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Question
Crane Company has completed all of its operating budgets. The sales budget for the year shows 50,160 units and total sales of $2,228,200. The total unit cost of making one unit of sales is $24. Selling and administrative expenses are expected to be $309,200. Interest is estimated to be $12,710. Income taxes are estimated to be $226,800.
Prepare a budgeted multiple-step income statement for the year ending December 31, 2020.
Budgeted Income Statement
For the year ended December 31,
Sales
Cost of goods sold
Gross profit $
Selling and administrative expenses $
Income from operations $
Interest expense $
Income before income taxes $
Income tax expense $
Net income /(loss)
Matt Broderick Company began operations on January 2, 2013. It employs 9 individuals who work 8-hour days and are paid hourly
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