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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
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, 2019, the following tentative trial balance as of December 31, 2018, is prepared by the Accounting Department of Regina Soap Co.: Cash Accounts Receivable $107,600 199,100 Finished Goods Work in Process Materials 41,800 27,900 45,800. Prepaid Expenses 3,400 Plant and Equipment 540,200 Accumulated Depreciation-Plant and Equipment $232,300 Accounts Payable 188,600 Common Stock, $10 par 250,000 Retained Earnings 294,900 $965,800 $965,800 Factory output and sales for 2019 are expected to total 26,000 units of product, which are to be sold at $120 per unit. The quantities and costs of the inventories at December 31, 20Y9, 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:
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