What is the budgeted net profit goal for 20X4? (Use the following data to answer

Question

What is the budgeted net profit goal for 20X4? (Use the following data to answer this question) Balance Sheet ASSETS Cash Account Receivable Underbillings Other Current Assets Total Current Asset Equipment (Gross) 12/31/20x3 100,000 250,000 250,000 100,000 700,000 200,000 (100,000) Equipment (Net) Total Assets EQUITIES Account Payable Overbillings Other Current Liability Total Current Liability Long Term Debt Total Liability Net Worth Total Equities 100,000 800,000 300,000 200,000 150,000 650,000 50,000 700,000 100,000 800,000 Income Statements (12/31/20x3) Earnings Cost of Construction 1,600,000 Labor Material Subcontracts Equipment Job Overhead 480,000 480,000 160,000 320,000 32,000 Total Direct Cost Gross Profit Variable Operating Expense Fixed Operating Expense Net Profit 1472,000 128,000 48,000 75,000 5,000

Explanation / Answer

Budgeted net profit goal for 20X4 = Investment x 20%

= 100000 x 20%

= $20000

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