Gig Harbor Boating is the wholesale distributor of a small recreational catamaran sailboat. Management has prepared the following summary data to use in its annual budgeting process: Required: The company sells to its customers on credit, meaning customers pay for their purchases 30-60 days after the company has shipped items to them. 30% of the credit sales are collected (i.e., paid by customers) in the month of sale and the remaining 70% are collected (paid by customers) in the month subsequent to the sale. Prepare the company's budgeted income statement for the year
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