Question - 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?