bedgeted income statement & balance sheet

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, 2014, the following tentative trial balance as of December 31, 2043, is prepared by the Accounting Department of Regina Soap Co.: $112,300 Accounts Receivable 197,600 Finished Goods Work in process 27,700 Cash 41,500 Materials 45,400 Prepaid Expenses 3,400 Plant and Equipment 511,000 $219,700 Accumulated Depreciation Plant and Equipment Accounts Payable Common stock, sao pau Retained Earnings 183,000 250,000 286,200 $938,900 $938,900 Factory output and sales for 2014 are cxpected to total 25,000 units of product, which are to be sold at $roo per unit. The quartities and costs of the inventories at December 31, 20v4, are expected to remain uncharged from the balances at the beginning of the year Budget estimates or manufacturing coiti and operating expenses for the year are summarized as follows Estimated Costs and Expenses Fixed Variable (Total for Year) (Per Unit Sold) Cost of goods manufactured and sold: Direct materials $25 Direct labor 3 8 > Estimated costs and expenses Fixed Variable (Total for Year) (Per Unit Sold) Cost of goods manufactured and sold: Direct materials $25 Direct labor Factory overhead Depreciation of plant and equipment $25,000 other factory overhead 7,800 4.5 Selling expenses: Sales salaries and commissions 89,800 12.5 Advertising 75,000 Miscellaneous selling expense 6,500 2 Administrative expenses office and officers salanes 59,000 6.5 Supplies 3,000 Miscellaneous administrative expense 1,600 1.5 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 $212,200 on 2014 taxable income will be paid during 2074 Regular quarterly cash dividends of $1 per share are expected to be declared and paid in March, June, September, and December on 25,000 shares of common stock outstanding. It is anticipated that fixed assets will be purchased for $138,000 cash in May, Required: 1 F 1. Prepare a budgeted income statement for 2044 Regina Soap Co. 1. Prepare a budgeted income statement for 20Y4. Regina Soap Co. Budgeted Income Statement For the Year Ending December 31, 2014 Cost of goods sold: Cost of goods sold Gross profit Operating expenses: Selling expenses: Total selling expenses Administrative expenses: Total administrative expenses Total operating expenses Income before income tax OLDU 2. Prepare a trece nestes December 31, 2014 Regina Soap Co. Budgeted Balance Sheet December 31, 2014 Assets Current assets: Inventories: > Total current assets Property, plant, and equipment: Il OD Total assets Liabilities Current liabilities: Stockholders' Equity Total stockholders' equity Toto shendrarhaldara