Budgeted Income Statement and Balance Sheet As a preliminary to requesting budget estimates of sales, costs, and expense

[answerhappygod]

Budgeted Income Statement And Balance Sheet As A Preliminary To Requesting Budget Estimates Of Sales Costs And Expense 1 (28.04 KiB) Viewed 28 times

Budgeted Income Statement And Balance Sheet As A Preliminary To Requesting Budget Estimates Of Sales Costs And Expense 2 (27.51 KiB) Viewed 28 times

Budgeted Income Statement And Balance Sheet As A Preliminary To Requesting Budget Estimates Of Sales Costs And Expense 3 (35.98 KiB) Viewed 28 times

Budgeted Income Statement And Balance Sheet As A Preliminary To Requesting Budget Estimates Of Sales Costs And Expense 4 (41.92 KiB) Viewed 28 times

Budgeted Income Statement and Balance Sheet As a preliminary to requesting budget estimates of sales, costs, and expenses for the fiscal year beginning January 1, 2019, the following tentative trial balance as of December 31, 20Y8, la prepared by the Accounting Department of Regina Sonp Co. Cash $98,600 Accounts Receivable 180,400 Finished Goods 37,900 Work in Process 25,300 Materials 41,500 Prepaid Expenses 3,100 Plant and Equipment 482,200 Accumulated Depreciation ---Plant and Equipment $207,300 Accounts Payable 160,600 Common Stock, $10 par 250,000 Retained Earnings 251,100 $869,000 5869,000 Factory output and sales for 2049 are expected to total 23,000 units of product, which are to be sold at $100 per unit. The quantities and costs of the inventories at December 31, 209, are expected to remain unchanged from the balances at the beginning of the year. Budget estimates of manufacturing costs and operating expenses for the year are summarized as follows: Estimated costs and Expenses Fixed Variable (Total for Year) (Per Unit Sold)
8 Cost of goods manufactured and sold: Direct materials $25 Direct labor Factory overhead: Depreciation of plant and equipment $23,000 Other factory overhand 7,100 4.5 Selling expenses Sales salaries and commissions 82,600 12.5 Advertising 69,000 Miscellaneous selling expense 6,000 Administrative expenses: Office and officers salaries 54,300 6.5 Supplies 2,800 Miscellaneous administrative expense 1,400 15 Balances of accounts receivable, prepaid expenses, and accounts payable at the end of the year are not expected to differ significantly from the beginning balances, Federal income tax of $195,200 on 2049 taxable income will be paid during 2019. Regular quarterly cash dividends of $1 per share are expected to be declared and paid in March, June, September, and Decembet an 25,000 shares of common stock outstanding. It is anticipated that fixed assets will be purchased for $130,000 cash in May. 2 1 Required: 1. Prepare a budgeted income statement for 2049. Regina Soap Co. Budgeted Income Statement
Sales Cost of goods sold: Direct materials Direct labor Factory overhead Cost of goods sold Gross profit Operating expenses: Selling expenses: Sales salaries and commissions Advertising Miscellaneous selling expense Total selling expenses Administrative expenses: Office and officers salaries Supplies Miscellaneous administrative expense 9 Total administrative expenses Total operating expenses Income before income tax Income tax expense
Current assets: Cash Accounts receivable Inventories: Finished goods Work in process Materials Prepaid expenses Total current assets Property, plant, and equipment: Plant and equipment Accumulated depreciation Total property, plant, and equipment Total assets Liabilities Current liabilities: Accounts payable Stockholders' Equity Common stock Retained earnings