Budget
Sheet1
| SAMPLE INC. | |||
| Budgeted Income Statement | |||
| For the Years Ended December 31, xxx2 | |||
| Budget | Actual | ||
| xxx2 | xxx1 | ||
| Net sales | 10,456,000 | ||
| Cost of goods sold | 4,182,400 | ||
| Gross profit | 6,273,600 | ||
| Research and Development Expenses | 378,965 | ||
| General and Administrative Expenses | 875,632 | ||
| Marketing Expenses | 155,678 | ||
| Total operating expenses | 1,410,275 | ||
| Income from operations | 4,863,325 | ||
| Income tax expense | 1,361,731 | ||
| Net income | 3,501,594 | ||
| Expectations: | |||
| Sales are expected to increase 4.5% next year | |||
| Cost of good sold will continue to remain at the same level as last year | |||
| Research and Development Expenses are expected to increase by 20% | |||
| General and Administrative Expenses are expected to decrease by 12% | |||
| Marketing Expenses are expected to increase at the same rate as sales | |||
| Income taxes are expected to remain at the same rate as last year | |||
| Analysis: | |||
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SAMPLE INC.
Budgeted Income Statement
For the Years Ended December 31, xxx2
Net sales
Cost of goods sold