Budgeted income statement and balance sheet

As a preliminary to requesting budget estimates of sales, costs, and expenses for the fiscal year beginning January $1,20$Y$9,$ the following tentative trial

balance as of December $31,20$Y$8,$ is prepared by the Accounting Department of Regina Soap Co$.$:

Factory output and sales for $20$ Y $9$ are expected to total $27,000$ units of product, which are to be sold at $$120$ per unit. The quantities and costs of the

inventories at December $31,20$Y$9,$ 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:

Estimated Costs and Expenses

Fixed Variable

$($Total for Year$)$

$($Per Unit Sold$)$

Cost of goods manufactured and sold:Balances of accounts receivable, prepaid expenses, and accounts payable at the end of the year are not expected to differ significantly from the beginning

balances. Federal income tax of $$294,000$ on $20$ Y $9$ taxable income will be paid during $20$Y$9.$ Regular quarterly cash dividends of $$1$ per share are expected

to be declared and paid in March, June, September, and December on $35,000$ shares of common stock outstanding. It is anticipated that fixed assets will be

purchased for $$157,000$ cash in May.

Required:

Prepare a budgeted income statement for $20$ Y $9.$

Regina Soap Co$.$

Budgeted Income Statement

For the Year Ending December $31,20$ Y $9$

Operating expenses:

Selling expenses:

Prepare a budgeted balance sheet as of December $31,20$ Y $9.$

Regina Soap Co$.$

Budgeted Balance Sheet

December $31,20$ YgTotal administrative expenses

Total operating expenses

Income before income tax

Prepare a budgeted balance sheet as of December $31,20$ Y $9.$

Regina Soap Co$.$

Budgeted Balance Sheet

December $31,20$ Y $9$

Assets

Current assets:

$$

Inventories:

Total property, plant, and equipment

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 $31,20$Y$8,$ is prepared by the Accounting Department of Regina Soap Co$.$:

Factory output and sales for $20$ Y $9$ are expected to total $27,000$ units of product, which are to be sold at $$120$ per unit. The quantities and costs of the

inventories at December $31,20$Y$9,$ 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:

Estimated Costs and Expenses

Fixed Variable

$($Total for Year$)$

$($Per Unit Sold$)$

Cost of goods manufactured and sold:

Direct materials

Direct labor

Factory overhead:

Depreciation of plant and equipment

Other factory overhead

Selling expenses:

Sales salaries and commissions

Advertising

Miscellaneous selling expense

Administrative expenses:

Office and officers salaries

Supplies

Miscellaneous administrative expense

$63,700$

$7\mathrm{.}5$

$3,200,1$

$1,700$

$2$ Balances of accounts receivable, prepaid expenses, and accounts payable at the end of the year are not expected to differ significantly from the beginning

balances. Federal income tax of $$294,000$ on $20$ Y $9$ taxable income will be paid during $20$ Y $9.$ Regular quarterly cash dividends of $$1$ per share are expected

to be declared and paid in March, June, September, and December on $35,000$ shares of common stock outstanding. It is anticipated that fixed assets will be

purchased for $$157,000$ cash in May.

Required:

Prepare a budgeted income statement for $20$ Y $9.$

Regina Soap Co$.$

Budgeted Income Statement

For the Year Ending December $31,20$ Y$9$

Prepare a budgeted balance sheet as of December $31,20Y9.$

Regina Soap Co$.$

Budgeted Balance Sheet

December $31,20$ Y $9$ Prepare a budgeted balance sheet as of December $31,20$ Yg $.$

Regina Soap Co$.$

Budgeted Balance Sheet

December $31,20$Y$9$

Assets

Current assets:

$

Inventories:

$

Total current assets

Property, plant, and equipment:

Total property, plant, and equipment

Total assets

Liabilities

Current liabilities:

Stockholders' Equity

Total stockholders' equity

Total liabilities and stockholders' equityTotal assets

Total current assets

Property, plant, and equipment:

Total property, plant, and equipment

Total assets

$

$,$

$$