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P7-3 A listing of budgeted selling and administrative expenses for Glide Tire Company

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P7-3 A listing of budgeted selling and administrative expenses for Glide Tire Company in P7-2 for the year ended December 31, 2008, were as follows:

Advertising expense 942,000
Office rent expense 125,000
Office salaries expense 821,000
Office supplies expense 45,500
Officers' salaries expense 661,000
Sales salaries expense 868,000
Telephone and fax expense 33,500
Travel expense 443,000

Required:
1. Prepare a selling and administrative expenses budget, in good form, for the year 2008.
2. Using the information above and the budgets prepared in P7-2, prepare a budgeted income statement for the year 2008, assuming an income tax rate of 40%.

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