Based on the sales, purchases, and other entries, the budgeted net operating income for May is $4,000.
What is the budget net operating income?
This can be found as:
= Sales - Cost of goods sold - Selling and admin expenses
Cost of goods sold:
= Purchases paid in cash + Ending accounts receivable - Beginning accounts payable
= 94,000 + 35,000 - 27,000
= $102,000
Budgeted net income:
= 140,000 - 109,000 - 34,000
= $4,000
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