could you help me with the budgeted income statement?

The Gilder Tire Company manufactures racing tires for bicycles. Gilder sells tires for $80 each. Gilder is planning for the next year by developing a master budget by quarters. Gilder's balance sheet for December 31, 2018, follows: (Click the icon to view the balance sheet.) Other data for Gilder Tire Company: (Click the icon to view the other data.) Read the requirements Requirement 1. Prepare Gilder's operating budget and cash budget for 2019 by quarter. Required schedules and budgets include: sales budget, production budget, direct materials budget, direct labor budget, manufacturing overhead budget, cost of goods sold budget, selling and administrative expense budget, schedule of cash receipts, schedule of cash payments, and cash budget. Manufacturing overhead costs are allocated based on direct labor hours. Round all calculations to the nearest dollar Begin by preparing the sales budget. Gilder Tire Company Sales Budget For the Year Ended December 31, 2019 First Second Third Fourth Quarter Quarter Quarter Quarter Total Budgeted tires to be sold 1,000 1.250 1,500 1,750 5,500 $ 80 $ Sales price per unit 80$ 80 $ 80 $ $ 80,000 $100,000 $ 120,000 $ 140,000 $ 440,000 Total sales Prepare the production budget. Choose from any list or enter any number in the input fields and then click Check Answer. 2 The Gilder Tire Company manufactures racing tires for bicycles. Gilder sells tires for $80 each. Gilder is planning for the next year by developing a master budget by quarters. Gilder's balance sheet for December 31, 2018, follows: Click the icon to view the balance sheet.) Other data for Gilder Tire Company: (Click the icon to view the other data.) Read the requirements Prepare the production budget. Review the sales budget you prepared above. Gilder Tire Company Production Budget For the Year Ended December 31, 2019 First Second Third Quarter Quarter Quarter Budgeted tires to be sold 1.000 1.250 1,500 Plus: Desired tires in ending inventory 500 600 700 Total tires needed 1,500 1,850 2,200 Less: Tires in beginning inventory 200 500 600 1,300 1,350 1,600 Budgeted tires to be produced Fourth Quarter Total 1,750 800 5,500 800 2,550 700 6,300 200 1,850 6.100 Prepare the direct materials budget The Gilder Tire Company manufactures racing tires for bicycles. Gilder sells tires Other data for Gilder Tire Company: for $80 each. Gilder is planning for the next year by developing a master budget (Click the icon to view the other data.) by quarters. Gilder's balance sheet for December 31, 2018, follows: (Click the icon to view the balance sheet.) Read the requirements Gilder Tire Company Direct Materials Budget For the Year Ended December 31, 2019 First Second Third Fourth Quarter Quarter Quarter Quarter Total Budgeted tires to be produced 1,300 1,350 1,600 1,850 6,100 Direct materials per tire 2 2 2 2 2 Direct materials needed for production 2,600 2,700 3,200 3,700 12,200 Plus: Desired direct materials in ending inventory 1,350 1,600 1,850 400 400 Total direct materials needed 3,950 4,300 5,050 4,100 12,600 400 Less: Direct materials in beginning inventory 1,350 1,600 1,850 400 Budgeted purchases of direct materials 3,550 2,950 3,450 2.250 12,200 $ 5.00 $ Direct materials cost per pound 5.00 5.00 $ 5.00 S 5.00 $ 17,750 $ 14.750 $ 17.250 $ 11,250 $ Budgeted cost of direct materials 61,000 no Choose from any list or enter any number in the input fields and then click Check Answer. imilar tal More Info (Unless otherwise noted, assume all of the following events occurred during 2018 and that any balances given are stated as of December 31, 2018.) a. Budgeted sales are 1,000 tires for the