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North Company has completed all of its operating budgets. The sales budget for the year shows 50,900 units and total sales of $2,301,800. The total unit cost of making one unit of sales is $23. Selling and administrative expenses are expected to be $303,800. Interest is estimated to be $11,820. Income taxes are estimated to be $200,800. Prepare a budgeted multiple-step income statement for the year ending December 31, 2020.

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Answer:

North Company

Budgeted multiple-step income statement for the year ending December 31, 2020

Sales                                                                     $2,301,800

Less Cost of Goods Sold (50,900 units x $23) ($1,170,700)

Gross Profit                                                             $1,131,100

Less Expenses

Operating Expenses

Selling and administrative expenses                   $303,800

Operating Profit                                                     $827,300

Non Operating Expenses

Interest                                                                      $11,820

Income taxes                                                        $200,800

Net Income (Loss)                                                  $614,680

Explanation:

North Company budgeted multiple-step income statement for the year ending December 31, 2020 is prepared above.