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, 20Y9, the following tentative trial balance as of December 31, 20Y8, is prepared by the Accounting Department of Regina Soap Co.:

Estimated Costs and Expenses Fixed Variable (Total for Year) (Per Unit Sold) Cost of goods manufactured and sold: Direct materials Direct labor Factory overhead: $30 9.5 Depreciation of plant and equipment $28,000 Other factory overhead 8,700 5.5 Selling expenses: 15 Sales salaries and commissions Advertising Miscellaneous selling expense 100,500 84,000 7,300 2.5 Administrative expenses: Office and officers salaries Supplies Miscellaneous administrative expense 66,100 3,400 1,800 7.5 1 2 2. Prepare a budgeted balance sheet as of December 31, 20Y9. Regina Soap Co. Budgeted Balance Sheet December 31, 20Y9 Assets Current assets: Inventories: Total current assets Property, plant, and equipment: Total property, plant, and equipment Total assets