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Budget Preparation: INCOME STATEMENT DATE
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. Please provide detailed explanation,
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%
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Affirmative Action is one of the most contentious issues; its intent and the discriminatory result of applying it in practice has become a major issue in today'
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