first quarter and expected to increase by 250 tires per quarter. Cash sales are expected to be 20% of total sales, with the remaining 80% of sales on account. b. Finished Goods Inventory on December 31, 2018 consists of 200 tires at $24 each. c. Desired ending Finished Goods Inventory is 40% of the next quarter's sales; first quarter sales for 2020 are expected be 2,000 tires. FIFO inventory costing method is used. d. Raw Materials Inventory on December 31, 2018, consists of 400 pounds of rubber compound used to manufacture the tires. e. Direct materials requirements are 2 pounds of a rubber compound per tire. The cost of the compound is $5.00 per pound. Desired ending Raw Materials Inventory is 50% of the next quarter's direct materials needed for production; desired ending inventory for December 31, 2019 is 400 pounds; indirect materials are insignificant and not considered for budgeting purposes. g. Each tire requires 0.30 hours of direct labor, direct labor costs average $20 per hour. h. Variable manufacturing overhead is $2 per tire. i. Fixed manufacturing overhead includes $4,500 per quarter in depreciation and $1,600 per quarter for other costs, such as utilities, insurance, and property taxes. j. Fixed selling and administrative expenses include $8,000 per quarter for salaries: $5,100 per quarter for rent; $900 per quarter for insurance; and $500 per quarter for depreciation. k. Variable selling and administrative expenses include supplies at 1% of sales. 1. Capital expenditures include $30,000 for new manufacturing equipment, to be purchased and paid in the f Print Done i More Info -X WWW WY vouvre production; desired ending inventory for December 31, 2019 is 400 pounds; indirect materials are insignificant and not considered for budgeting purposes. g. Each tire requires 0.30 hours of direct labor, direct labor costs average $20 per hour. h. Variable manufacturing overhead is $2 per tire. i. Fixed manufacturing overhead includes $4,500 per quarter in depreciation and $1,600 per quarter for other costs, such as utilities, insurance, and property taxes. j. Fixed selling and administrative expenses include $8,000 per quarter for salaries; $5,100 per quarter for rent; $900 per quarter for insurance; and $500 per quarter for depreciation. k. Variable selling and administrative expenses include supplies at 1% of sales. 1. Capital expenditures include $30,000 for new manufacturing equipment, to be purchased and paid in the first quarter. m. Cash receipts for sales on account are 80% in the quarter of the sale and 20% in the quarter following the sale: December 31, 2018, Accounts Receivable is received in the first quarter of 20119; uncollectible accounts are considered insignificant and not considered for budgeting purposes. n. Direct materials purchases are paid 80% in the quarter purchased and 20% in the following quarter, December 31, 2018, Accounts Payable is paid in the first quarter of 2019. o. Direct labor, manufacturing overhead, and selling and administrative costs are paid in the quarter incurred. p. Income tax expense is projected at $3,500 per quarter and is paid in the quarter incurred. 