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Mgmt Accounting question?

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Answer #1 | 05/12 2013 12:10
Budgeted Income Statement ...... ....... ....... ......Quarter 1 .....Quarter 2 ......Quarter 3 ......Quarter 4.... ...Year Sales: $7,000,000 x 1.03) $7,210,000 ... ($7,210,000 × 1.04) ....... ...... .....$7,489,000 ($7,498,400 × 1.06) ........ ........ ........ ....... ....$7,948,304 ($7,948,304 × 1.05) ........ ......... ........ ................ ...$8,345,719 ...$31,002,423 Operating Expenses: ($7,210,000 × 0.80) 5,768,000 ($7,498,400 × 0.80) ....... ........ ......5,998,720 ($7,948,304 × 0.79) ...... ....... ....... ....... ....... ..6,279,160 ($8,345,719 × 0.81) ....... ......... ........ .......... ........ ...6,760,032 .....24,805,912 Gross Margin... ...1,442,000 ...1,490,280 ...1,669,144 .....1,585,687 ......$6,187,111 Selling& ad expenses 10,000 ........10,000 .. 10,000 ....10,000 .......40,000 Interest Expense: ($500,000 × 0.14 × 3/12) ....... ....... ....... ......17,500 ($490,000 × 0.14 × 3/12) ....... ...... ....... ...... ............. ......17,150 ..... ....34,650 Net Income..........$1,432,000 ....$1,480,280 ..$1,651,644 ....$1,558,537 ...$6,112,461
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