Tatap Muka             ANGGARAN PERUSAHAAN  4-7           M. Shobrie H.W., SE, CPHR, CPTr.Anggaran Operasi(Operational Bud...
Budgeting-Planning-Control Planning and Control are Tied together Planning — Looking ahead to see what            actions ...
Budgets• Key component of Planning• Financial plans for the Future• Identify Objectives and Actions  needed to Achieve the...
Strategic PlanIdentifies strategies for Future Activitiesand OperationsLong- and Short-term Objectives                    ...
Advantages of Budgeting 1. Forces Managers to Plan 2. Provides Information that can be Used    to Improve Decision Making ...
Master Budget   Comprehensive Financial Plan for the        Organization as a Whole    Can be broken down into Quarterly  ...
Continuous Budget        A moving 12-Month BudgetJanuary February      December January 2011     2011 …………….   2011    2012
Budget Committee &Director RolesBudget Committee :• Reviews the budget• Provides policy guidelines and budgetary goals• Re...
Major Components of theMaster BudgetMaster Budget can be divided into :  • Operational Budgets    – Describe the income-ge...
Example: Cornerstone 9-1          How to Prepare a Sales BudgetInformation:     Budgeted units to be sold for each quarter...
Sales Budget• Projection approved by budget  committee  – describes expected sales in units and    currencies (i.e: $, Rp,...
Sales BudgetPreparation Steps  1. Develop a sales forecast    - responsibility of marketing department    - bottom-up appr...
Moose Patties Inc.              Sales Budget For the Year Ending December 31, 2012                     Quarter            ...
Production Budget       Describes how many units must be   produced in order to meet sales needs and      satisfy ending i...
Example: Cornerstone 9-2         How to Prepare the Production BudgetInformation:  • Sales budget :     –   1st quarter = ...
Moose Patties Inc.                Production Budget For the Year Ending December 31, 2011                               Qu...
Moose Patties Inc.           Production Budget For the Year Ending December 31, 2011                          Quarter     ...
Moose Patties Inc.           Production Budget For the Year Ending December 31, 2011                          Quarter     ...
Direct Materials PurchasesBudgetTells the amount and cost of raw materials to be          purchased in each time period   ...
Example: Cornerstone 9-3  How to Prepare a Direct Materials Purchases BudgetInformation:  • Production budget    – Units t...
Information continued:  • Beginning inventory    – 58 plain T-shirts and 390 grams of ink  • Ending inventory    – 10% of ...
Moose Patties Inc.    Direct Materials Purchases Budget  For the Year Ending December 31, 2011                            ...
Moose Patties Inc.    Direct Materials Purchases Budget  For the Year Ending December 31, 2011                            ...
Moose Patties Inc.    Direct Materials Purchases Budget  For the Year Ending December 31, 2011                            ...
Moose Patties Inc.    Direct Materials Purchases Budget  For the Year Ending December 31, 2011                            ...
Moose Patties Inc.    Direct Materials Purchases Budget  For the Year Ending December 31, 2011                            ...
Moose Patties Inc.    Direct Materials Purchases Budget  For the Year Ending December 31, 2011                            ...
Moose Patties Inc.    Direct Materials Purchases Budget  For the Year Ending December 31, 2011          We can do the     ...
Moose Patties Inc.    Direct Materials Purchases Budget  For the Year Ending December 31, 2011                            ...
Moose Patties Inc.    Direct Materials Purchases Budget  For the Year Ending December 31, 2011                            ...
Direct Labour Budget  Shows the total direct labour hours neededand the associated cost for the number of units           ...
Example: Cornerstone 9-4     How to Prepare a Direct Labour BudgetInformation:  • Production budget     – Units to be prod...
Moose Patties Inc.           Direct Labour Budget  For the Year Ending December 31, 2011                                  ...
Overhead Budget    Shows the expected cost of all    production costs other than direct       materials and direct labour ...
Example: Cornerstone 9-5       How to Prepare an Overhead BudgetInformation:   • Direct labour budget      – Budgeted dire...
Moose Patties Inc.                     Overhead Budget  For the Year Ending December 31, 2011Moose Patties bases its varia...
Moose Patties Inc.            Overhead Budget For the Year Ending December 31, 2011                          Quarter      ...
Ending Finished GoodsInventory Budget • Supplies information needed for the   balance sheet • Important input for the prep...
