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For a manufacturer the budgeted income statement. An income statement is an official financial document that presents the actual income and expenses of a business for a declared period of timeoften the end of each month and at the end of the fiscal year. Merchandising companies sell products but do not make them. Balances of accounts receivable prepaid expenses and accounts payable at the end of the year are not expected to differ significantly from the beginning balances.
Budget estimates of manufacturing costs and operating expenses for the year are summarized as follows. The budgeted income statement lets a company know whether its financial goals are realistic or not. Just like all income.
Therefore these companies will have cost of goods sold but the calculation is much easier than for a manufacturing company. View the full answer. 1020000 8 0849 Sales 51000 units Costs.
Do not round Intermediate calculations. A manufacturing companys budgeted income statement includes the following data. Federal income tax of 35000 on 2017 taxable income will be paid during 2017.
The income statement is essentially the monthly budget with actual cost and income figures inserted. Expenses for a merchandising company must be broken down into product costs cost of goods sold and period costs selling and administrative. The cost of goods sold on the income statement is calculated using the per unit cost of 1125 which consists of 140 per unit for direct materials 700 per unit for direct labor and a manufacturing overhead rate.
The income statement for a trading business a business that buys and sells goods and for a manufacturing business a business that makes goods is quite different to the one shown above. The budgeted income statement is a by-product of all the other budgets. Also called a pro forma income statement it is a financial report that compares the estimated revenue and expense numbers with the real numbers.
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