Have to be corrected and solve properly, correct mistakes and formated properly (financial statement "The last one")
(I will add photos from other statements if you need more information)
*Projected Financial Statement*
Data for Budget Assignment: Master Budget Case for Altec Manufacturing Inc. fiscal year end December 31 For the year ended December 31, 2022 estimated sales: 20x1 20x2 20x3 (in units) 70,000 Salesx1 80,000 Salesx2 90.000 Salesx3 price per unit $ 150.00 Price 1. Sales pattern Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 4% Jansales 4% Febsales 4% Marsales 10% Aprsales 6% Maysales 6% Junsales 9% Julsales 9% Augsales 3% Sepsales 11% Octsales 15% Novsales 19% Decsales 100% 2. desired ending inventory (finished goods) 38% EndFGtarget 3. rental cost--Admn & Selling cost Seasonal $ 28,000 Rentstorage 4. Raw material: SSA beginning inventory(raw materials) required for each unit of product cost per kilogram kg 33.000 kirogram 55 DMkgperunit 0.85 DMpriceperkg $ desired ending inventory of SSA 38% EndSSAinvtarget Accounts payable payment pattern: in the month of purchase in the month following the purchase in the 2nd month following the purchase in month of purchase 55% APpaymontho 25% APpaymonth 1 20% APpaymonth2 5. Purchase discounts 2% AP discounto 6. Beginning Accounts Payable: (on balance sheet) November SSA purchases December SSA purchases CC 227,800 450,500 Purch SSANovx1 306.000 Purch SSADecx1 7. Direct Labour $ rate with benefits 24 average rate of pay benefit rate Time to produce one unit per hour percentage minutes 20.00 DLpayrate 20% Dibenrate 75 DLperunit (convert to hours) 1.25 $ 8. per unit variable manufacturing Utilities Indirect materials Plant maintenance Environmental fee Other 12.00 5.00 4.50 1.95 2.50 25.95 VOHperunit $ $ 9a. Actual fixed manufacturing overhead costs for last 12 month year training & devel property/bus tax (see 9b below) supervisor's salary amortization insurance other 47,520 FMOH_trainx 1 36.000 FMOH_proptaxx1 89.400 FMOH_salaryx 1 227,760 FMOH_amortx1 92,460 FMOH_insurancex1 109.600 FMOH_otherx1 602,740 $ 9b. Expected property taxes for next year $ 39,000 FMOH_proptaxx2 9c. Expected insurance premium for next year Apr 1 - Mar 31 $ 93,300 FMOH_insurancex2 10. cost per unit previous year (20x1) Absorption Costing $ 93.90 TotalCostperunitx 1 11. Selling and Admin total operating Units expenses 42,500 $ 1,273.123 87,500 $ 2,493,073 Lowest level of sales Highest level of sales Per unit fixed $ 27.11 $120,948 or $ 10,079 per month 12. Sales collection pattern current month following month 2 months after uncollectible 21.0% Salescollo 42.0% Salescoll1 35.0% Salescoll2 2.0% Bad Debts0 13. Beginning accounts receivable (on balance sheet) November 20x1 Sales December 20x1 Sales $ $ 1,100,000 SalesNovx1 1,600,000 Sales Decx1 14. Income taxes $ Monthly tax installments Income tax rate 10,000 Taxinstallmo 25% Taxrate $ 15. Capital asset purchase (capital budget) payment payment Apr May 304,750 Assetpurchase 40% Assetpay 1 60% Assetpay2 16. Dividends: (capital budget) per quarter (calendar quarter) $ 32,000 Divperquarter $ 17. Bank credit arrangements Minimum balance required rate of interest borrowing and repayment blocks per annum 15,000 Mincashbalance 5% interestrate 1,000 borrowrepayblocks $ $ 18. Opening balance sheet Cash Accounts receivable Inventory-raw materials Inventory-finished goods Prepaid insurance Capital assets (net) 