Sesnie Labs performs a speciality lab test for local companies for $48 per test

ID: 2401087 • Letter: S

Question

Sesnie Labs performs a speciality lab test for local companies for $48 per test For the upcoming quarter, Sesrie Labs is projecting the following salers: ine buagesea cost or penoming eacn est is sea. uperaang expenses re projected to be $58,000 in January, $57,000 in February and $59,000 in Ma Senie LabS issut oct to a corporate tax rate of 30%. January February March 5,300 4,300 5,600 Prepare a budgeted income statement for the firnt quaer, with a column for e Number ol lab tests Prepare the budgeted income statement by first caloulating the operating income, then calculate the net income Sesnie Labs Budgeted Income Statement For the Quarter Ended March 31 Enter any number in the edt fields and then continue to the next question e Previous 8 command option

Explanation / Answer

Projected Income statement

January

February

March

no of projected test

5300

4300

5600

per test price

total revenue

254400

206400

268800

less cost of test =no of test*cost per test

121900

98900

128800

gross profit

132500

107500

140000

less operating expenses

58000

57000

59000

operating profit

74500

50500

81000

less tax 30%

22350

15150

24300

Net income

52150

35350

56700