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Category > Accounting Posted 13 May 2017 My Price 5.00

Budgeted selling and administrative expenses for Cruise Tire Company

Budgeted selling and administrative expenses for Cruise Tire Company in P7-2 for the year ended December 31, 2011, were as follows:
Advertising expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $942,000
Office rent expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125,000
Office salaries expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 821,000
Office supplies expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,500
Officers’ salaries expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .661,000
Sales salaries expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 868,000
Telephone and fax expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33,500
Travel expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 443,000
Required:
1. Prepare a selling and administrative expenses budget, in good form, for the year 2011.
2. Using the information above and the budgets prepared in P7- 2, prepare a budgeted income statement for the year 2011, assuming an income tax rate of 40%.

Answers

Alpha Geek
(8)
Status NEW Posted 13 May 2017 09:05 AM My Price 5.00

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file 1494666592-Answer.docx preview (454 words )
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