CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 14-2 Budgeted Income Statement.

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Presentation transcript:

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning LESSON 14-2 Budgeted Income Statement

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 2 LESSON Enter actual and projected units. 2.Determine sales percentages. 6.Calculate total net sales. 3.Calculate unit sales volume. 4.Enter unit sales prices. 5.Calculate projected net sales. SALES BUDGET SCHEDULE page

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 3 LESSON Calculate ending inventory for each quarter. 2.Enter projected unit sales. 3.Determine total units needed. 4.Enter beginning inventory. 6.Enter unit cost. 5.Determine purchases. 7.Determine cost of purchases. PURCHASES BUDGET SCHEDULE page

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 4 LESSON 14-2 SELLING EXPENSES BUDGET SCHEDULE page 421

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 5 LESSON 14-2 ADMINISTRATIVE EXPENSES BUDGET SCHEDULE page 423

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 6 LESSON 14-2 OTHER REVENUE AND EXPENSES BUDGET SCHEDULE page 424

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 7 LESSON Beginning inventory: 39,200 units  $3.30 = $129,360 2.Ending inventory: 42,100 units  $3.40 = $143,140 BUDGETED INCOME STATEMENT page

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 8 LESSON 14-2 Net Income before Federal Income Tax Tax Rate= Federal Income Tax Expense  15% of net income before taxes, zero to $50, % of net income before taxes less $5,000.00, $50, to $75, % of net income before taxes less $11,750.00, $75, to $100, % of net income before taxes less $16,750.00, $100, to $335, CALCULATING FEDERAL INCOME TAX EXPENSE page 425 Calculating Federal Income Tax Expense $125,97039% less $16,750=$32, rounded to $32,380 

CENTURY 21 ACCOUNTING © 2009 South-Western, Cengage Learning 9 LESSON 14-2 TERMS REVIEW sales budget schedule purchases budget schedule selling expenses budget schedule administrative expenses budget schedule other revenue and expenses budget schedule budgeted income statement page 426