4. Gilder desires to maintain a minimum cash balance of $70,000 and borrows from the local bank as needed in increments of $1,000 at the beginning of the quarter, principal repayments are made at the beginning of the quarter when excess funds are available and in increments of $1,000; interest is 8% per year and paid at the beginning of the quarter based on the amount outstanding from the previous quarter. i Data Table - actu For the eet fd aland Gilder Tire Company S 00 Balance Sheet December 31, 2018 (Ent nearest whole Assets ou Current Assets: 73,000 22,000 2,000 4,800 Cash Accounts Receivable Raw Materials Inventory Finished Goods Inventory Total Current Assets Property, Plant, and Equipment: Equipment Less: Accumulated Depreciation 101,800 142,000 (68,000) produd 74,000 Total Assets 175,800 Liabilities Current Liabilities: any Print Done Check An i Data Table - X ufactu for the heet fd baland wwwwwwwww Raw Materials Inventory 2,000 4,800 100 ials Finished Goods Inventory $ t. (Ent Total Current Assets 101,800 nearest whole youp Property, Plant, and Equipment: Equipment 142,000 (68,000) Less: Accumulated Depreciation 74,000 175,800 Total Assets Liabilities Current Liabilities: Accounts Payable 10,000 Stockholders' Equity Common Stock, no par produd 130,000 35,800 Retained Earnings Total Stockholders' Equity 165,800 Total Liabilities and Stockholders' Equity 175,800 er any Print Done Review the production budget you prepared above. Gilder Tire Company Direct Labor Budget For the Year Ended December 31, 2019 First Second Third Fourth Quarter Quarter Quarter Quarter Total Budgeted tires to be produced 1,300 1,350 1,600 1,850 6,100 Direct labor hours per unit 0.30 0.30 0.30 0.30 0.30 Direct labor hours needed for production 390 405 480 555 1,830 Direct labor cost per hour $ 20 $ 20 $ 20 $ 20 $ 20 7,800 $ 8,100 $ Budgeted direct labor cost 9,600 $ 11,100 $ 36,600 Prepare the manufacturing overhead budget. (Abbreviations used: VOH = variable manufacturing overhead; FOH = fixed manufacturing overhead.) Review the production budget you prepared above. Review the direct labor budget you prepared above. $ Gilder Tire Company Manufacturing Overhead Budget For the Year Ended December 31, 2019 First Second Third Quarter Quarter Quarter Fourth Quarter Total 1,600 1,850 6,100 1,300 2 $ 1,350 2 $ $ 2 $ 2 $ 2 $ 2,600 $ 2,700 $ 3,200 $ 3,700 $ 12,200 Budgeted tires to be produced VOH cost per tire Budgeted VOH Budgeted FOH Depreciation Utilities, insurance, property taxes Total budgeted FOH 4,500 18,000 4,500 1,600 4,500 1,600 4,500 1,600 1,600 6,400 6.100 6,100 6,100 6,100 24,400 $ 8,700 $ 8,800 $ 9,300 $ 9,800 $ 36,600 Budgeted manufacturing overhead costs Chance from any list or enter any number the input fields and then click Check Answer The Gilder Tire Company manufactures racing tires for bicycles. Gilder sells tires for $80 each. Gilder is planning for the next year by developing a master budget by quarters. Gilder's balance sheet for December 31, 2018, follows: Click the icon to view the balance sheet.) Other data for Gilder Tire Company (Click the icon to view the other data.) Read the requirements Total Review the sales budget you prepared above. Gilder Tire Company Selling and Administrative Expense Budget For the Year Ended December 31, 2019 First Second Third Fourth Quarter Quarter Quarter Quarter Salaries Expense $ 8,000 $ 8,000 $ 8,000 $ 8,000 $ Rent Expense 5,100 5,100 5,100 5,100 Insurance Expense 900 900 900 900 Depreciation Expense 500 500 500 500 Supplies Expense 800 1,000 1,200 1,400 Total budgeted selling and administrative expense 15,300 $ 15,500 15,700 $ 15,900 $ 32,000 20,400 3,600 2,000 4,400 t 62.400 F Prepare the cash receipts budget. (If a box is not used in the table leave the box empty, do not enter a zero.) Cash Receipts from Customers First Third Fourth Second Quarter Quarter Total sales $ 80,000 $100,000 Quarter Quarter Total $ 120,000 $ 140,000 $ 440,000 Third Fourth Quarter Quarter Total First Second Quarter Quter $ 22,000 16.000 51,200 Cash Receipts from Customers: Accounts Receivable balance, December 31, 2018 1st Qtr-Cash sales 1st Qtr.-Credit sales, collection of Qtr. 1 sales in Qtr. 1 1st Qtr-Credit sales, collection of Qtr. 1 sales in Qtr. 2 2nd Qtr-Cash sales 2nd Qtr.