Question
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, 20Y9, the following tentative trial balance as of December 31, 2018, is prepared by the Accounting Department of Regina Soap Co.: Cash Accounts Receivable Finished Goods Work in Process Materials $102,300 188,200 39,500 26,300 43,300 Prepaid Expenses 3,200 Plant and Equipment 509,500 Accumulated Depreciation-Plant and Equipment $219,100 Accounts Payable Common Stock, $10 par 133,800 350,000 Retained Earnings $912,300 209,400 $912,300 Factory output and sales for 20Y9 are expected to total 25,000 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.
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