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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, 20Y9, the following tentative trial balance as of December 31, 20Y8, is prepared by the Accounting Department of Regina Soap Co.: Cash Accounts Receivable $103,500 191,500 Finished Goods Work in Process Materials 40,200 26,800 44,000 Prepaid Expenses 3,300 Plant and Equipment 537,200 Accumulated Depreciation-Plant and Equipment $231,000 Accounts Payable 181,500 Common Stock, $10 par Retained Earnings 250,000 284,000 $946,500 $946,500 Factory output and sales for 20Y9 are expected to total 26,000 units of product, which are to be sold at $90 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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