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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, 2018, is prepared by the Accounting Department of Regina Soap Co.: Cash Accounts Receivable Finished Goods $114,100 206,500 43,400 Work in Process 28,900 Materials 47,500 Prepaid Expenses 3,500 Plant and Equipment 545,400 Accumulated Depreciation-Plant and Equipment $234,500 177,400 Accounts Payable Common Stock, $10 par 300,000 Retained Earnings 277,400 $989,300 $989,300 Factory output and sales for 20y9 are expected to total 27,000 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. 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 $28 8.5 Direct labor Factory overhead: Depreciation of plant and equipment $27,000 Other factory overhead 8,400 Selling expenses: Sales salaries and commissions 96,900 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 $27,000 8,400 Other factory overhead Selling expenses: Sales salaries and commissions 96,900 Advertising 81,000 7,000 Miscellaneous selling expense Administrative expenses: Office and officers salaries 63,700 Supplies Miscellaneous administrative expense 3,200 1,700 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 $261,600 on 2049 taxable income will be paid during 2049. Regular quarterly cash dividends of $1 per share are expected to be declared and paid in March, June, September, and December on 30,000 shares of common stock outstanding. It is anticipated that fixed assets will be purchased for $147,000 cash in May. 1. Prepare a budgeted income statement for 2019. Regina Soap Co. Budgeted Income Statement For the Year Ending December 31, 2019 Sales $ Cost of goods sold: 6,000.00 X Cost of goods sold Gross profit Operating expenses: Selling expenses: Total selling expenses Administrative expenses: Total administrative expenses Total operating expenses Income before income tax 2. 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: Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity