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The Shoe Company, a merchandising firm, has budgeted its activity for April according to the following...

The Shoe Company, a merchandising firm, has budgeted its activity for April according to the following information:

I. Sales at $650,000, all for cash.
II. Merchandise inventory on March 31st was $300,000.
III. Budgeted depreciation for April is $35,000.
IV. The cash balance at April 1 was $25,000.
V. Selling and administrative expenses are budgeted at $60,000 for April and are paid in cash.
VI. The planned merchandise inventory on April 30 is $270,000.
VII. The invoice cost for merchandise purchases represents 75% of the sales price. All purchases are paid for in cash.

What is the budgeted net income for April?

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