Wildhorse, LLC is a small company that sells decorative picture frames from local artisans. John,...
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Accounting
Wildhorse, LLC is a small company that sells decorative picture frames from local artisans. John, the chief financial officer (CFO), is in the process of compiling a Budgeted Income Statement for 2024 so that the company can apply for a loan at the local bank. John has budgeted for sales of 6,400 mugs at a sales price of $16.00 per mug. The company originally paid $2.00 per mug when it acquired them. The company has selling, general \& admin (SG\&A) expenses of $46,500 and an existing loan of $7,600 with an annual percentage rate (APR) of 4.0%. The tax rate is a flat 21%. What is the amount of net income that the company will report on the budgeted income statement for 2024 ? (Round answers to 0 decimal places, e.g. 1,525.) Net Income $
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