Lamonte Company reports the following budgeted December 31 adjusted trial balance. Cash Accounts receivable Merchandise inventory Equipment Accumulated depreciation-Equipment Accounts payable Loan payable Common stock Retained earnings (beginning year balance) Sales Cost of goods sold Loan interest expense Depreciation expense Salaries expense Totals Debit $ 54,000 Credit 124,000 68,000 129,000 $ 29,000 38,000 26,000 210,000 64,000 524,000 364,000 12,000 14,000 126,000 $ 891,000 $ 891,000 Exercise 20-28A (Algo) Merchandising: Preparing a budgeted income statement LO P4 Prepare the budgeted income statement for the current year ended December 31. Ignore income taxes. LAMONTE COMPANY Budgeted Income Statement For Year Ended December 31 Gross profit Selling, general and administrative expenses

Lamonte Company reports the following budgeted December 31 adjusted trial balance. Cash Accounts receivable Merchandise inventory Equipment Accumulated depreciation-Equipment Accounts payable Loan payable Common stock Retained earnings (beginning year balance) Sales Cost of goods sold Loan interest expense Depreciation expense Salaries expense Totals Debit $ 54,000 Credit 124,000 68,000 129,000 $ 29,000 38,000 26,000 210,000 64,000 524,000 364,000 12,000 14,000 126,000 $ 891,000 $ 891,000 Exercise 20-28A (Algo) Merchandising: Preparing a budgeted income statement LO P4 Prepare the budgeted income statement for the current year ended December 31. Ignore income taxes. LAMONTE COMPANY Budgeted Income Statement For Year Ended December 31 Gross profit Selling, general and administrative expenses

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter7: The Master Budget And Flexible Budgeting

Section: Chapter Questions

Problem 5P: Selling and administrative expense budget and budgeted income statement Budgeted selling and...

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