Connect 14) FlossTube a42- Pam& Steph a. 11) Guif Coast Stitches community Stamp

Question

Connect 14) FlossTube a42- Pam& Steph a. 11) Guif Coast Stitches community Stamps.com Online l Accounting- Williams, 18e, Operational Budgeting Type your answer in the box. Brainard Corporation's budgeted sales for the upcoming quarter are $400,000. Its supporting budgets and schedules show a beginning finished goods inventory of $15,000, budgeted cost of goods manufactured of $185,000, and a projected ending finished goods inventory of $25,000. Its selling and administrative budget projects expenses of $148,000, its budgeted interest expense is $7,000, and its tax rate averages 40%. The company's budgeted gross profit for the upcoming quarter is $ 215000 O The company's budgeted Income before taxes for the upcoming quarter is s 60000 The company's budgeted income taxes for the upcoming quarter are$ The company's budgeted net income for the upcoming quarter is $ Do you know the answer? I know it Think so Unsure No idea 26 tems left

Explanation / Answer

Req 1. Budgeted Gross Profit: Budgeted Sales revenue 400,000 Less: Budgeted Cost of Goods sold Cost of Goods manufactured 185,000 Add: Beginning FG inventory 15,000 Less: Ending FG inventory 25000 Budgeted Cost of Goods sold 175,000 Budgeted Gross Profit: 225,000 Req 2: Net income before tax: Budgeted Gross Profit 225000 Less: Selling and admin expense 148000 Less: Interest expense 7000 Net income before tax: 70000 Req 3: Income Tax for the year: Net income for the year 70,000 Tax rate 40% Tax expense (70,000*40%) 28,000 Req 4: Net income after tax: Net income before tax 70,000 Less: tax expense 28,000 Net income after tax: 42,000

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