Estimated costs and Expenses Fixed Variable (Total for Year) (Per Unit Sold) Cost of goods manufactured and sold: Direct materials $28 Direct labor 8.5 Factory overhead: Depreciation of plant and equipment $25,000 7,800 5 Other factory overhead 89,800 14 Selling expenses: Sales salaries and commissions Advertising Miscellaneous selling expense 75,000 IN 6,500 Administrative expenses: 59,000 7 Office and officers salaries Supplies 3,000 1 1.5 Miscellaneous administrative expense 1,600 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 $242.200 on 2049 taxable income will be paid during 2009. 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 fixed assets will be purchased for $139.000 cash in May, 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, 2049, the following tentative trial balance as of December 31, 20Y8, is prepared by the Accounting Department of Regina Soap Co.: Cash $107,600 Accounts Receivable 198,000 Finished Goods 41,600 27,700 Work in Process Materials 45,500 Prepaid Expenses 3,400 516,500 Plant and Equipment Accumulated Depreciation-plant and Equipment Accounts Payable $222,100 182,600 Common Stock, $10 par 250,000 Retained Earnings 285,600 $940,300 5940,300 Factory output and sales for 2019 are expected to total 25,000 units of products which are to be sold at $110 per unit. The quantities and costs of the inventories at December 31, 2049, 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 ate summarized as follows: Estimated costs and expenses For the Year Ending December 31, 2019 Sales 2,750,000 | Cost of goods sold: Direct materials 700,000 Direct labor 212,500 157,800 Factory overhead 1,070,300 Cost of goods sold 1,679,700 Gross profit Operating expenses: Selling expenses: Sales salaries and commissions 439,800 Advertising 75,000 Miscellaneous selling expense 56,500 571,300 Total selling expenses Administrative expenses: office and officers salaries 234,000 Supplies 28,000 39,100 Miscellaneous administrative expense 301.100 Total administrative expenses 872.400 Total operating expenses 807.300 Income before income tax 35.000 X Income tax expense 772,300 x Net income Materials 45,500 114,800 Prepaid expenses 3,400 Total current assets Property, plant, and equipment: Plant and equipment 25,000 Accumulated depreciation 222,100 X Total property, plant, and equipment Total assets Liabilities Current liabilities: $ 182,600 Accounts payable Stockholders' Equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Fotos - Prepare a budgeted balance sheet as of December 31, 2049. Regina Soap Co. Budgeted Balance Sheet December 31, 2049 Assets Current assets: 135,800 x Cash 198,000 Accounts receivable Inventories: 41,600 Finished goods 27,700 Work in process 45,500 114,800 Materials 3,400 Prepaid expenses Total current assets 25,000 Property, plant, and equipment: > Plant and equipment 222,100 Accumulated depreciation Total property, plant, and equipment Total assets