Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Can anyone please help finish the three tables below!! THANKS IN ADVANCE!! does this help? Its all the parts to go along with question 8

Can anyone please help finish the three tables below!!
THANKS IN ADVANCE!! image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
does this help? Its all the parts to go along with question 8 image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2019. ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2019 Assets Cash Accounts receivable Raw materials inventory Finished goods inventory Total current assets Equipment Accumulated depreciation Equipment, net Total assets Liabilities and Equity Accounts payable Short-term notes payable Total current liabilities Long-term note payable Total liabilities Common stock Retained earnings Total stockholders' equity Total liabilities and equity 65,000 437,760 90,200 388,028 900,988 638, eee (165,000 465,000 $ 1,365,988 ho $ 284,5ee 27,eee 231,500 515,800 746,5ee 35e, eee 269,488 619,488 $ 1,365,988 To prepare a master budget for April, May, and June of 2019, management gathers the following information k. Dividends of $25.000 are to be declared and paid in May 1. No cash payments for income taxes are to be made during the second calendar quarter. Income tax will be assessed at 40% in the quarter and paid in the third calendar quarter. m. Equipment purchases of $145,000 are budgeted for the last day of June Prev 1 of 1 1 1 Next Budgeted income statement for the entire second quarter (not for each month separately). nearest whole dollar.) ZIGBY MANUFACTURING Budgeted Income Statement For Three Months Ended June 30, 2019 Operating expenses Total operating expenses 0 0 $ 0 Calculation of Cash receipts from customers: April May June Total budgeted sales Cash sales Sales on credit 20% 80% Current month's cash sales Collections of receivables Total cash receipts Total cash receipts from customers April $ 109,440 $ 437,760 $ 547,200 $ May 76,800 $ 437,760 514,560 $ June 110,400 307,200 417,600 Budget i Saved ZIGBY MANUFACTURING Cash Budget April, May, and June 2019 April 65,000 $ 547,200 612,200 June Beginning cash balance Cash receipts from customers Total cash available May 154,016 $ 514,560 668,576 217,046 417,600 634,646 Cash payments for: Raw materials Direct labor Variable overhead Sales commissions Sales salaries General & administrative salaries Dividends Loan interest Purchases of equipment Taxes paid 204,500 99,220 37,884 54,720 4,500 27,000 194,700 114,950 43.890 38,400 4,500 27,000 25,000 218,800 125,730 48,006 55,200 4,500 27,000 270 3,090 3,090 3,090 145,000 a. Sales for March total 22.800 units Forecasted sales in units are as follows: April, 22,800: May, 16,000, June 23.000; and July. 22,800. Sales of 255,000 units are forecasted for the entire year. The product's selling price is $24.00 per unit and its total product cost is $19.30 per unit. b. Company policy calls for a given month's ending raw materials inventory to equal 50% of the next month's materials requirements. The March 31 raw materials inventory is 4,510 units, which complies with the policy. The expected June 30 ending raw materials Inventory is 5,500 units. Raw materials cost $20 per unit. Each finished unit requires 0.50 units of raw materials c. Company policy calls for a given month's ending finished goods inventory to equal 70% of the next month's expected unit sales The March 31 finished goods inventory is 15,960 units, which complies with the policy d. Each finished unit requires 0.50 hours of direct labor at a rate of $11 per hour e. Overhead is allocated based on direct labor hours. The predetermined variable overhead rate is $4.20 per direct labor hour. Depreciation of $35,020 per month is treated as fixed factory overhead. f. Sales representatives' commissions are 10% of sales and are paid in the month of the sales. The sales manager's monthly salary is $4,500 g. Monthly general and administrative expenses include $27.000 administrative salaries and 0.6% monthly interest on the long-term note payable h. The company expects 20% of sales to be for cash and the remaining 80% on credit. Receivables are collected in full in the month following the sale (none are collected in the month of the sale). I. All raw materials purchases are on credit, and no payables arise from any other transactions. One month's raw materials purchases are fully paid in the next month. J. The minimum ending cash balance for all months is $55,000. If necessary, the company borrows enough cash using a short-term note to reach the minimum Short-term notes require an interest payment of 1% at each month-end (before any repayment). If the ending cash balance exceeds the minimum, the excess will be applied to repaying the short-term notes payable balance k. Dividends of $25,000 are to be declared and paid in May. 1. No cash payments for income taxes are to be made during the second calendar quarter Income tax will be assessed at 40% in the quarter and paid in the third calendar quarter m. Equipment purchases of $145,000 are budgeted for the last day of June

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Essentials of Accounting for Governmental and Not-for-Profit Organizations

Authors: Paul A. Copley

10th Edition

007352705X, 978-0073527055

More Books

Students also viewed these Accounting questions

Question

=+ ^ What is the budget for this project?

Answered: 1 week ago

Question

=+What information is needed?

Answered: 1 week ago