Example: Cornerstone 9-6How to Prepare an Ending Finished Goods Inventory BudgetInformation:   •   Each shirt requires one...
Moose Patties Inc.Ending Finished Goods Inventory Budget For the Year Ending December 31, 2011   Unit cost computation:   ...
Moose Patties Inc.Ending Finished Goods Inventory Budget For the Year Ending December 31, 2011   Unit cost computation:   ...
Moose Patties Inc.Ending Finished Goods Inventory Budget For the Year Ending December 31, 2011   Unit cost computation:   ...
Example: Cornerstone 9-7    How to Prepare a Cost of Goods Sold BudgetInformation:• Direct materials :  – T-shirts = $3 ea...
Moose Patties Inc.      Cost of Goods Sold BudgetFor the Year Ending December 31, 2011 Direct materials used              ...
Moose Patties Inc.      Cost of Goods Sold BudgetFor the Year Ending December 31, 2011 Direct materials used              ...
Moose Patties Inc.      Cost of Goods Sold BudgetFor the Year Ending December 31, 2011 Direct materials used              ...
Selling and AdministrativeExpenses Budget   Outlines planned expenditures for       nonmanufacturing activities  Selling a...
Example: Cornerstone 9-8How to Prepare a Selling and Administrative Expenses BudgetInformation: • Sales budget 1,000; 1,20...
Moose Patties Inc.    Selling and Administrative Expense Budget     For the Year Ending December 31, 2011                 ...
Example: Cornerstone 9-9 How to Prepare a Budgeted Income StatementInformation:  • Sales budget, $57,000  • Cost of goods ...
Moose Patties Inc.      Budgeted Income StatementFor the Year Ending December 31, 2011   Sales                            ...
Pelatihan Anggaran Operasional Perusahaan
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Pelatihan Anggaran Operasional Perusahaan

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Bagi Perusahaan yang membutuhkan Pelatihan ini dapat menghubungi Kami HARD-Hi SMART CONSULTING di Hotline : 0878-7063-5053 (Fast Response) dengan Bpk. M. Shobrie H.W., SE, CFA, CLA, CPHR, CPTr.

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Pelatihan Anggaran Operasional Perusahaan

  1. 1. Tatap Muka ANGGARAN PERUSAHAAN 4-7 M. Shobrie H.W., SE, CPHR, CPTr.Anggaran Operasi(Operational Budget) S . T . I . E . B . I .
  2. 2. Budgeting-Planning-Control Planning and Control are Tied together Planning — Looking ahead to see what actions should be taken to realize particular goals Control — Looking backward determining what actually happened and comparing it with the previously planned outcomes
  3. 3. Budgets• Key component of Planning• Financial plans for the Future• Identify Objectives and Actions needed to Achieve them Before a budget is prepared, a strategic plan should be developed
  4. 4. Strategic PlanIdentifies strategies for Future Activitiesand OperationsLong- and Short-term Objectives Objectives form the basis of the budget
  5. 5. Advantages of Budgeting 1. Forces Managers to Plan 2. Provides Information that can be Used to Improve Decision Making 3. Provides a Standard for Performance Evaluations or Appraisals 4. Improves Communication and Make Sure Coordination
  6. 6. Master Budget Comprehensive Financial Plan for the Organization as a Whole Can be broken down into Quarterly and Monthly Budgets
  7. 7. Continuous Budget A moving 12-Month BudgetJanuary February December January 2011 2011 ……………. 2011 2012
  8. 8. Budget Committee &Director RolesBudget Committee :• Reviews the budget• Provides policy guidelines and budgetary goals• Resolves differences that arise as the budget is prepared• Approves the final budget• Monitors actual performance as the year unfoldsBudget Director :• Responsible for directing and coordinating overall budgeting process• Usually the controller
