(2) Prepare a budgeted income statement for the quarter ending June 30, 2021, and a budgeted balance statement as of June 30, 2021, Olympia Company, Inc. Balance Sheet March 31,2021 Assets Cash $ 14,200.00 Accounts receivable 62,000 Raw materials inventory 8,064 Finished goods inventory 26,500 Total current assets 110,764 400,000 Land Property, plant, and equipment: Buildings and equipment Less: Accumulated depreciation Property, plant and equipment, net Total assets 1,713,460 (740,000 973,460 1,484,224 19,000 Liabilities and stockholders' equity Current liabilities: Accounts payable Stockholders' equity: Common stock Retained earnings Total stockholders Total liabilities and stockholder's equity 300,000 1,165,224 1,465,224 1,484,224 Key all inputs from the pdf project file into column B in this tab. Do not delete, add, or move rows or collumns. Collumn B: Inputs Budgeted Sales Units: April 27,400 May 36,100 June 35,200 July 30,900 August 25,000 Sales Price per Unit 11.10 Expected Cash Collections: Month of sale Month following sale Uncollectible 60% 35% 5% $ 62,000.00 March 31 Estimated A/R Balance Production: Percentage of next month's production In ending Inventory Expected March 31 balance in units Raw Materials: 15% 4300 Required Quantity Material (Pounds) Cost: Material (Pounds) $ 0.42 10% Requirements for next month's budgeted raw materials inventory Beginning Balance (Estimated); Material (Pounds) Expected Cash Disbursements: 19,200 Payments: Month of the purchase Month following the purchase 55% 45% Accounts Payable March 31 Ending Balance $ 19.000.00 Direct Labor: Direct labor hours per unit 0.05 Direct labor rate 15.50 Manufacturing Overhead: 26.00 Variable overhead per direct labor hour Fixed overhead per month: Manufacturing overhead Depreciation (manufacturing) SG&A Expenses: $ 54,700.00 $ 25,000.00 $ 0.60 $ 65,000.00 $ 16,000.00 Variable SG&A Expenses per unit Fixed SG&A Expenses per month SG&A fixed expenses Depreciation (SG&A) Cash Information: Minimum desired cash balance Line of credit Borrowing increments Interest rate on borrowings $ 40,000.00 $ 100,000.00 $ 1,000.00 You can only borrow in multiples of $1000. For 10% Annually or per 12 Months Cash balance, April 1 $ 14,200.00 $ 137,000.00 $ 35,000.00 $ 18,000.00 Equipment purchases in May Equipment purchases in June Cash dividend declared, to be paid in April Beginning Balance Sheet: Cash Accounts receivable Raw materials inventory Finished goods inventory Land $ 14,200.00 62,000.00 8,064.00 26,500.00 400,000.00 1.713,460.00 (740,000.00) Buildings and equipment Accumulated depreciation Accounts Payable Common stock Retained earnings 19,000.00 300,000.00 1.165.224.00 Company Name Budgeted Income Statement Date Source Sales Budget DM DL, Overhead End FG Inv Budgets Sales Less cost of goods sold Gross margin Less soling and administrative expenses Operating income Less interest expense Net Income SOBA Budget Cash Budget Company Name Budgeted Balance Sheet Date Source Cash Budget Sale Cash Collections Materials Budget End FO in Budget Assets Current assets Cash Accounts receivable Raw materials inventory Finished goods inventory Total current assets Plant and equipment Land Buildings and equipment Accumulated depreciation Plant and equipment, net Total assets Beg Balance Sheet Bog S.Cash Budget Beg S.MOHSAA Budget Labilities and Stockholders' Equity Current liabilities Accounts payable Note Payable (LOC) Total current liabilities Stockholders equity Common stock Rotvind omings Materials Budget Cash Balance check (Plus Beg Balance Sheet that Company Name Budgeted Balance Sheet Date Source Cash Budget Salou Cash Collections Material Budget End Fow Budget Assots Current assets Cash Accounts receivable Raw materials inventory Finished goods inventory Total current assets Plant and equipment: Land Buildings and equipment Accumulated depreciation Plant and equipment, net Total assets Beg Balance Sheet Beg 03. Cash Budget Beg 35. MOHSA Budget Mate Budget Cash Budget Balance check (Please Llabilities and Stockholders' Equity Current liabilities: Accounts payable Note Payable (LOC) Total current liabilities Stockholders equity Common stock Retained earings Total stockholders' equity Total liabilities and stockholders' equity Boghan She the scaun Budget