Exercise 5-30 (Part Level Submission) Bill Thomas, Bates & Hill's controller, has received all the budgets prepared by the various operating units and is ready to compile the pro-forma nancial statements for the rst quarter. The company's balance sheet of December 31 is as follows: Cash $ 44.400 Accounts Receivable (net) 43,290 Finished Goods Inventory 36,260 Raw Materials Inventory 5.594 Property, Plant & Equipment 222,000 Accumulated Depreciation (55.500 ) Total Assets $296,044 Accounts Payable $ 13.320 Income Tax Payable 55,692 Common Stock 74,000 Retained Earnings 153,032 Total Liabilities & Owners EC|Ulty $296,044 Budgeted revenue $1,043,400 gigienrgsznd administrative 197,136 Interest expense 2,501 Cash 22,774 Cost of Goods Sold 742,494 Accounts receivable 101,010 Direct materials 4,114 Finished goods 43,671 Acounts payable 24,568 Notes payable 30,340