  9. 9. Major Components of theMaster BudgetMaster Budget can be divided into : • Operational Budgets – Describe the income-generating activities of a company • Financial Budgets – Detain the inflows and outflows of cash and the overall financial position
  10. 10. Example: Cornerstone 9-1 How to Prepare a Sales BudgetInformation: Budgeted units to be sold for each quarter : 1,000 1,200 1,500 and 2,000 Selling price is $10 per T-shirtRequired: Prepare a sales budget for each quarter and for the year
  11. 11. Sales Budget• Projection approved by budget committee – describes expected sales in units and currencies (i.e: $, Rp, Y, etc)• Basis for all other operating and most of the financial budgets
  12. 12. Sales BudgetPreparation Steps 1. Develop a sales forecast - responsibility of marketing department - bottom-up approach • Sales people submit sales projections 2. Forecast must be reviewed by budget committee 3. Budget committee recommends all changes prior to approval
  13. 13. Moose Patties Inc. Sales Budget For the Year Ending December 31, 2012 Quarter 1 2 3 4 YearUnits 1,000 1,200 1,500 2,000 5,700Unit sellingprice × $10 × $10 × $10 × $10 × $10Budgetedsales $10,000 $12,000 $15,000 $20,000 $57,000 Most sales happen in summer and fall
  14. 14. Production Budget Describes how many units must be produced in order to meet sales needs and satisfy ending inventory requirements Formula : Units to Expected Units in Units in be = unit + ending - beginningproduced sales inventory inventory
  15. 15. Example: Cornerstone 9-2 How to Prepare the Production BudgetInformation: • Sales budget : – 1st quarter = 1,000 units – 2nd quarter = 1,200 units – 3rd quarter = 1,500 units – 4th quarter = 2,000 units • Beginning inventory is 180 T-shirts • Ending inventory : – Desired quantity = 20% of the following quarter’s sales – Sales for the first quarter of 2012 = 1,000 unitsRequired: Prepare a production budget for each quarter and for the year
  16. 16. Moose Patties Inc. Production Budget For the Year Ending December 31, 2011 QuarterFrom the sales budget 1 2 3 4 YearSales 1,000 1,200 1,500 2,000 5,700Desired ending inventory 240 300 400 200 200 20% of the next 20% of third 20% of second year’s first quarter’s sales quarter’s sales quarter sales 20% × 1,500 units 20% × 1,200 units 20% × 1,000 units
  17. 17. Moose Patties Inc. Production Budget For the Year Ending December 31, 2011 Quarter 1 2 3 4 YearSales 1,000 1,200 1,500 2,000 5,700Desired ending inventory 240 300 400 200 200 Total needs 1,240 1,500 1,900 2,200 5,900Less: Begining inventory (180) (240) (300) (400) (180) 1st quarter’s ending inventory is Beginning inventory as 2nd quarter’s beginning inventory of January, 1, 2011
  18. 18. Moose Patties Inc. Production Budget For the Year Ending December 31, 2011 Quarter 1 2 3 4 YearSales 1,000 1,200 1,500 2,000 5,700Desired ending inventory 240 300 400 200 200 Total needs 1,240 1,500 1,900 2,200 5,900Less: Begining inventory (180) (240) (300) (400) (180)Units to be produced 1,060 1,260 1,600 1,800 5,720 1,240 needed, we already All four quarter’s production have 180, so we need to added together produce 1,060 units
  19. 19. Direct Materials PurchasesBudgetTells the amount and cost of raw materials to be purchased in each time period Formula : Direct materials needed for production + Desired direct materials in ending inventory - Direct materials in beginning inventory Direct materials to be purchased
  20. 20. Example: Cornerstone 9-3 How to Prepare a Direct Materials Purchases BudgetInformation: • Production budget – Units to be produced : • 1st quarter = 1,060 units • 2nd quarter = 1,260 units • 3rd quarter = 1,600 units • 4th quarter = 1,800 units • Total for the year = 5,720 units • Per-unit basis – One plain T-shirt, $3 each – 5 grams of ink, $0.20 per-gram
