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Question
Calgary Industries is preparing a budgeted income statement for 2015 and has accumulated the following information. Predicted sales for the year are $730,000 and cost of goods sold is 40% of sales. The expected selling expenses are $81,000 and the expected general and administrative expenses are $90,000, which includes $23,000 of depreciation. The companies income tax rate is 30%. The budgeted net income for 2015 is:A.$438,000.
B.$186,900.
C.$267,000
D.$84,700.
E.$80,100.
Answer
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