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, 2013, is prepared by the Accounting Department of Regina Soap Co.: Cash Accounts Receivable $109,300 195,600 Finished Goods Work in Process Materials 41,100 27,400 45,000 Prepaid Expenses 3,300 Plant and Equipment 508,200 Accumulated Depreciation-Plant and Equipment $218,500 Accounts Payable 160,400 Common Stock, $10 par Retained Earnings 300,000 251,000 $929,900 $929,900 Factory output and sales for 2014 are expected to total 25,000 units of product, which are to be sold at $90 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.