- Concord Industries Balance Sheet At December 31 2021 Is Presented Below Concord Industries Balance Sheet December 31 1 (133.81 KiB) Viewed 57 times
- Concord Industries Balance Sheet At December 31 2021 Is Presented Below Concord Industries Balance Sheet December 31 2 (66.72 KiB) Viewed 57 times
- Concord Industries Balance Sheet At December 31 2021 Is Presented Below Concord Industries Balance Sheet December 31 3 (60.62 KiB) Viewed 57 times
- Concord Industries Balance Sheet At December 31 2021 Is Presented Below Concord Industries Balance Sheet December 31 4 (211.44 KiB) Viewed 57 times
Liabilities and Stockholders' Equity Liabilities Notes payable $21,500 Accounts payable 38,700 Total liabilities 60,200 Stockholders' Equity Common stock $34,400 Retained earnings 21,500 Total stockholders' equity 55,900 Total liabilities and stockholders' equity $116,100
Budgeted data for the year 2022 include the following. 2022 Quarter 4 Total Sales budget (7,000 units at $32) $67,200 $224,000 Direct materials used 14,620 53,750 Direct labor 10,750 43,774 Manufacturing overhead applied 8,600 41,796 Selling and administrative expenses 15,480 64,500
To meet sales requirements and to have 2,150 units of finished goods on hand at December 31, 2022, the production budget shows 7,740 required units of output. The total unit cost of production is expected to be $18. Concord uses the first-in, first-out (FIFO) inventory costing method. Interest expense is expected to be $3,010 for the year. Income taxes are expected to be 20% of income before income taxes. In 2022, the company expects to declare and pay an $6,880 cash dividend. The company's cash budget shows an expected cash balance of $13,976 at December 31, 2022. All sales and purchases are on account. It is expected that 60% of quarterly sales are collected in cash within the quarter and the remainder is collected in the following quarter. Direct materials purchased from suppliers are paid 50% in the quarter incurred and the remainder in the following quarter. Purchases in the fourth quarter were the same as the materials used. In 2022, the company expects to purchase additional equipment costing $7,740. $3,470 of depreciation expense on equipment is included in the budget data and split equally between manufacturing overhead and selling and administrative expenses. Concord expects to pay $6,880 on the outstanding notes payable balance plus all interest due and payable to December 31 (included in interest expense $3,010, above). Accounts payable at December 31, 2022, includes amounts due suppliers (see above) plus other accounts payable relating to manufacturing overhead of $6,192. Unpaid income taxes at December 31 will be $4,300.
Prepare a budgeted statement of cost of goods sold. CONCORD INDUSTRIES Budgeted Cost of Goods Sold $ $