its master budget for the first quarter. The company sells a single prod...

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