Ann,en TROLLEY TOY COMPANY Balance Sheet December 31, 2018- Assets Current Assets: Cash Accounts Receivable Raw Materials Inventory Finished Goods Inventory 58,000 22,000 1,200 5,400 Total Current Assets $86,600 Property, Plant, and Equipment Equipment Less: Accumulated Depreciation 142,000 (47,000) 95,000 S 181,600 Total Assets Liabilities Current Liabilities: Accounts Payable S 8,000 Stockholders' Equity $ 120,000 53,600 Common Stock, no par Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity 173,600 S 181,600 L Cash receipts for sales on account are 40% in the quarter of the sale and 60% in the quarter following the sale; Accounts Receivable balance on December 31,2018, is expected to be received in the first quarter of 2019, uncollectible accounts are considered insignificant and not considered for budgeting purposes m. Direct materials purchases are paid 90% in the quarter purchased and 10% in the following quarter; Accounts Payable balance on December 31, 2018, is expected to n. Direct labor, manufacturing overhead, and selling and administrative costs are paid o. Income tax expense is projected at $3,500 per quarter and is paid in the quarter p. Trolley desires to mainmain a minimum cash balance of $55,000 and borrows froom be paid in the first quarter of 2019. in the quarter incurred. incurred. the local bank as needed in increments of $1,000 at the beginning of the quarter, principal repayments are made at the beginning of the quarter when excess funds are available and in increments of $1,000; interest is 10% per year and paid at the begin- ning of the quarter based on the amount outstanding from the previous quarter. Ann,en TROLLEY TOY COMPANY Balance Sheet December 31, 2018- Assets Current Assets: Cash Accounts Receivable Raw Materials Inventory Finished Goods Inventory 58,000 22,000 1,200 5,400 Total Current Assets $86,600 Property, Plant, and Equipment Equipment Less: Accumulated Depreciation 142,000 (47,000) 95,000 S 181,600 Total Assets Liabilities Current Liabilities: Accounts Payable S 8,000 Stockholders' Equity $ 120,000 53,600 Common Stock, no par Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity 173,600 S 181,600 L Cash receipts for sales on account are 40% in the quarter of the sale and 60% in the quarter following the sale; Accounts Receivable balance on December 31,2018, is expected to be received in the first quarter of 2019, uncollectible accounts are considered insignificant and not considered for budgeting purposes m. Direct materials purchases are paid 90% in the quarter purchased and 10% in the following quarter; Accounts Payable balance on December 31, 2018, is expected to n. Direct labor, manufacturing overhead, and selling and administrative costs are paid o. Income tax expense is projected at $3,500 per quarter and is paid in the quarter p. Trolley desires to mainmain a minimum cash balance of $55,000 and borrows froom be paid in the first quarter of 2019. in the quarter incurred. incurred. the local bank as needed in increments of $1,000 at the beginning of the quarter, principal repayments are made at the beginning of the quarter when excess funds are available and in increments of $1,000; interest is 10% per year and paid at the begin- ning of the quarter based on the amount outstanding from the previous quarter