Can someone help me solve for the ones I got incorrect? Thanks.
Exercise 20-24(Algo)Budgeted income statement LO P3
Fortune Incorporated is preparing its master budget for the first guarter.The company sells a single product at a price of$25 per unit Sales (in units)are budgeted at 159,000 for the first quarter. Cost of goods sold is $12 per unit.Other expense information for the first quarter follows.
Sales Commissions Rent Advertising Office salaries Depreciation Interest Tax rate
10% of sales dollars $47,000 per quarter $ 557,000 per quarter $ 231,000 per quarter $ 123,000 per quarter 1.50% quarterly on $230,0 note payable 3%
Prepare a budgeted income statement for the first quarter ended March 31.(Round your intermediate and final answers to the nearest whole dollar.)
Answer is complete but not entirely correct.
FORTUNE,INCORPORATED
Budgeted Income Statement
For Quarter Ended March 31
Sales Cost of goods sold Gross profit Selling,general and administrative expenses Sales commissions expense Rent expense Advertising expense Office salaries expense
53,975,000 1,908,000 2,067,000
os 397,500 47,000 557,000 231,000 123,000 863 1,356,363 710,637 222,191 488,446
Depreciation expense
Interest expense
Income before taxes Income tax expense
Net income