Duted Income Statement and balance Sheet As preminary to requesting budget estimates of sales, costs, and expenses for the beginning January 1, 2009, the following tentative trial balance as of December 31, 2018, is prepared by the Accounting Department of Regina Soap Co. Cash $119.600 Account Recevable 204,500 Finished Goods 42,900 Work in Pro 28,600 Materials 47.000 Prepaid Expenses 3,500 Plant and Equipment 547.500 Accumulated Depreciation Plant and Equipment $235,600 Accounts Payable 139,200 Common Stock $10 par 350.000 Retained Earnings 249.100 $993.900 $993,900 Factory output and sales for 2019 are expected to total 29.000 units of product, which are to be sold at $100 per unit. The quantities and costs of the inventories at December 31, 2019, are expected to remain unchanged from the balance at the beginning of the year Budot estimates of manufacturing costs and operating expenses for the year are summarized as follows: Estimated costs and Expenses Budget estimates of manufacturing costs and operating expenses for the year we summarized as follows Estimated costs and expenses Fixed Variable (Total for Year) (Per Unit Sold) Cost of goods manufactured and sold: Direct materiale 3:35 Direct labor . Factory overhead Depreciation of plant and equipment 127.000 Other factory overhead 400 45 Selling expenses Sales salaries and commissions 6.900 125 Advertising 81 000 Miscellaneous selling expense 7.000 2 Administrative Office and officers salaries 63.700 6.5 Supplies 3,200 1 Miscellaneous administrative expense 1.700 1.5 Estances of account cevable, repaid expenses, and account viable at the end of the year are not expected to differ significantly from the beginning balance Federal income tax of 329 200 on 20 table income will be cald during 2019. Regular Quarterly cash dividends of per share we expected to be declared and bald in March, Jonu. Soptember, and December on 25. ob shares Balances of accounts receivable prepaid expenses and accounts payable at the end of the year are not expected to cater significantly from the beginning balances Federal income tax of 5320 on zav taxable income will be paid during 200. Regular quarterly cath dividends of $1 per share are expected to be diclared and paid in March, June, September and December on 35.000 of nock outstanding. It is antidoted that feed ants will be purchased for $140,000 cash in May Required 1. Prepare a budgeted incontestatement for 2010 Regina Soap Co. Budgeted Income Statement For the Year Ending December 31, 2019 Sales Cost of goods sold Direct materials Direct labor Factory overhead Cout of goods sold Girona pot Operating pins Selling expenses Sales salaries and commissions Advertising sistent Sales salaries and commissions Advertising g Miscellaneous selling expense Total selling expenses Administrative expenses: Office and officers salaries Supplies Miscellaneous administrative expense Total administrative expenses Total operating expenses A Income before income tax Income tax expense Net income Feedback 2. Prepare a budgeted balance sheet as of December 31, 2049. Regina Soap Co. Budaered Balance Sheet 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 Liabilities VODOM PUTUL Total con Property, plant, and equipment: Plant and equipment Accumulated depreciation Total property, plant, and equipment Total assets Liabilities Current liabilities: Accounts payable Stockholders' Equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Rossignment Main do invokerkesignmentSessionLocatoeinpro Ch. 22 Assignment ook Print item Budgeted Income Statement and lance sheet As a greinary to requesting budget estimates of secos, and expenses for the local year being a 1,200, the following tema trecere ,, pred by the Accounting Department of Megina Soap Co. Cash $119,600 Accounts Receivable 204,500 Finished 12.100 Work in Process 20.600 47,000 ad De 3.500 Plant and Equipment 547.300 Accumulated Depreciation and Equipment $235.000 Accounts Payable 199 200 Common Stock 510 por 350,000 Retained Earnings 249, 100 $993,000 $990,000 Factory output and sales for 2019 are expected to total 27,000 units of product, which are to be sold at $100 per unit. The quantities and costs of the inventories at December 31, 209, are expected to remain unchanged from the balances at the beginning of the vear Budget estimates of manufacturing costs and operating expenses for the year we summarized as folows: Estimated costs and expenses Firest Variable Estimated Costs and Expenses Fixed Variable (Total for Year) (PerUnit Sold) Cost of goods manufactured and sold: Direct materials $25 Direct labor 8 Factory overhead: Depreciation of plant and equipment $27,000 Other factory overhead 8.400 4.5 Selling expenses Sales salaries and commissions 96,900 12.5 Advertising 81,000 Miscellaneous selling expense 7,000 2 Administrative expenses Office and officers salaries 63,700 Supplies 3,200 1 Miscellaneous administrative expense 1.700 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 $220,200 an 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 35.000 share common stock fotstanding. It is anticipated that fixed assets will be purchased for $145,000 cash in Max Required: 1. Prepare a budgeted Income statement for 2049. Regina Soap Co. Budgeted Income Statement For the Year Ending December 31, 2019 Sales Cost of goods sold: Direct materials Direct labor Factory overhead Cost of goods sold > Gross profit Operating expenses: Selling expenses Sales salaries and commissions Advertising Miscellaneous selling expense Total selling expenses Administrative expenses: BOOK Print Item Sales salaries and commissions Advertising Miscellaneous selling expense Total selling expenses Administrative expenses: office and officers salaries 200 000 Q Supplies Miscellaneous administrative expense Total administrative expenses Total operating expenses Income before income tax Income tax expense v Net income Feedback 2. Prepare a budgeted balance sheet as of December 31, 2019. 2. Prepare a budgeted balance sheet as of December 31, 2049. Hudgeted Balance Sheet Dom 1 2049 Assets 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 eBook Print Item Property, plant, and equipment: Plant and equipment Accumulated depreciation Total property, plant, and equipment Total assets Liabilities Current liabilities: Accounts payable Stockholders' Equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Duted Income Statement and balance Sheet As preminary to requesting budget estimates of sales, costs, and expenses for the beginning January 1, 2009, the following tentative trial balance as of December 31, 2018, is prepared by the Accounting Department of Regina Soap Co. Cash $119.600 Account Recevable 204,500 Finished Goods 42,900 Work in Pro 28,600 Materials 47.000 Prepaid Expenses 3,500 Plant and Equipment 547.500 Accumulated Depreciation Plant and Equipment $235,600 Accounts Payable 139,200 Common Stock $10 par 350.000 Retained Earnings 249.100 $993.900 $993,900 Factory output and sales for 2019 are expected to total 29.000 units of product, which are to be sold at $100 per unit. The quantities and costs of the inventories at December 31, 2019, are expected to remain unchanged from the balance at the beginning of the year Budot estimates of manufacturing costs and operating expenses for the year are summarized as follows: Estimated costs and Expenses Budget estimates of manufacturing costs and operating expenses for the year we summarized as follows Estimated costs and expenses Fixed Variable (Total for Year) (Per Unit Sold) Cost of goods manufactured and sold: Direct materiale 3:35 Direct labor . Factory overhead Depreciation of plant and equipment 127.000 Other factory overhead 400 45 Selling expenses Sales salaries and commissions 6.900 125 Advertising 81 000 Miscellaneous selling expense 7.000 2 Administrative Office and officers salaries 63.700 6.5 Supplies 3,200 1 Miscellaneous administrative expense 1.700 1.5 Estances of account cevable, repaid expenses, and account viable at the end of the year are not expected to differ significantly from the beginning balance Federal income tax of 329 200 on 20 table income will be cald during 2019. Regular Quarterly cash dividends of per share we expected to be declared and bald in March, Jonu. Soptember, and December on 25. ob shares Balances of accounts receivable prepaid expenses and accounts payable at the end of the year are not expected to cater significantly from the beginning balances Federal income tax of 5320 on zav taxable income will be paid during 200. Regular quarterly cath dividends of $1 per share are expected to be diclared and paid in March, June, September and December on 35.000 of nock outstanding. It is antidoted that feed ants will be purchased for $140,000 cash in May Required 1. Prepare a budgeted incontestatement for 2010 Regina Soap Co. Budgeted Income Statement For the Year Ending December 31, 2019 Sales Cost of goods sold Direct materials Direct labor Factory overhead Cout of goods sold Girona pot Operating pins Selling expenses Sales salaries and commissions Advertising sistent Sales salaries and commissions Advertising g Miscellaneous selling expense Total selling expenses Administrative expenses: Office and officers salaries Supplies Miscellaneous administrative expense Total administrative expenses Total operating expenses A Income before income tax Income tax expense Net income Feedback 2. Prepare a budgeted balance sheet as of December 31, 2049. Regina Soap Co. Budaered Balance Sheet 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 Liabilities VODOM PUTUL Total con Property, plant, and equipment: Plant and equipment Accumulated depreciation Total property, plant, and equipment Total assets Liabilities Current liabilities: Accounts payable Stockholders' Equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Rossignment Main do invokerkesignmentSessionLocatoeinpro Ch. 22 Assignment ook Print item Budgeted Income Statement and lance sheet As a greinary to requesting budget estimates of secos, and expenses for the local year being a 1,200, the following tema trecere ,, pred by the Accounting Department of Megina Soap Co. Cash $119,600 Accounts Receivable 204,500 Finished 12.100 Work in Process 20.600 47,000 ad De 3.500 Plant and Equipment 547.300 Accumulated Depreciation and Equipment $235.000 Accounts Payable 199 200 Common Stock 510 por 350,000 Retained Earnings 249, 100 $993,000 $990,000 Factory output and sales for 2019 are expected to total 27,000 units of product, which are to be sold at $100 per unit. The quantities and costs of the inventories at December 31, 209, are expected to remain unchanged from the balances at the beginning of the vear Budget estimates of manufacturing costs and operating expenses for the year we summarized as folows: Estimated costs and expenses Firest Variable Estimated Costs and Expenses Fixed Variable (Total for Year) (PerUnit Sold) Cost of goods manufactured and sold: Direct materials $25 Direct labor 8 Factory overhead: Depreciation of plant and equipment $27,000 Other factory overhead 8.400 4.5 Selling expenses Sales salaries and commissions 96,900 12.5 Advertising 81,000 Miscellaneous selling expense 7,000 2 Administrative expenses Office and officers salaries 63,700 Supplies 3,200 1 Miscellaneous administrative expense 1.700 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 $220,200 an 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 35.000 share common stock fotstanding. It is anticipated that fixed assets will be purchased for $145,000 cash in Max Required: 1. Prepare a budgeted Income statement for 2049. Regina Soap Co. Budgeted Income Statement For the Year Ending December 31, 2019 Sales Cost of goods sold: Direct materials Direct labor Factory overhead Cost of goods sold > Gross profit Operating expenses: Selling expenses Sales salaries and commissions Advertising Miscellaneous selling expense Total selling expenses Administrative expenses: BOOK Print Item Sales salaries and commissions Advertising Miscellaneous selling expense Total selling expenses Administrative expenses: office and officers salaries 200 000 Q Supplies Miscellaneous administrative expense Total administrative expenses Total operating expenses Income before income tax Income tax expense v Net income Feedback 2. Prepare a budgeted balance sheet as of December 31, 2019. 2. Prepare a budgeted balance sheet as of December 31, 2049. Hudgeted Balance Sheet Dom 1 2049 Assets 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 eBook Print Item Property, plant, and equipment: Plant and equipment Accumulated depreciation Total property, plant, and equipment Total assets Liabilities Current liabilities: Accounts payable Stockholders' Equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity