Calgary Industries Is Preparing a Budgeted Income Statement for 2015

question 159

Multiple Choice

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.

Describe the ethical and legal responsibilities of directors in conflict of interest situations.

Understand how to calculate and simplify ratios.

Solve basic and complex proportion problems.

Interpret and analyze sales data and other business-related figures through percentages and ratios.