Calgary Industries Is Preparing a Budgeted Income Statement for 2015

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.

Correct Answer:

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