D2L FACKBACK Cengage GroupMe Class MKTG 3700 in... Google Docs Google Sheets Google Calendar 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 $106,600 206,800 Finished Goods Work in Process Materials 43,400 29,000 47,600 Prepaid Expenses 3,500 Plant and Equipment 493,600 Accumulated Depreciation-Plant and Equipment $212,200 Accounts Payable 182,600 Common Stock, $10 par 250,000 Retained Earnings 285,700 $930,500 $930,500 Factory output and sales for 2019 are expected to total 25,000 units of product, which are to be sold at $90 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 Budget estimates of manufacturing costs and operating expenses for the year are summarized as follows: Estimated Costs and Expenses Fixed (Total for Year) Variable (Per Unit Sold) Cost of goods manufactured and sold: Direct materials Direct labor $23 7 Factory overhead: Depreciation of plant and equipment $25,000 Other factory overhead 7,800 Selling expenses: Sales salaries and commissions 89,800 11.5 Advertising 75,000 Miscellaneous selling expense 6,500 Administrative expenses: Office and officers salaries Supplies Miscellaneous administrative expense 59,000 3,000 5.5 1 1,600 1.5 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 $178,400 on 2019 taxable income will be paid during 2019. Regular quarterly cash dividends of $1 per share are expected to be declared and paid in March, June, September, and December on 25,000 shares of common stock outstanding. It is anticipated that 1. Prepare a budgeted income statement for 20Y9. Regina Soap Co. Budgeted Income Statement For the Year Ending December 31, 20Y9 Line Item Description Sales Cost of goods sold: Direct materials Direct labor Factory overhead Cost of goods Gross profit < Operating expenses Selling expenses: sold Sales salaries and commissions Advertising Miscellaneous selling expense Total selling expenses Administrative expenses: Office and officers salaries Supplies Amount Amount Amount 32.800 X 00 000 00 27 Supplies Miscellaneous administrative expense Total administrative expenses Total operating expenses Income before income tax Income tax expense Net income 10000 Feedback Check My Work T Use information from the expected sales, cost of goods manufactured and sold, and selling and administra 2. Prepare a budgeted balance sheet as of December 31, 2019. Regina Soap Co. Budgeted Balance Sheet December 31, 2019 Assets Current assets: Cash Current assets: Cash Accounts receivable Inventories: Finished goods Work in process Materials Prepaid expenses Total current assets Property, plant, and equipment: Plant and equipment Accumulated depreciation Total property, plant, and equipment Total assets Current liabilities: Accounts payable Liabilities 00 OUUUA Total assets Liabilities Current liabilities: Accounts payable Common stock Retained earnings Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity 4 Google Docs TGoogle Sheets Google Ca