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, 2009, the following tentative trial balance as of December 31, 2011, prepared by the Accounting Department of Regina Soap Co.1 Cash $119,600 Accounts Receivable 204,500 Finished Goods 42.000 Work In Process 20,000 Materials 17,000 Prepaid Expenses 3.500 par and open aband 547,00 timated Depreciation.tant and Equipment 1235.000 Accounts Payable 159,200 Common Stock 510 bar 350,000 Rota Fannings 249.100 $993.900 $993,900 Factory output and sales for 200 are expected to total 27.000 units of product, which are to be sold at $100 per unit. The quantities and costs of the inventories at December 11, 207, ar spected to remain unchanged from the balances at the beginning of the Year Budgettes of manufacturing costs and operating expenses for the year are summarized as fotos Estimated costs and Expenses Flved Variable Check My Work Estimated costs and Expenses Fixed Variable (Total for Year) (Per Unit Sold) Cost of goods manufactured and sold: Direct materials $25 Direct labor B Factory overhead: Depreciation of plant and equipment $27.000 Other factory overhead 0,400 4.5 5ing expenses Sales salaries and commissions 96.900 125 Advertising $1,000 Miscellaneous selling expense 7.000 2 Administrative expenses Office and officers salaries 53.700 -63 Supplies 3,200 1 Miscellaneous administrative expense 1.700 15 Baloccounts 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 $229,200 an 200 table income will be paid during 2049, Regular quarterly cash didenda of 31 per share are expected to be declared and paid in March, June September and December on 35.000 shares of common stock outstanding. This articoated that feast wis be purchased for $145.000 cash in Max Check My Work 1. Prepare a budgeted income statement for 2049. Regina Soap Co. Budgeted Income Statement For the Year Ending December 31, 2019 Sales Cost of goods sold: Direct materials Direct labor Factory overhead Cost of goods sold Gross profit Operating expenses: Selling expensesi Sales salaries and commissions Advertising Miscellaneous sellexnense Total selling anses admin ative expenses eBOOK Print Item Selling expenses: Sales salaries and commissions Advertising Miscellaneous selling expense Total selling expenses Administrative expenses: office and officers salaries 000 000 Supplies Miscellaneous administrative expense Total administrative expenses Total operating expenses Income before income tax Income tax expense Net income FREE 2. Prepare a budgeted balance sheet as of December 31, 2019. Regina Soup Co. Budgeted Balance Sheet December 31, 2049 Assets current assets: Cash Accounts receivable y Inventories: Finished goods Work in process Materials - Prepaid expenses. Total current assets Property, plant and equipment: Plant and equipment Accumulated depreciation Accumulated depreciation Total property, plant, and equipment Total assets Liabilities Current liabilities: Accounts payable v Stockholders' Equity common stock $ Retained earnings Total stockholders equity Total liabilities and stockholders' equity Feet