SHERIDAN COMPANY
Budgeted Income Statement For the Year Ending December 31, 2022
Sales:
Units Sold: 57,000
Total Sales: $2,565,000
Cost of Goods Sold:
Cost per Unit: $25
Total Cost of Goods Sold: $1,425,000
Gross Profit: $1,140,000
Operating Expenses:
Selling and Administrative Expenses: $342,000
Operating Income: $798,000
Other Income and Expenses:
Interest: $11,400
Income Before Taxes: $786,600
Income Taxes: $228,000
Net Income: $558,600