The Northeast Regional Division of Bramble Corp. has been requested…
Question Answered step-by-step The Northeast Regional Division of Bramble Corp. has been requested… The Northeast Regional Division of Bramble Corp. has been requested to make a quarterly budgeted income statement for 2022. The regional manager expects that sales in the first quarter of 2022 will increase by 10% over the same quarter of the preceding year and will then increase by 5% for each succeeding quarter in 2022.The corporate head office has requested that the regional manager maintain an inventory in dollars equal to 20% of the next quarter’s sales. Quarterly purchases average 55% of quarterly sales. Budgeted ending inventory on December 31, 2021 is $178,000. Quarterly salaries are $21,400 plus 5% of sales. All salaries are classified as sales salaries. Other quarterly expenses are estimated to be as follows: Rent expense $25,000 Depreciation on office equipment $11,200 Utilities expense $4,100 Miscellaneous expenses 2% of sales The income statement for the first quarter of 2021 was as follows: Income StatementFor the Quarter Ended March 31, 2021 Sales $700,000 Cost of goods sold 400,000 Gross profit 300,000 Operating expenses Sales salaries $52,000 Rent expense 25,000 Depreciation 11,200 Utilities 4,100 Miscellaneous 12,900 Total operating expenses 105,200 Net income $194,800 a budgeted quarterly income statement in tabular form for the first quarter of 2022. BRAMBLE CORP.Northeast Regional DivisionBudgeted Income Statementchoose the accounting period For the Quarter Ended March 31, 2022For the Year Ended March 31, 2022March 31, 2022 enter an income statement item $enter a dollar amount enter an income statement item enter a dollar amount select a summarizing line for the first part Operating ExpensesGross ProfitTotal Operating ExpensesDividendsTotal RevenuesRevenuesNet Income / (Loss) enter a total amount for the first part select an opening section name Operating ExpensesGross ProfitTotal Operating ExpensesDividendsTotal RevenuesRevenuesNet Income / (Loss) enter an income statement item $enter a dollar amount enter an income statement item enter a dollar amount enter an income statement item enter a dollar amount enter an income statement item enter a dollar amount enter an income statement item enter a dollar amount select a closing section name Operating ExpensesGross ProfitTotal Operating ExpensesDividendsTotal RevenuesRevenuesNet Income / (Loss) enter a total amount for this section select a closing budgeted income statement item Operating ExpensesGross ProfitTotal Operating ExpensesDividendsTotal RevenuesRevenuesNet Income / (Loss) $enter a total net income or loss amount List of AccountsAssistance Used Accounts PayableAccounts ReceivableAccumulated Depreciation-EquipmentCashCommon StockCost of Goods SoldDepreciationEquipmentIncome Taxes PayableMiscellaneousInventoryRetained EarningsRent ExpenseSalesSales SalariesUtilities Accounting Business Financial Accounting ACCOUNTING 2301 Share QuestionEmailCopy link Comments (0)
