Budgeted Income Statement and Balance Sheet

Required:

1. Prepare a budgeted income statement for 20Y9.

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

Estimated costs and Expenses Fixed Variable (Total for Year) (Per Unit Sold) Cost of goods manufactured and sold: Direct materials $25 Direct labor Factory Overhead Depreciation of plant and equipment $27,000 Other factory overhead 8,400 4.5 Selling expenses: Sales salaries and commissions 96,900 12.5 Advertising 81,000 Miscellaneous selling expense 7,000 2 Administrative expenses Office and officers salaries 63,700 6.5 Supplies 3,200 1 Miscellaneous administrative expense 1,700 tatances of accounts receivable, prepaid expenses, and accounts payable at the end of the year are not expected to differ significantly from the beginning wances, Federal income tax of $229,200 on 2019 taxable income will be paid during 2009. Regular quarterly cash dividends of 51 per share are expected to be declared and paid in March on September, and December on 35,000 shares of common stock outstanding. It is anticipated that lived assets will be purchased for $145,000 cash in May. Required: hadden Standarce Show As a pary treating as a sales, costs and perses for the fiscal year beginning laway 1, 2009, the fantaritative trabalance as a December 31, 208, is rared by the Accounting Department of ragina Sa C1 Cash $11.200 Account Receivable Tinned Goods 44,400 work in Process 41.700 22.600 536.000 More Accumulated Deprecatent and Equipment Accounts Payable Carmo Stack, 510 5230,700 160, 700 350.000 5992.700 5992,700 Factory output and sales for 2019 are expected to total 27.500 units of product with me to be sold at $100 perunt. The concies and costs of the inventores December 31, 2019. we expected to remain unchanged from the balances at the beginning of the year. Budste matering costs and for the year wars eBook Print Item apter 22 Homework Required: 1. Prepare a budgeted income statement for 2049. Regina Soap Co. Budgeted Income Statement For the Year Ending December 31, 2049 Sales Cost of goods sold: Direct materials Direct labor 000 Factory overhead Cost of goods sold Gross profit Operating expenses: Selling expenses: Sales salaries and commissions Advertising Miscellaneous selling expense 000 Total selling expenses Administrative expenses: eBook Print Item Chapter 22 Homework Total selling expenses Administrative expenses: Office and officers salaries Supplies Miscellaneous administrative expense Total administrative expenses Total operating expenses Income before income tax Income tax expense juu Net income ant hem 2. Prepare a budgeted balance sheet as of December 31, 2049. Regina Soap Co. Budgeted Balance Sheet December 31, 2019 Assets Current assets: Cash Accounts receivable Inventories: Finished goods Work in process Materials Prepaid expenses Total current assets Property, plant, and equipment: Plant and equipment Accumulated depreciation Total property, plant, and equipment Total assets Liabilities Current liabilities: Accounts payable Stockholders' Equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Estimated costs and Expenses Fixed Variable (Total for Year) (Per Unit Sold) Cost of goods manufactured and sold: Direct materials $25 Direct labor Factory Overhead Depreciation of plant and equipment $27,000 Other factory overhead 8,400 4.5 Selling expenses: Sales salaries and commissions 96,900 12.5 Advertising 81,000 Miscellaneous selling expense 7,000 2 Administrative expenses Office and officers salaries 63,700 6.5 Supplies 3,200 1 Miscellaneous administrative expense 1,700 tatances of accounts receivable, prepaid expenses, and accounts payable at the end of the year are not expected to differ significantly from the beginning wances, Federal income tax of $229,200 on 2019 taxable income will be paid during 2009. Regular quarterly cash dividends of 51 per share are expected to be declared and paid in March on September, and December on 35,000 shares of common stock outstanding. It is anticipated that lived assets will be purchased for $145,000 cash in May. Required: hadden Standarce Show As a pary treating as a sales, costs and perses for the fiscal year beginning laway 1, 2009, the fantaritative trabalance as a December 31, 208, is rared by the Accounting Department of ragina Sa C1 Cash $11.200 Account Receivable Tinned Goods 44,400 work in Process 41.700 22.600 536.000 More Accumulated Deprecatent and Equipment Accounts Payable Carmo Stack, 510 5230,700 160, 700 350.000 5992.700 5992,700 Factory output and sales for 2019 are expected to total 27.500 units of product with me to be sold at $100 perunt. The concies and costs of the inventores December 31, 2019. we expected to remain unchanged from the balances at the beginning of the year. Budste matering costs and for the year wars eBook Print Item apter 22 Homework Required: 1. Prepare a budgeted income statement for 2049. Regina Soap Co. Budgeted Income Statement For the Year Ending December 31, 2049 Sales Cost of goods sold: Direct materials Direct labor 000 Factory overhead Cost of goods sold Gross profit Operating expenses: Selling expenses: Sales salaries and commissions Advertising Miscellaneous selling expense 000 Total selling expenses Administrative expenses: eBook Print Item Chapter 22 Homework Total selling expenses Administrative expenses: Office and officers salaries Supplies Miscellaneous administrative expense Total administrative expenses Total operating expenses Income before income tax Income tax expense juu Net income ant hem 2. Prepare a budgeted balance sheet as of December 31, 2049. Regina Soap Co. Budgeted Balance Sheet December 31, 2019 Assets Current assets: Cash Accounts receivable Inventories: Finished goods Work in process Materials Prepaid expenses Total current assets Property, plant, and equipment: Plant and equipment Accumulated depreciation Total property, plant, and equipment Total assets Liabilities Current liabilities: Accounts payable Stockholders' Equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity