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Calgary Industries is preparing a budgeted income statement for 2018. Predicted sales for the year...

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Calgary Industries is preparing a budgeted income statement for 2018. Predicted sales for the year are $685,000 and cost of goods sold is 40% of sales. The expected selling expenses are $76,500 and the expected general and administrative expenses are $85,500, which includes $18,500 of depreciation. The company's income tax rate is 30%. The budgeted net income for 2018 is: Multiple Choice $84,800. $249,000 $74,700. $174,300. $41,000

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