ACIS 2116 Chapter 10 Budget Example

ACIS 2116 Chapter 10 Budget Example - ACIS 2116 - Budget...

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ACIS 2116 - Budget Example vanilla, chocolate or strawberry flavoring and freeze them until the coating hardens. The flavored worms are sold in boxes for $10 each. 2007 and have been very successful. They would like to expand into the health foods area by adding yogurt-flavored worms. To do this, they must purchase special equipment. your help in preparing the 2008 budgets reports required by the bank. Income Statement For the year ended 12/31/07 Sales (55,000 boxes) $550,000 Cost of goods sold 305,000 Gross margin 245,000 70,000 Income before tax 175,000 Income tax expense 45,000 Net income $130,000 Balance Sheet at 12/31/2007 Cash $30,000 Accounts receivable, customers 35,000 Inventory 80,000 Building and equipment $100,000 Less: Accumulated depreciation
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ACIS 2116 Chapter 10 Budget Example - ACIS 2116 - Budget...

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