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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,

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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.: Cash $101,400 Accounts Receivable 178,500 Finished Goods 37,500 Work in Process 25,000 41,100 Materials Prepaid Expenses 3,000 Plant and Equipment 488,700 Accumulated Depreciation Plant and Equipment $210,100 Accounts Payable 161,900 Common Stock, $10 par 250,000 Retained Earnings 253,200 $875,200 $875,200 Factory output and sales for 2014 are expected to total 24,000 units of product, which are to be sold at $110 per unit. The quantities and costs of the inventories at December 31, 2014, 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 Fixed Variable

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