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The Butterfly Corporation had the following information that pertained to its March budget:

•Budgeted sales are $200,000 for February.
•Collections of sales are 50% in the month of sale and 50% the next month.
•Cost of goods sold averages 70% of sales.
•Merchandise purchases total $150,000 in February.
•Marketing costs are $3000 each month.
•Administrative costs are $15,000 each month.
What is the budgeted net income for February?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9415081

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