Can you help me with the budgeted balance sheet? I have completed everything except for that. I don't know what the Bank Loan Payable would be.

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 $ 42,000 364,000 107,200 349,440 862,640 604,000 (152,000) 452,000 $ 1,314,640 $ 211,300 14,000 225,300 510,000 735,300 337,000 242,340 579,340 $ 1,314,640 To prepare a master budget for April, May, and June of 2019, management gathers the following information. a. Sales for March total 20,800 units. Forecasted sales in units are as follows: April, 20,800; May, 21,600; June, 20,900; and July, 20,800. Sales of 242,000 units are forecasted for the entire year. The product's selling price is $25.00 per unit and its total product cost is $21.00 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 5,360 units, which complies with the policy. The expected June 30 ending raw materials inventory is 4,200 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 80% of the next month's expected unit sales. The March 31 finished goods inventory is 16,640 units, which complies with the policy. d. Each finished unit requires 0.50 hours of direct labor at a rate of $17 per hour. e. Overhead is allocated based on direct labor hours. The predetermined variable overhead rate is $3.00 per direct labor hour. Depreciation of $21,100 per month is treated as fixed factory overhead. f. Sales representatives' commissions are 8% of sales and are paid in the month of the sales. The sales manager's monthly salary is $3,200. g. Monthly general and administrative expenses include $14,000 administrative salaries and 0.7% monthly interest on the long-term note payable. h. The company expects 30% of sales to be for cash and the remaining 70% 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 $42,000. 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 $12,000 are to be declared and paid in May. I. 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 $132,000 are budgeted for the last day of June. Required: Prepare the following budgets and other financial information as required. All budgets and other financial information should be prepared for the second calendar quarter, except as otherwise noted below. (Round calculations up to the nearest whole dollar, except for the amount of cash sales, which should be rounded down to the nearest whole dollar.): 1. Sales budget 2. Production budget. 3. Raw materials budget. 4. Direct labor budget. 5. Factory overhead budget. 6. Selling expense budget. 7. General and administrative expense budget. 8. Cash budget. 9. Budgeted income statement for the entire second quarter (not for each month separately). 10. Budgeted balance sheet. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Required 9 Required 10 Sales budget. (Round Budgeted unit price to 2 decimal places.) ZIGBY MANUFACTURING Sales Budget April, May, and June 2019 Budgeted Budgeted Unit Sales Unit Price April 2019 20,800 $ 25.00 May 2019 21,600 25.00 June 2019 20,900 25.00 Totals for the second quarter 63,300 Budgeted Sales Dollars $ 520,000 540,000 522,500 $ 1,582,500 Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Required 9 Required 10 Production budget. May June Total ZIGBY MANUFACTURING Production Budget April, May, and June 2019 April 21,600 20,900 80% 80% 17,280 16,720 20,800 21,600 38,080 38,320 Next month's budgeted sales (units) Ratio of inventory to future sales Budgeted ending inventory (units) Budgeted units sales for month Required units of available production Beginning inventory (units) Units to be produced 20,800 80% 16,640 20,900 37,540 16,720 20,820 16,640 17,280 21,440 21,040 63,300 Neyulieu. neyuleue neyulieu > neyulieu 4 Neyulieu 2 Neyui eu u neyulleu / Neyulieu o Neyulieu y Neyulieu lu Raw materials budget. (Round per unit values to 2 decimal places.) ZIGBY MANUFACTURING Raw Materials Budget April, May, and June 2019 April May 21,440 21,040 June Total 20,820 0.50 0.50 0.50 10,720 5,260 Production budget (units) Materials requirements per unit Materials needed for production Budgeted ending inventory Total materials requirements (units) Beginning inventory Materials to be purchased Material price per unit Budgeted raw material purchases 10,520 5,205 15,725 10,410 4,200 14,610 15,980 5,360 10,620 5,260 5,205 9,405 10,465 $ 20 20 $ 20 188,100 30,490 $ 20 $ 609,800 $ 212,400 $ 209,300 $ equired 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Required 9 Required 10 irect labor budget. (Round per unit values to 2 decimal places.) May June Total ZIGBY MANUFACTURING Direct Labor Budget April, May, and June 2019 April 21,440 21,040 0.50 0.50 10,720 10,520 17 $ 17 $ 182,240 $ 178,840 idgeted production (units) bor requirements per unit (hours) tal labor hours needed rect labor rate (per hour) dgeted direct labor cost 20,820 0.50 10,410 17 $ 31,650 $ 17 $ 538,050 176,970 Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Required 9 Required 10 Factory overhead budget. (Round per unit values to 2 decimal places.) Total June 10,410 3.00 ZIGBY MANUFACTURING Factory Overhead Budget April, May, and June 2019 April May 10,720 10,520 3.00 $ 3.00 32,160 $ 31,560 21,100 21,100 $ 53,260 $ 52,660 Labor hours needed Variable factory overhead rate Budgeted variable overhead Budgeted fixed overhead Budgeted total overhead $ $ 31,230 $ 21,100 52,330 94,950 63,300 158,250 $ $ Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Required 9 Required 10 Selling expense budget. Total Budgeted sales Sales commission percent Sales commissions Sales salaries Total budgeted selling expenses ZIGBY MANUFACTURING Selling Expense Budget April, May, and June 2019 April May $ 520,000 $ 540,000 8% 8% $ 41,600 $ 43,200 3,200 3,200 $ 44,800 $ 46,400 June $ 522,500 8% $ 41,800 3,200 $ 45,000 $ 126,600 9,600 136,200 $ LLLLLLLL Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Required 9 Required 10 General and administrative expense budget. ZIGBY MANUFACTURING General and Administrative Expense Budget April, May, and June 2019 April May Salaries $ 14,000 $ 14,000 $ Interest on long-term note 3,570 3,570 Total budgeted G&A expenses 17,570 17,570 $ June Total $ 14,000 3,570 17,570 42,000 10,710 52,710 $ $ $ Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Required 9 Required 10 Cash budget. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign.) Calculation of Cash receipts from customers: Total budgeted sales Cash sales Sales on credit April $ 520,000 156,000 $364,000 May $ 540,000 162,000 $ 378,000 June $ 522,500 156,750 $365,750 30% 70% Current month's cash sales Collections of receivables Total cash receipts Total cash receipts from customers April May $ 156,000 $ 162,000 364,000 364,000 $ 520,000 $ 526,000 June $ 156,750 378,000 $ 534,750 ZIGBY MANUFACTURING Cash Budget April, May, and June 2019 April $ 42,000 June May 59,790 Beginning cash balance $ $ 87,020 Cash receints from customers 520 non 526 non 534 750 $ 25 points 42,000$ 520,000 562,000 59,790 526,000 585,790 87,020 534,750 621,770 Beginning cash balance Cash receipts from customers Total cash available Cash payments for Raw materials Direct labor Variable overhead Sales commissions Sales salaries General & administrative salaries Dividends Loan interest Long-term note interest Purchases of equipment 211,300 182,240 32,160 41,600 3,200 14,000 212,400 178,840 31,560 43,200 3,200 14,000 12,000 209,300 176,970 31,230 41,800 3,200 14,000 140 3,570 3,570 3,570 132,000 498,770 87,020 612,070 9,700 Total cash payments Preliminary cash balance Additional loan (loan repayment) Ending cash balance 488,210 73,790 (14,000) 59,790 $ $ 87,020 $ 9,700 3,200 14,000 3,200 14,000 12,000 3,200 14,000 Sales salaries General & administrative salaries Dividends Loan interest Long-term note interest Purchases of equipment 140 3,570 3,570 3,570 132,000 498,770 87,020 612,070 9,700 Total cash payments Preliminary cash balance Additional loan (loan repayment) Ending cash balance 488,210 73,790 (14,000) 59,790 $ $ 87,020 9,700 Loan balance May June $ GA 0 $ 0 Loan balance - Beginning of month Additional loan (loan repayment) Loan balance - End of month April 14,000 (14,000) 0 $ $ 0 $ 0 Required 7 Required 9 > Buuyeteu income statement sur une entre seconu quarter (HOL Tor each monen separately). (Round your mal answers to the nearest whole dollar.) $1,582,500 1,329,300 253,200 ZIGBY MANUFACTURING Budgeted Income Statement For Three Months Ended June 30, 2019 Sales Cost of goods sold Gross profit Operating expenses Sales commissions $ 126,600 Sales salaries 9,600 General administrative salaries 42,000 Long-term note interest 10,710 Bank loan interest expense 140 Total operating expenses Income before taxes Income tax Net income >> 189,050 64,150 25,660 $ 38,490 $ 841,190 ZIGBY MANUFACTURING Budgeted Balance Sheet June 30, 2019 Assets Cash $ 42,000 Accounts receivable 365,750 Finished goods inventory 349,440 Raw materials inventory 84,000 Total current assets Equipment $ 736,000 Accumulated depreciation 215,300 Equipment, net Total assets Liabilities and Equity Liabilities Accounts payable $ 188,100 Bank loan payable 0 Income taxes payable 25,660 Total current liabilities Long-term note payable Stockholders' Equity Common stock 337,000 520,700 $1,361,890 213,760 510,000 Cquipment 11 I 30,UUU 215,300 520,700 $1,361,890 $ 188,100 0 % Accumulated depreciation Equipment, net Total assets Liabilities and Equity Liabilities Accounts payable Bank loan payable Income taxes payable Total current liabilities Long-term note payable Stockholders' Equity Common stock Retained earnings Total Stockholders' Equity Total Liabilities and Equity 25,660 213,760 510,000 $ 337,000 268,830 605,830 $1,329,590