15.680 Cashbegin 1,617,000 Arbegin 28,050 InvRMbegin 28.170 InvFGbegin 23,115 Prepaidinsurbegin 1,328,000 NetCapitalAbegin 3.040.015 TotalAbegin $ B Bank loan payable Accounts payable Income tax payable Capital stock Retained earnings 102,000 Bankloanbegin 227,800 Apbegin 11,200 Inctaxpaybegin 1,200,000 Capstockbegin 1,499,015 Rebegin 3.040,015 $ Altec Manufacturing Inc. Budgeted Income Statement For the year ended December 31, 2022 $ 12,000,000 8581944 69 3,418,056 Sales Cost of goods sold Gross Margin Selling & administrative expenses Net operating income Interest expense Net income before taxes Income tax expense Net Income 2.600.059 $ (5,100) 817,997 $ $ 823,097 (120,000) $ 943,097 Altec Manufacturing Inc. Budgeted Statement of Retained Earnings For the year ended December 31, 2022 Retained earnings beginning of year Net Income Sub-total Dividends declared Retained earnings end of year GALA A A A 1,499,015 943,097 2,442,112 128,000 2,314,112 Altec Manufacturing Inc. Budgeted Statement of Retained Earnings For the year ended December 31, 2022 Retained earnings beginning of year Net Income Sub-total Dividends declared Retained earnings end of year $ $ $ $ $ 1,499,015 943,097 2,442,112 128,000 2,314,112 Altec Manufacturing Inc. Budgeted Balance Sheet as at December 31, 20x2 $ $ (1,639,566) 2,385,600 1,395,102 150,726 277,920 (304,750) 2.265 032 Assets Cash Accounts Receivable Inventory: Raw Materials Inventory: Finished goods Prepaid Insurance Capital assets (net) Total Assets Liabilities and Shareholders' Equity Liabilities Bank Loan Payable Accounts payable Interest payable Income taxes payable Total Liabilities Shareholders' Equity Capital stock Retained earnings Total Shareholders' equity Total Liabilities & Shareholders' Equity 0 268342.382 -51001 -120000 143.242 2.314.112 143.242 S 2,121,790 Data for Budget Assignment: Master Budget Case for Altec Manufacturing Inc. fiscal year end December 31 For the year ended December 31, 2022 estimated sales: 20x1 20x2 20x3 (in units) 70,000 Salesx1 80,000 Salesx2 90.000 Salesx3 price per unit $ 150.00 Price 1. Sales pattern Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 4% Jansales 4% Febsales 4% Marsales 10% Aprsales 6% Maysales 6% Junsales 9% Julsales 9% Augsales 3% Sepsales 11% Octsales 15% Novsales 19% Decsales 100% 2. desired ending inventory (finished goods) 38% EndFGtarget 3. rental cost--Admn & Selling cost Seasonal $ 28,000 Rentstorage 4. Raw material: SSA beginning inventory(raw materials) required for each unit of product cost per kilogram kg 33.000 kirogram 55 DMkgperunit 0.85 DMpriceperkg $ desired ending inventory of SSA 38% EndSSAinvtarget Accounts payable payment pattern: in the month of purchase in the month following the purchase in the 2nd month following the purchase in month of purchase 55% APpaymontho 25% APpaymonth 1 20% APpaymonth2 5. Purchase discounts 2% AP discounto 6. Beginning Accounts Payable: (on balance sheet) November SSA purchases December SSA purchases CC 227,800 450,500 Purch SSANovx1 306.000 Purch SSADecx1 7. Direct Labour $ rate with benefits 24 average rate of pay benefit rate Time to produce one unit per hour percentage minutes 20.00 DLpayrate 20% Dibenrate 75 DLperunit (convert to hours) 1.25 $ 8. per unit variable manufacturing Utilities Indirect materials Plant maintenance Environmental fee Other 12.00 5.00 4.50 1.95 2.50 25.95 VOHperunit $ $ 9a. Actual fixed manufacturing overhead