  21. 21. Information continued: • Beginning inventory – 58 plain T-shirts and 390 grams of ink • Ending inventory – 10% of the following quarter’s production – Desired ending inventory is 106 T-shirts and 530 grams of inkRequired: Prepare a direct materials purchases budget for : ―Plain T-shirts and Ink‖
  22. 22. Moose Patties Inc. Direct Materials Purchases Budget For the Year Ending December 31, 2011 QuarterPlain T-Shirts 1 2 3 4 YearUnits to be produced 1,060 1,260 1,600 1,800 5,720Direct materials per unit ×1 ×1 ×1 ×1 ×1Production needs 1,060 1,260 1,600 1,800 5,720Desired ending inventory 126 10% of next quarter’s Each unit required production needs 1 plain T-shirt From production budget
  23. 23. Moose Patties Inc. Direct Materials Purchases Budget For the Year Ending December 31, 2011 QuarterPlain T-Shirts 1 2 3 4 YearUnits to be produced 1,060 1,260 1,600 1,800 5,720Direct materials per unit ×1 ×1 ×1 ×1 ×1Production needs 1,060 1,260 1,600 1,800 5,720Desired ending inventory 126 160 180 106 106 10% of the next year’s 1st quarter production needs
  24. 24. Moose Patties Inc. Direct Materials Purchases Budget For the Year Ending December 31, 2011 QuarterPlain T-Shirts 1 2 3 4 YearUnits to be produced 1,060 1,260 1,600 1,800 5,720Direct materials per unit ×1 ×1 ×1 ×1 ×1Production needs 1,060 1,260 1,600 1,800 5,720Desired ending inventory 126 160 180 106 106 Total needs 1,186 1,420 1,780 1,906 5,826Less: Beginning inventory (58) (126) 1st quarter’s ending inventory is the 2nd quarter’s beginning inventory
  25. 25. Moose Patties Inc. Direct Materials Purchases Budget For the Year Ending December 31, 2011 QuarterPlain T-Shirts 1 2 3 4 YearUnits to be produced 1,060 1,260 1,600 1,800 5,720Direct materials per unit ×1 ×1 ×1 ×1 ×1Production needs 1,060 1,260 1,600 1,800 5,720Desired ending inventory 126 160 180 106 106 Total needs 1,186 1,420 1,780 1,906 5,826Less: Beginning inventory (58) (126) (160) (180) (58) Beginning of the year inventory
  26. 26. Moose Patties Inc. Direct Materials Purchases Budget For the Year Ending December 31, 2011 QuarterPlain T-Shirts 1 2 3 4 YearUnits to be produced 1,060 1,260 1,600 1,800 5,720Direct materials per unit ×1 ×1 ×1 ×1 ×1Production needs 1,060 1,260 1,600 1,800 5,720Desired ending inventory 126 160 180 106 106 Total needs 1,186 1,420 1,780 1,906 5,826Less: Beginning inventory (58) (126) (160) (180) (58)Quantity to be purchased 1,128 1,294 1,620 1,726 5,768Cost per T-shirt × $3 Turning # of T-shirts into $ amount
  27. 27. Moose Patties Inc. Direct Materials Purchases Budget For the Year Ending December 31, 2011 QuarterPlain T-Shirts 1 2 3 4 YearUnits to be produced 1,060 1,260 1,600 1,800 5,720Direct materials per unit ×1 ×1 ×1 ×1 ×1Production needs 1,060 1,260 1,600 1,800 5,720Desired ending inventory 126 160 180 106 106 Total needs 1,186 1,420 1,780 1,906 5,826Less: Beginning inventory (58) (126) (160) (180) (58)Quantity to be purchased 1,128 1,294 1,620 1,726 5,768Cost per T-shirt × $3 × $3 × $3 × $3 × $3Total Cost $3,384 $3,882 $4,860 $5,178 $17,304
  28. 28. Moose Patties Inc. Direct Materials Purchases Budget For the Year Ending December 31, 2011 We can do the QuarterInk same thing for ink 1 2 3 4 YearUnits to be produced 1,060 1,260 1,600 1,800 5,720Direct materials per unit ×5 It takes 5 grams of ink for each T-shirt
  29. 29. Moose Patties Inc. Direct Materials Purchases Budget For the Year Ending December 31, 2011 QuarterInk 1 2 3 4 YearUnits to be produced 1,060 1,260 1,600 1,800 5,720Direct materials per unit ×5 ×5 ×5 ×5 ×5Production needs 5,300 6,300 8,000 9,000 28,600Desired ending inventory 630 800 900 530 530 Total needs 5,930 7,100 8,900 9,530 29,130Less: Beginning inventory (390) (630) (800) (900) (390)Quantity to be purchased 5,540 6,470 8,100 8,630 28,740Cost per T-shirt × $0.20 × $0.20 × $0.20 × $0.20 × $0.20Total Cost $1,108 $1,294 $1,620 $1,726 $5,748
