could you help me with this last part, the cash budget and an 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. $ Before preparing the cost of goods sold budget, calculate the projected manufacturing cost per tire for 2019. (Round all amounts to the ne Direct materials cost per tire $ 10.00 Direct labor cost per tire 6.00 Manufacturing overhead cost per tire 6.00 Total projected manufacturing cost per tire for 2019 Now prepare the cost of goods sold budget. $ 22.00 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 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 $ 15,300 $ 15,500 $ Total budgeted selling and administrative expense 15,700 $ 15,900 $ 32,000 20,400 3,600 2,000 4,400 62,400 Cash Receipts from Customers Total sales First Second Third Fourth Quarter Quarter Quarter Quarter Total $ 80,000 $100,000 $ 120,000 $ 140,000 $440,000 First Second Third Fourth Quarter Quarter Quarter Quarter Total $ 22,000 16,000 51,200 Cash Receipts from Customers: Accounts Receivable balance, December 31, 2018 1st Qtr. ---Cash sales 1st QtrCredit 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 Qur-Credit sales, collection of Qtr 2 sales in Otr. 2 2nd Qtr.-Credit sales, collection of Qtr. 2 sales in Qtr. 3 $ 12.800 20,000 64,000 $ 16,000 is 64.000 2nd Qtr-Credit sales, collection of Qtr. 2 sales in Qtr. 2 $ 16,000 2nd Qtr - Credit sales, collection of Qtr. 2 sales in Qtr. 3 3rd QtrCash sales 24,000 76,800 $ 19,200 28,000 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 Qtr-Cash sales 4th Otr-Credit sales, collection of Qtr. 4 sales in Qtr. 4 Total cash receipts from customers 89,600 89,200 $ 96,800 $ 116,800 $ 136,800 $ 439,600 $ Accounts Receivable balance, December 31, 2019: 4th Otr-Credit sales, collection of Otr. 4 sales in Qtr. 1 of 2020 22,400 Prepare the cash payments budget. (Round all amounts you entered into the budget to the nearest whole dollar. If a box is not used in the table leave the bo Cash Payments Total direct materials purchases First Second Third Fourth Quarter Quarter Quarter Quarter Total $ 17,750 $ 14,750 $ 17,250 $ 11,250 $ 61,000 First Second Thirt Fourth Quarter Quarter Quarter Quarter Total $ 10,000 14,200 Cash Payments Direct Materials: Accounts Payable balance, December 31, 2018 1st Qtr.-Qtr. 1 direct material purchases paid in Qtr. 1 1st Qur.--- Qtr. 1 direct material purchases paid in Qtr. 2 2nd Qtr.-Otr2 direct material purchases paid in Qtr. 2 2nd Qtr.-Qur. 2 direct material purchases paid in Qtr. 3 3rd Qtr.-Qtr. 3 direct material purchases paid in Qtr. 3 $ 3,550 11,800 $ 2,950 13,800 e An 13,000 $ sra urut 3 direct material purchases paid in ut. 3 3rd Qtr.-Qtr. 3 direct material purchases paid in Qtr. 4 4th Qtr.- Qtr. 4 direct material purchases paid in Qtr. 4 Total payments for direct materials 3,450 9,000 24,200 15,350 16,750 12,450 $ 68,750 Direct Labor: Total payments for direct labor 7,800 8,100 9,600 11,100 36,600 2,600 2,700 3.200 3,700 Manufacturing Overhead: Variable manufacturing overhead Utilities, insurance, property taxes Total payments for manufacturing overhead 12,200 6,400 1,600 1,600 1.600 1.600 4,200 4,300 4,800 5,300 18,600 Selling and Administrative Expenses: Salmine Fine Annn Ron Ronn 32 non 8,000 8,000 8,000 32,000 8,000 5,100 5,100 5,100 5,100 20,400 ect me res 800 1,000 1,200 1,400 Salaries Expense Rent Expense Supplies Expense Insurance Expense Total payments for Selling and Admin. expenses 4,400 3,600 900 900 900 900 enir 14,800 15,000 15,200 15,400 60,400 sing mim Income Taxes: Total payments for income taxes 3,500 3,500 3,500 3,500 14,000 eref Capital Expenditures: Total payments for capital expenditures 30,000 30,000 nco "arti ales $ 84,500 $ 46,250 $ 49,850 $ 47,750 $ 228,350 Total cash payments (before interest) Other data for Gilder Tire Company: (Click the icon to view the other data.) ling Dep st of com tald 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.) Read the requirements. 30,000 30,000 Total payments for capital expenditures alled Hyme teres 84,500 $ 46,250 $ 49,850 $ 47,750 $ 228,350 Total cash payments (before interest) penit osing Accounts Payable balance, December 31, 2019: 4th Qtr.-Otr. 4 direct material purchases paid in Qtr. 1 of 2020 $ 2.250 linim sh B lect wme eres Gilder Tire Company Cash Budget For the Year Ended December 31, 2019 First Quarter penir Beginning cash balance osin Cash receipts Cash available inim merefc Cash payments: Capital expenditures Purchases of direct materials evise Direct labor Inco Parti Sales Manufacturing overhead Selling and administrative expenses Income taxes (-) Dil Raw UITECL Tabor Manufacturing overhead Selling and administrative expenses Income taxes Interest expense Total cash payments Ending cash balance before financing Minimum cash balance desired Projected cash excess (de ciency) Financing Borrowing Principal repayments Total effects of financing Ending cash balance