Ehxl.com/Student/PlayerHomework.aspx?homeworkld=58794405 Data Table 422/2021 Gossing Tire Company Balance Shoot December 31, 2018 Assets Current Assets Cash $ 60,000 22.000 9.500 18.000 Accounts Receivable Raw Materials Inventory Finished Goods Inventory Total Current Assets Property, Plant, and Equipment Equipment Lass: Accumulated Depreciation $ 109.500 168,000 (106,000) 62.000 171.500 $ $ 15,000 Total Assets Llabilities Current Liabilities: Accounts Payable Stockholders' Equity Common Stock, no par $ Retained Earnings Total Stockholders' Equity 125,000 31,500 156,500 171,500 $ Total Liabilities and Stockholders' Equity mework - Chapter 22 Comprehensive Problem - Google Chrome nxl.com/Student/PlayerHomework.aspx?homeworkld=587944059&questionid=1 420 Liness otherwise noted, mume of the following events scored during 2018 and that when we do December 31, 2016) Budgeted samare 1000 tres for the first quarter and expected to increase by 50 e per que ha expected to 40% of total walk with remaining 60% ole on count Filed Goods Inventory on December 31, 2018 con of 500 ch Desired ending Finished Goods Inventory is 20% of the next steal for 2020 we expected the 1.200 FF Inventory conting method is used Raw Materials inventory on December 31, 2016. of 1,000 pounds of the compounded to manure there . Direct materials requirements we 2 pounds of antiber compound perre. The cost of the compound is $0.50 per pound Desired ending Raw Materials Inventory is 20% of the next quarter's direct we needed for production des ending Inventory for December 31, 2010 in 1000 pounde, indret materials are significant and not considered for budging purposes Fachfire require 0.20 hours of direct labor direct labor core 16 per hour Variable manufacturing overhead is 51 per tre Fand manufacturing overhead includes $1.500 per un depreciation and 55.105 per quantar or other con such s, insurance and property taxes Faed soling and administrative expenses include $12.500 per quarter for salaries: S 700 per quarter torrent 750 per | quarter for insurance and $500 per er for depreciation Vareseling and administrative expenses include supplies of Capital expenditures include 345.000 for new manufacturing to be purchased and paid in the future Cash receipts for sale on count are 60% in the of the sale and 20% in the quarter towing the sale December 31, 2018. Accounts Receivable is received in the first quarter of 2010 uncollectible accounts we considered at andro m considered for budgeting purposes Direct materiais purchases are paid 50in the quarter purchased and son in the following quarter December 31, 2018, Accounts Payable is paid in the first quarter of 2018 o Direct labor, manufacturing overhead and weling and administrative contre de quarter incurred Income tax expenses projected at $3.500 per quarter and is paid in the quarter incurred Gessing desires to maintain a minimum cash balance of $60.000 and bonows from the local bank as needed in increments of $1.000 at the beginning of the quarter, principal repayment we made at the beginning of the quarter when excess Lunds are available and in terment of Stool. Here is 5% per year and paid at the beginning of the quarter based on the amount 4. outstanding from the previous quarter 1 of 1 (1 complete) HWS -ta 1 Requirements hufa annit balan balan ing's 1. Prepare Gessing'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. 2. Prepare Gessing's annual financial budget for 2019, including budgeted income statement and budgeted balance sheet. dire He: istra hour ash pa udget Print Done For te TCA DeceTDETOT, ZUTO First Second Third Fourth er any number in the input fields and then click Check Answer Ehxl.com/Student/PlayerHomework.aspx?homeworkld=58794405 Data Table 422/2021 Gossing Tire Company Balance Shoot December 31, 2018 Assets Current Assets Cash $ 60,000 22.000 9.500 18.000 Accounts Receivable Raw Materials Inventory Finished Goods Inventory Total Current Assets Property, Plant, and Equipment Equipment Lass: Accumulated Depreciation $ 109.500 168,000 (106,000) 62.000 171.500 $ $ 15,000 Total Assets Llabilities Current Liabilities: Accounts Payable Stockholders' Equity Common Stock, no par $ Retained Earnings Total Stockholders' Equity 125,000 31,500 156,500 171,500 $ Total Liabilities and Stockholders' Equity mework - Chapter 22 Comprehensive Problem - Google Chrome nxl.com/Student/PlayerHomework.aspx?homeworkld=587944059&questionid=1 420 Liness otherwise noted, mume of the following events scored during 2018 and that when we do December 31, 2016) Budgeted samare 1000 tres for the first quarter and expected to increase by 50 e per que ha expected to 40% of total walk with remaining 60% ole on count Filed Goods Inventory on December 31, 2018 con of 500 ch Desired ending Finished Goods Inventory is 20% of the next steal for 2020 we expected the 1.200 FF Inventory conting method is used Raw Materials inventory on December 31, 2016. of 1,000 pounds of the compounded to manure there . Direct materials requirements we 2 pounds of antiber compound perre. The cost of the compound is $0.50 per pound Desired ending Raw Materials Inventory is 20% of the next quarter's direct we needed for production des ending Inventory for December 31, 2010 in 1000 pounde, indret materials are significant and not considered for budging purposes Fachfire require 0.20 hours of direct labor direct labor core 16 per hour Variable manufacturing overhead is 51 per tre Fand manufacturing overhead includes $1.500 per un depreciation and 55.105 per quantar or other con such s, insurance and property taxes Faed soling and administrative expenses include $12.500 per quarter for salaries: S 700 per quarter torrent 750 per | quarter for insurance and $500 per er for depreciation Vareseling and administrative expenses include supplies of Capital expenditures include 345.000 for new manufacturing to be purchased and paid in the future Cash receipts for sale on count are 60% in the of the sale and 20% in the quarter towing the sale December 31, 2018. Accounts Receivable is received in the first quarter of 2010 uncollectible accounts we considered at andro m considered for budgeting purposes Direct materiais purchases are paid 50in the quarter purchased and son in the following quarter December 31, 2018, Accounts Payable is paid in the first quarter of 2018 o Direct labor, manufacturing overhead and weling and administrative contre de quarter incurred Income tax expenses projected at $3.500 per quarter and is paid in the quarter incurred Gessing desires to maintain a minimum cash balance of $60.000 and bonows from the local bank as needed in increments of $1.000 at the beginning of the quarter, principal repayment we made at the beginning of the quarter when excess Lunds are available and in terment of Stool. Here is 5% per year and paid at the beginning of the quarter based on the amount 4. outstanding from the previous quarter 1 of 1 (1 complete) HWS -ta 1 Requirements hufa annit balan balan ing's 1. Prepare Gessing'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. 2. Prepare Gessing's annual financial budget for 2019, including budgeted income statement and budgeted balance sheet. dire He: istra hour ash pa udget Print Done For te TCA DeceTDETOT, ZUTO First Second Third Fourth er any number in the input fields and then click Check