Allscott Company is developing its budgets for 2016 and, for the first time, will use the kaizen approach. The initial 2016 income statement, based on static data from 2015, is as follows:
Sales (140,000 units) 420,000
Less: Cost of goods sold 280,000
Gross margin 140,000
Operating expenses (includes 28,000 of depreciation) 112,000
Net income 28,000
Selling prices for 2016 are expected to increase by 8, and sales volume in units will decrease by 10. The cost of goods sold as estimated by the kaizen approach will decline by 10 per unit. Other than depreciation, all other operating costs are expected to decline by 5.
Required:
Prepare a kaizen-based budgeted income statement for 2016.
Question 2
The simplest form of journal is one with
a. four columns.
b. three columns.
c. two columns.
d. one column.
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