  30. 30. Moose Patties Inc. Direct Materials Purchases Budget For the Year Ending December 31, 2011 Quarter 1 2 3 4 YearTotal purchasecost of T-shirts $3,384 $3,882 $4,860 $5,178 $17,304Total purchasecost of ink 1,108 1,294 1,620 1,726 5,748Total direct materialspurchase cost $4,492 $5,176 $6,480 $6,904 $23,052
  31. 31. Direct Labour Budget Shows the total direct labour hours neededand the associated cost for the number of units in the production budget
  32. 32. Example: Cornerstone 9-4 How to Prepare a Direct Labour BudgetInformation: • Production budget – Units to be produced : • 1st quarter = 1,060 units • 2nd quarter = 1,260 units • 3rd quarter = 1,600 units • 4th quarter = 1,800 units • Total for the year – 5,720 units • It takes 0.12 hour to produce one t-shirt • Average wage cost per hour is $10Required: Prepare a direct labour budget
  33. 33. Moose Patties Inc. Direct Labour Budget For the Year Ending December 31, 2011 Quarter 1 2 3 4 YearUnits to be produced 1,060 1,260 1,600 1,800 5,720Direct labour per unit × 0.12 × 0.12 × 0.12 × 0.12 × 0.12Total hours needed 127.2 151.2 192 216 686.4Average wage per hour × $10 × $10 × $10 × $10 × $10Total direct labour cost $1,272 $1,512 $1,920 $2,160 $6,864
  34. 34. Overhead Budget Shows the expected cost of all production costs other than direct materials and direct labour Overhead costs are separated into fixed and variable costs and a variable rate is calculated
  35. 35. Example: Cornerstone 9-5 How to Prepare an Overhead BudgetInformation: • Direct labour budget – Budgeted direct labour hours: • 1st quarter = 127.2 hours • 2nd quarter = 151.2 hours • 3rd quarter = 192 hours • 4th quarter = 216 hours • Total for the year = 686.4 hours • Variable overhead rate is $5 per direct labour hour • Fixed overhead is budgeted at $1,645 per quarterRequired: Prepare an overhead budget
  36. 36. Moose Patties Inc. Overhead Budget For the Year Ending December 31, 2011Moose Patties bases its variable Quarteroverhead on direct labour hours 1 2 3 4 YearBudgeted directlabour hours 127.2 151.2 192 216 686.4Variable overhead rate x $5 x $5 x $5 x $5 x $5Variable overhead $ 636 $ 756 $ 960 $1,080 $3,432Budgeted fixedoverhead Add in the fixed overhead of $1,645 per quarter
  37. 37. Moose Patties Inc. Overhead Budget For the Year Ending December 31, 2011 Quarter 1 2 3 4 YearBudgeted directlabour hours 127.2 151.2 192 216 686.4Variable overhead rate x $5 x $5 x $5 x $5 x $5Variable overhead $ 636 $ 756 $ 960 $1,080 $3,432Budgeted fixedoverhead 1,645 1,645 1,645 1,645 6,580Total Overhead $2,281 $2,401 $2,605 $2,725 $10,012
  38. 38. Ending Finished GoodsInventory Budget • Supplies information needed for the balance sheet • Important input for the preparation of the cost of goods sold budget
  39. 39. Example: Cornerstone 9-6How to Prepare an Ending Finished Goods Inventory BudgetInformation: • Each shirt requires one plain t-shirt and 5 grams of ink • Each T-shirt costs $3.00 and ink costs $0.20 per gram • Takes 0.12 hours to produce one t-shirt • Employees are paid an average of $10 per hour • Variable overhead rate is $5 per direct labour hour • Fixed overhead is budgeted at $1,645 per quarterRequired: Prepare an ending finished goods inventory budget
  40. 40. Moose Patties Inc.Ending Finished Goods Inventory Budget For the Year Ending December 31, 2011 Unit cost computation: Direct materials $4.00 Direct labour 1.20 T-shirt + Ink = $3.00 + (5 grams @ $0.20) = $4.00 0.12 hours of direct labour × $10 per hour
  41. 41. Moose Patties Inc.Ending Finished Goods Inventory Budget For the Year Ending December 31, 2011 Unit cost computation: Direct materials $4.00 Direct labour 1.20 Overhead : Variable 0.60 Fixed 1.15 $5 per direct labour hour Budgeted fixed overhead of × 0.12 hours $6,580 / 686.4 budgeted direct labour hours = $9.59 per hour $9.59 × 0.12 hours
  42. 42. Moose Patties Inc.Ending Finished Goods Inventory Budget For the Year Ending December 31, 2011 Unit cost computation: Direct materials $4.00 Direct labour 1.20 Overhead: Variable 0.60 Fixed 1.15 Total unit cost $6.95
  43. 43. Example: Cornerstone 9-7 How to Prepare a Cost of Goods Sold BudgetInformation:• Direct materials : – T-shirts = $3 each × 5,720 T-shirts produced – Ink = $0.20 per gram × 5 grams per-shirt × 5,720 T-shirts produced• Direct labour = $10 per hour x 0.12 hours per shirt × 5,720 T-shirts produced• Variable overhead = $5 per direct labour hour × 0.12 hours per shirt x 5,720 shirts• Fixed overhead = $1,645 per quarter × 4 quarters
  44. 44. Moose Patties Inc. Cost of Goods Sold BudgetFor the Year Ending December 31, 2011 Direct materials used $22,880 Direct labour used 6,864 (5720 × $3 per t-shirt) + (5 grams ink × $0.20 per gram × 5720) 5720 t-shirts × 0.12 hours per t-shirt × $10 per hour
  45. 45. Moose Patties Inc. Cost of Goods Sold BudgetFor the Year Ending December 31, 2011 Direct materials used $22,880 Direct labour used Variable + Fixed 6,864 Overhead 10,012 Budgeted manufacturing costs $39,756 Beginning finished goods 1,251 180 units @ $6.95 per unit cost
  46. 46. Moose Patties Inc. Cost of Goods Sold BudgetFor the Year Ending December 31, 2011 Direct materials used $22,880 Direct labour used 6,864 Overhead 10,012 Budgeted manufacturing costs $39,756 Beginning finished goods 1,251 Goods available for sale $41,007 Less: Ending finished goods (1,390) Budgeted cost of goods sold $39,617 200 T-shirts × $6.95 = $1,390
  47. 47. Selling and AdministrativeExpenses Budget Outlines planned expenditures for nonmanufacturing activities Selling and administrative expenses can be broken down into fixed and variable components
  48. 48. Example: Cornerstone 9-8How to Prepare a Selling and Administrative Expenses BudgetInformation: • Sales budget 1,000; 1,200; 1,500; and 2,000 units sold in quarters 1 through 4, respectively • Variable expenses = 0.10 per unit sold • Fixed expenses : – Salaries average $1,420 per quarter – Utilities = $50 per quarter – Depreciation = $150 per quarter – Advertising = $100; $200; $300 and $500 for quarters 1 through 4 – Insurance is $500 and is paid in the third quarter
  49. 49. Moose Patties Inc. Selling and Administrative Expense Budget For the Year Ending December 31, 2011 Quarter 1 2 3 4 YearPlanned sales in units 1,000 1,200 1,500 2,000 5,700Variable expenses* × $0.10 × $0.10 × $0.10 × $0.10 × $0.10Total Variable expenses $ 100 $ 120 $ 150 $ 200 $ 570Fixed expenses : Salaries $1,420 $1,420 $1,420 $1,420 $5,680 Utilities 50 50 50 50 200 Advertising 100 200 300 500 1,100 Depreciation 150 150 150 150 600 Insurance ----- ----- 500 ----- 500 Total Fixed expenses $1,720 $1,820 $2,420 $2,120 $8,080Total Selling & Admin. exp. $1,820 $1,940 $2,570 $2,320 $8,650
  50. 50. Example: Cornerstone 9-9 How to Prepare a Budgeted Income StatementInformation: • Sales budget, $57,000 • Cost of goods sold, $39,617 • Selling and administrative expenses, $8,650 (600 is depreciation) • Income tax rate, 40% • Interest expense, $60Required: Prepare a budgeted income statement
  51. 51. Moose Patties Inc. Budgeted Income StatementFor the Year Ending December 31, 2011 Sales $57,000 Less: Cost of goods sold (39,617) Gross margin $17,383 Less: Selling & admin expense (8,650) Operating income $8,733 Less: Interest expense (60) Income before taxes (EBT) $8,673 Less: Income taxes (3,469) Net income (NI / EAT) $5,204Income before taxes of $8,673 × 40% tax rate

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