ebook Printem ...C. 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 of December 31, 208, is prepared by the Accounting Department of Regina Soap Co. Cash $107,100 Accounts Receivable 203,500 Finished Goods 42,700 Work in Process 28,500 Materials 46,800 Prepaid Expenses 3,500 Plant and Equipment 552,600 Accumulated Depreciation--Plant and quipment $237,600 Accounts Payable 193,900 Common Stock, 510bar 250,000 Retained Earnings 303.200 $984,700 5984,700 Factory output and sales for 2049 are expected to total 27.000 units of product, which are to be sold at $100 per unit. The quantities and costs of the inventaries at December 2, 2009. 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 Check My Work Previous Next > Samant Submit Angsent for Grading Gott f Q work 44 CengageNOWV2 Online fact X Cengage Learning Your one-time codex + takeAssignment/takeAssignmentMain.do?inprogress=true Book Print Item Estimated costs and Expenses Fixed Variable (Total for Year) (Per Unit Sold) Cost of goods manufactured and sold: Direct materials $25 $27,000 Direct labor Factory overhead: Depreciation of plant and equipment Other factory overhead Selling expenses: Sales salaries and commissions 8,400 4.5 96.900 12.5 B1,000 7,000 2 Advertising Miscellaneous setting expense Administrative expenses: Office and officers salaries Supplies Miscellaneous administrative expense 6.5 63,700 3,200 1,700 1 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 $229,200 on 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, lune, September, and December on 25,000 shares of common stock outstanding. It is anticipated that feed assets will be purchased for 5:49,000 cash in May. Previous Next Check My Work Save and Ex Submit Assignment for Grading eBook Print item Ausats Current assets: Cash 149,000 203,500 42,700 Accounts receivable Inventories: Finished goods Work in process Materials Prepaid expenses 28,500 46,800 3,500 Total current assets Property, plant, and equipment: Plant and equipment Accumulated depreciation Total property, plant, and equipment Total assets Liabilities Current liabilities: 103. ann Accountsvable Previou Check My Work OOK Print Item Accumulated depreciation Total property, plant, and equipment Total assets Liabilities Current liabilities: Accounts payable 193,900 Stockholders' Equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Feedback Check My Work Do not forget to include inventories of finished goods, work in process, and materials as assets in the balance sheet. Calculate the ending retained earnings balance. Include the remaining assets, liabilities, and stockholders' equity