Assignment 13-mework 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, 2049, the following tentative trial balance as of December 31, 2018, is prepared by the Accounting Department of Regina Soap Co.: $118.600 Cash Accounts Receivable 201,600 Work in Process 28.200 Prepaid Expenses Accumulated Deprecation-Pant and woment Accounts Payable 178,700 Common Stock, 130 300,000 Retained Gaming 1997,900 1997,900 Factory output and sales for 2049 are expected to total 27,000 units of product, which are to be sold at $110 per unit. The quantities and costs of the inventories at December 31, 2099, 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 (Total for Year) (Per Un Sold) Cost of goods manufactured and sold: Direct materia Factory verhead: Depreciation of plant and equipment Other factory overhead $27,000 8.400 Sales salaries and common 6.100 81,000 Administrative expenses Office and officers salaries 61,700 3,200 1,700 Miscellaneous riep 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 $261,600 on 2049 taxable income will be paid during 2049. Regular quarterly cash dividends of $1 per share are expected to be declared and paid in March, June, September, and December on 30,000 shares of common stock outstanding. It is anticipated that fixed assets will be purchased for $150,000 cash in May. Required: 1. Prepare a budgeted income statement for 2049. Regina Soap Co. Budgeted Income Statement Previous Net Required: 1. Prepare a budgeted income statement for 2049. Regina Seap Co. Budgeted Income Statement For the Year Ending December 31, 2049 Cost of Cost of goods Gross pro Seling O Total administrative expedie Total operating expenses Income before income 2. Prepare a budgeted balance sheet as of December 31, 2049. Regina Soap Co. Budgeted Balance Sheet December 31, 2049 Assets Current assets: Inventories: Total current assets Property, plant, and equipment: Tutal property, plant, and equipment Totale Liabilities Current les Check My Work Previous Cost of Operating expenses Selling expenses Total administrave expenses Total operating expenses Income before income tax 2. Prepare a budgeted balance sheet as of December 31, 2049. Regina Soap Co. Budgeted Balance Sheet December 31, 2019 Assets Current Total current Property, plant, and equipment: Total property, plant, and equipment Total Liabilities Current abilities: Stockholders' Equity Total stockholders'uty Total liabilities and stockholders' equity