-Credit sales, collection of Qtr. 2 sales in Qtr. 2 2nd Qtr-Credit sales, collection of Qtr. 2 sales in Qtr. 3 $ 12,800 20,000 64,000 $ 16,000 14 Fintar onun The Gilder Tire Company manufactures racing tires for bicycles. Gilder sells tires for $80 each. Gilder is planning for the next year by developing a master budget by quarters. Gilder's balance sheet for December 31, 2018, follows: (Click the icon to view the balance sheet.) Other data for Gilder Tire Company: (Click the icon to view the other data.) Read the requirements 20,000 64,000 $ 16,000 24,000 2nd Qtr-Cash sales 2nd Qtr.-Credit sales, collection of Qtr. 2 sales in Qtr. 2 2nd Qtr.--Credit sales, collection of Qtr. 2 sales in Qtr. 3 3rd Qtr.-Cash sales 3rd Qtr.-Credit sales, collection of Qtr. 3 sales in Qtr. 3 3rd Qtr.--Credit sales, collection of Qtr. 3 sales in Qtr. 4 4th Qur-Cash sales 4th Qir.-- Credit sales, collection of Qtr. 4 sales in Qtr. 4 Total cash receipts from customers 76,800 $ 19,200 28,000 89,600 89,200 $ 96,800 $ 116,800 $ 136,800 $ 439,600 $ Accounts Receivable balance, December 31, 2019: 4th Qir-Credit sales, collection of tr. 4 sales in Qtr. 1 of 2020 $ 22,400 Prenare the rach na mente hunet (Round all amount vnu entered into the hudent to the nearest whole daar Ifa hoy is not in the table laua tha ha Review the sales budget you prepared above. Review the production budget you prepared above Gilder Tire Company Cost of Goods Sold Budget For the Year Ended December 31, 2019 First Second Third Quarter Quarter Quarter Fourth Quarter Total $ 4,800 116,600 33,000 $ 38,500 Beginning inventory $ 4,800 Tires produced and sold in 2019 17,600 $ 27,500 $ $ Total budgeted cost of goods sold 22,400 $ 27,500 $ Prepare the selling and administrative expense budget. 33,000 $ 38,500 $ 121,400 Cash Budget For the Year Ended December 31, 2019 First Second Third Fourth Quarter Quarter Quarter Quarter $ 73,000 $ 77,700 $ 128,250 $ 195,200 $ 89,200 96,800 116,800 136,800 Total 73,000 439,600 162,200 174,500 245,050 332,000 512,600 I Beginning cash balance Cash receipts Cash available Cash payments: Capital expenditures Purchases of direct materials Direct labor Manufacturing overhead Selling and administrative expenses 30,000 0 0 0 30,000 12,450 24,200 7,800 4,200 68,750 36,600 15,350 8,100 4,300 15,000 3,500 16,750 9,600 4,800 15,200 3,500 11,100 5,300 15,400 18,600 60,400 14,800 3,500 Income taxes 3,500 14,000 0 0 0 0 0 The Gilder Tire Company manufactures racing tires for bicycles. Gilder sells tires Other data for Gilder Tire Company: for $80 each. Gilder is planning for the next year by developing a master budget by quarters. Gilder's balance sheet for December 31, 2018, follows: Click the icon to view the other data.) Click the icon to view the balance sheet.) Read the requirements. Selling and administrative expenses 14,800 15,000 15,200 15,400 60,400 Income taxes 3,500 3,500 3,500 3,500 14,000 Interest expense 0 0 0 0 0 Total cash payments 84,500 46,250 49,850 47.750 228,350 Ending cash balance before fi nancing 77.700 128,250 195,200 284,250 284,250 Minimum cash balance desired (70,000) (70,000) (70,000) (70,000) (70,000) Projected cash excess (de ciency) 7,700 58,250 125,200 214,250 214,250 Financing: Borrowing 0 0 0 Principal repayments 0 Total effects of financing 77,700 $ 128,250 $ 195,200 $ 284,250 284,250 Ending cash balance 1 0 0 0 0 0 olo o 0 0 0 GA Gilder Tire Company Budgeted Income Statement For the Year Ended December 31, 2019 Sales Revenue Cost of Goods Sold Gross Profit Selling and Administrative Expenses Operating Income Interest Expense Income before Income Taxes Income Tax Expense Net Income