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, 2048, is prepared by the Accounting Department of Regina Soap Co.! Cash $98,700 Accounts Receivable 190,500 Finished Goods 40,000 Work in Process 26,700 Materials 43,800 Prepaid Expenses 3,200 Plant and Equipment 511,300 Accumulated Depreciation--Plant and Equipment $219,900 Accounts Payable 134,300 Common Stock, $10 par 350,000 Retained Earnings 210,000 $914,200 $914,200 Factory output and sales for 2049 are expected to total 25,000 units of product, which are to be sold at $110 per unit. The quantities and costs of the inventories at December 31, 2019, are expected to remain unchanged from the balances at the beginning of the year Estimated costs and Expenses Fixed Variable (Total for Year) (Per Unit Sold) Cost of goods manufactured and sold: Direct materials $28 Direct labor 8.5 Factory overhead: Depreciation of plant and equipment $25,000 Other factory overhead 7,800 5 Selling expenses: Sales salaries and commissions 89,800 14 Advertising 75,000 Miscellaneous selling expense 6.500 2 Administrative expenses Office and officers salaries 59,000 7 Supplies 3,000 Miscellaneous administrative expense 1,600 1.5 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 $242,200 on 2009 taxable income will be paid during 2019. 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 $138,000 cash in May. Required 1. Prepare a budgeted income statement for 2019 Prepare a budgeted balance sheet as of December 31, 2049. Regina Soap Co. Budgeted Balance Sheet December 31, 2019 Assets Current assets: Inventories: Total current assets Property, plant, and equipment: Total property, plant, and equipment Total assets Liabilities Current liabilities