costs for last 12 month year training & devel property/bus tax (see 9b below) supervisor's salary amortization insurance other 47,520 FMOH_trainx 1 36.000 FMOH_proptaxx1 89.400 FMOH_salaryx 1 227,760 FMOH_amortx1 92,460 FMOH_insurancex1 109.600 FMOH_otherx1 602,740 $ 9b. Expected property taxes for next year $ 39,000 FMOH_proptaxx2 9c. Expected insurance premium for next year Apr 1 - Mar 31 $ 93,300 FMOH_insurancex2 10. cost per unit previous year (20x1) Absorption Costing $ 93.90 TotalCostperunitx 1 11. Selling and Admin total operating Units expenses 42,500 $ 1,273.123 87,500 $ 2,493,073 Lowest level of sales Highest level of sales Per unit fixed $ 27.11 $120,948 or $ 10,079 per month 12. Sales collection pattern current month following month 2 months after uncollectible 21.0% Salescollo 42.0% Salescoll1 35.0% Salescoll2 2.0% Bad Debts0 13. Beginning accounts receivable (on balance sheet) November 20x1 Sales December 20x1 Sales $ $ 1,100,000 SalesNovx1 1,600,000 Sales Decx1 14. Income taxes $ Monthly tax installments Income tax rate 10,000 Taxinstallmo 25% Taxrate $ 15. Capital asset purchase (capital budget) payment payment Apr May 304,750 Assetpurchase 40% Assetpay 1 60% Assetpay2 16. Dividends: (capital budget) per quarter (calendar quarter) $ 32,000 Divperquarter $ 17. Bank credit arrangements Minimum balance required rate of interest borrowing and repayment blocks per annum 15,000 Mincashbalance 5% interestrate 1,000 borrowrepayblocks $ $ 18. Opening balance sheet Cash Accounts receivable Inventory-raw materials Inventory-finished goods Prepaid insurance Capital assets (net) 15.680 Cashbegin 1,617,000 Arbegin 28,050 InvRMbegin 28.170 InvFGbegin 23,115 Prepaidinsurbegin 1,328,000 NetCapitalAbegin 3.040.015 TotalAbegin $ B Bank loan payable Accounts payable Income tax payable Capital stock Retained earnings 102,000 Bankloanbegin 227,800 Apbegin 11,200 Inctaxpaybegin 1,200,000 Capstockbegin 1,499,015 Rebegin 3.040,015 $ Altec Manufacturing Inc. Budgeted Income Statement For the year ended December 31, 2022 $ 12,000,000 8581944 69 3,418,056 Sales Cost of goods sold Gross Margin Selling & administrative expenses Net operating income Interest expense Net income before taxes Income tax expense Net Income 2.600.059 $ (5,100) 817,997 $ $ 823,097 (120,000) $ 943,097 Altec Manufacturing Inc. Budgeted Statement of Retained Earnings For the year ended December 31, 2022 Retained earnings beginning of year Net Income Sub-total Dividends declared Retained earnings end of year GALA A A A 1,499,015 943,097 2,442,112 128,000 2,314,112 Altec Manufacturing Inc. Budgeted Statement of Retained Earnings For the year ended December 31, 2022 Retained earnings beginning of year Net Income Sub-total Dividends declared Retained earnings end of year $ $ $ $ $ 1,499,015 943,097 2,442,112 128,000 2,314,112 Altec Manufacturing Inc. Budgeted Balance Sheet as at December 31, 20x2 $ $ (1,639,566) 2,385,600 1,395,102 150,726 277,920 (304,750) 2.265 032 Assets Cash Accounts Receivable Inventory: Raw Materials Inventory: Finished goods Prepaid Insurance Capital assets (net) Total Assets Liabilities and Shareholders' Equity Liabilities Bank Loan Payable Accounts payable Interest payable Income taxes payable Total Liabilities Shareholders' Equity Capital stock Retained earnings Total Shareholders' equity Total Liabilities & Shareholders' Equity 0 268342.382 -51001 -120000 143.242 2.314.112 143.242 S 2,121,790
