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Create a new budgeted income

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Budget Preparation: INCOME STATEMENT DAT

Problem 1: The Lees believe that production and sales could double after being on Shark Tank which is scheduled in December of 20XY. They want to be prepared for this. Based on the budgeted income statement calculated below for 20XY, create a new budgeted income for 20XZ assuming that the production and sales is double the level of 20XY.

Units Produced and Sold 420

Sales $33,600.00

Unit Price $80.00

COGS $12,600.00

Variable Cost Per Unit $30.00

Labor $0.00

Advertising Fees $2,000.00

Bank Fees $150.00

Phone/Internet $1,200.00

Shipping $1,260.00

Shipping Per Unit $3.00

Utilities $900.00

Office Supplies $800.00

Interest Expense on Note Payable $350.00

Depreciation Expense (straight) $800.00

Income Tax Rate 26.00%

Reference no: EM132952469

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