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What the budgeted net income for pearl poodle grooming

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Reference no: EM132755528

Problem 1: Pearl Poodle Grooming is preparing a budgeted income statement for 2021. Predicted sales for the year are $300,000 and cost of goods sold is 20% of sales. The expected selling & administrative expenses are $70,000 which includes $20,000 of depreciation. Pearl expects to pay $10,000 in dividends in 2021. The budgeted net income for 2021 is:

a. $180,000
b. $140,000
c. $170,000
d. $150,000
e. $190,000
f. $160,000
g. None of these

Reference no: EM132755528

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