\begin{tabular}{lrl} Cash & $111,300 & 197,000 \\ Accounts Receivable & 41,400 & \\ Finished Goods & 27,600 & \\ Work in Process & 45,300 & \\ Materials & 3,300 & \\ Prepaid Expenses & 518,700 & \\ Plant and Equipment & & $223,000 \\ Accumulated Depreciation-Plant and & 164,400 \\ Equipment & 300,000 \\ Accounts Payable & 257,200 \\ Common Stock, $10 par & $944,600$944,600 \\ \hline Retained Earnings & 2 \end{tabular} Budget estimates of manufacturing costs and operating expenses for the year are summarized as follows: Estimated Costs and Expenses \begin{tabular}{lcc} \cline { 3 - 3 } & \begin{tabular}{c} Fixed \\ (Total for \\ Year) \end{tabular} & \begin{tabular}{c} Variable \\ (Per Unit \\ Sold) \end{tabular} \\ \hline Cost of goods manufactured and & & \\ sold: & - & $28 \\ Direct materials & - & 8.5 \\ Direct labor & & \\ Factory overhead: & $26,000 & - \\ Depreciation of plant and & 8,100 & 5 \\ equipment & & \\ Other factory overhead & 93,300 & 14 \\ Selling expenses: & 78,000 & - \\ Sales salaries and commissions & 6,800 & 2 \\ Advertising & & \\ Miscellaneous selling expense & 61,400 & 7 \\ Administrative expenses: & 3,100 & 1 \\ Office and officers salaries & 1,600 & 1.5 \\ Supplies & & \\ Miscellaneous administrative & expense & \end{tabular} 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 $140,000 cash in May. Required: 1. Prepare a budgeted income statement for 20Y9. Regina Soap Co. Budgeted Income Statement For the Year Ending December 31, 20 Y9 \begin{tabular}{|c|c|c|c|} \hline Line Item Description & \multirow[t]{2}{*}{ Amount } & \multirow[t]{2}{*}{ Amount } & Amount \\ \hline Sales & & & x \\ \hline Cost of goods sold: & & & \\ \hlineDirectmateri & & x & \\ \hline Direct labc & & x & \\ \hline Factory overhi & & x & \\ \hline Cost of goods sold & & & x \\ \hline Gross profit & & & x \\ \hline \begin{tabular}{l} Operating expenses: \\ Selling expenses: \end{tabular} & & & \\ \hlineSalessalariesandcom & x & & \\ \hline Advertisin & x & & \\ \hline Miscellaneous selling & x & & \\ \hline Total selling expenses & & x & \\ \hline Administrative expenses: & & & \\ \hlineOfficeandofficerss & x & & \\ \hline Supplies & x & & \\ \hlineMiscellaneousadministrativ & x & & \\ \hline Total administrative expenses & & x & \\ \hline Total operating expenses & & & x \\ \hline Income before income tax & & & x \\ \hlineIncometaxexp & & & x \\ \hline Net incom & & & x \\ \hline \end{tabular} D Dranara a hildnatad halanro chaot se af naramhar 21 JnVo