eBook Print Item 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, 2018, the following tent balance as of December 31, 2017, is prepared by the Accounting Department of Mesa Publishing Co.: Cash $ 26,000 Accounts Receivable 23,800 Finished Goods 16,900 4,200 Work in Process 6,400 Materials 600 Prepaid Expenses 82,000 Plant and Equipment $ 32,000 Accumulated Depreciation-Plant and Equipment 14,800 Accounts Payable 30,000 Common Stock, $1.50 par 83,100 Retained Earnings $159,900 $159,900 Factory output and sales for 20Y8 are expected to total 3,800 units of product, which are to be sold at $120 per unit. The quantities and cost inventories at December 31, 2048, are expected to remain unchanged from the balances at the beginning of the year. Ruiner estimates of manufacturing costs and onerating synenses for the ear are summarized as follows: