In a budgeted income statement, is subtracted from sales to arrive at gross margin. cost of goods sold interest expense selling and administrative expense depreciation expense Knowledge Check 02 Smarton Company is in the process of preparing its budgeted income statement. It has determined its estimated gross margin to be $90,000. The company also expects to incur selling and administrative expenses of $30,000 and interest expense of $12,000. What is Smarton's budgeted net income?
$18,000
$30,000
$48,000
$60,000