Hello! I just need the rest of parts (8 to 10), 11 & 12. Thank you! All of the necessary information is in the photos.
The management of Zigby Manufacturing prepared the following balance sheet for March 31. ZIGBY HANUFACTURING Balance Sheet March 31 Assets Cash Accounts receivable Raw materials Inventory $ 65,000 Liabilities. 421,470 57,500 Accounts payable $ 199,400 Loan payable Finished goods inventory Equipment 24,000 500,000 374,640 Long-tere note payable $ 723,400 $ 624,000 Less: Accumulated depreciation 162,000 462,000 Common stock 347,000 Retained earnings 340,210 657,210 Total assets $1,410,610 Total liabilities and equity $1,410,610 To prepare a master budget for April, May, and June, management gathers the following information a. Sales for March total 22,300 units Budgeted sales in units follow: April, 22,300, May, 16,300: June, 22,700; and July, 22,300. The product's selling price is $27.00 per unit and its total product cost is $2100 per unit. b. Raw materials inventory consists solely of direct materials that cost $20 per pound. Company policy calls for a given month's ending materials inventory to equal 50% of the next month's direct materials requirements. The March 31 raw materials inventory is 4,375 pounds. The budgeted June 30 ending raw materials inventory is 5,200 pounds. Each finished unit requires 0.50 pound of direct materials c. Company policy calls for a given month's ending finished goods inventory to equal 80% of the next month's budgeted unit sales. The March 31 finished goods inventory is 17,840 units d. Each finished unit requires 0.50 hour of direct labor at a rate of $15 per hour e. The predetermined variable overhead rate is $3.90 per direct labor hour. Depreciation of $31,672 per month is the only fixed factory overhead item. f. Sales commissions of 10% of sales are paid in the month of the sales. The sales manager's monthly salary is $4,200 g. Monthly general and administrative expenses include $24,000 for administrative salaries and 0.9% monthly interest on the long- term note payable h. The company budgets 30% of sales to be for cash and the remaining 70% on credit. Credit sales are collected in full in the month following the sale (no credit sales are collected in the month of sale) L. All raw materials purchases are on credit, and accounts payable are solely tied to raw materials purchases. Raw materials purchases are fully paid in the next month (none are paid in the month of purchase) J. The minimum ending cash balance for all months is $65,000 if necessary, the company borrows enough cash using a loan to reach the minimum Loans require an interest payment of 1% at each month-end (before any repayment). If the month-end preliminary cash balance exceeds the minimum, the excess will be used to repay any loans k. Dividends of $22,000 are budgeted to be declared and paid in May 1. No cash payments for income taxes are budgeted in the second calendar quarter. Income tax will be assessed at 35% in the quarter and budgeted to be paid in the third calendar quarter. m. Equipment purchases of $100.000 are budgeted for the last day of June Equity Liabilities and Equity K. Uividerius 01 3220 ale uuugeed to be declared anu pasu in May. I. No cash payments for income taxes are budgeted in the second calendar quarter. Income tax will be assessed at 35% in the quarter and budgeted to be paid in the third calendar quarter. m. Equipment purchases of $100.000 are budgeted for the last day of June. Required: Prepare the following budgets for the months of April, May, and June 1. Sales budget 2. Production budget 3. Direct materials budget 4. Direct labor budget 5. Factory overhead budget 6. Selling expense budget 7. General and administrative expense budget 8. Schedule of cash receipts. 4 9. Schedule of cash payments for direct materials. 10. Cash budget 11. Budgeted income statement for entire second quarter (not monthly) 12. Budgeted balance sheet at June 30 Answer is not complete. Complete this question by entering your answers in the tabs below. Reg 1. Reg 21 Req 3 Req 4 Req 5 Rea 6 Reg 7 Req 8 to 10 Reg 12 8. Schedule of cash receipts. 9. Schedule of cash payments for direct materials. 10. Cash budget. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign.) Show less & ZIBGY MANUFACTURING Schedule of Cash Receipts April May 440,100 June $612.900 Sales S 602,100 Req 11 Complete this question by entering your answers in the tabs below. Req 1 Req 2 Req 3 Reg 4 Reg 5 Reg 6: Reg 7 Reg 8 to 10 8. Schedule of cash receipts. 9. Schedule of cash payments for direct materials. 10. Cash budget. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign.) ZIBGY MANUFACTURING Schedule of Cash Receipts April May June Sales $ 602,100 $ 440,100 S 612,900 Cash receipts from Cash sales 183,870 180,630 421,470 132,030 421,470 Collections of prior period sales 308,070 Total cash receipts $ 602,100 $ 553,500 $491,940 June Materials purchases $215,900 Cash payments for 0 219.000 $ 219,000 May June 185.175 $ 185,146 553,500 491,940 738,675 677,086 Schedule of Cash Payments for Direct Materials April May 194.600 $ 219,000 OS 199,400 199,400 3 Current period purchases Prior period purchases Total cash payments Beginning cash balance Add: Cash receipts from sales Total cash available Less Cash payments for $ $ Cash Budget. $ O April 65.000 $ 602,100 667,100 DS 194,600 194,600 Reg 11 Reg 12 Show lessA Total cash payments Beginning cash balance Add Cash receipts from sales Total cash available. Less Cash payments for Total cash payments Preliminary cash balance i Ending cash balance. Loan balance - Beginning of month Additional loan (loan repayment) Loan balance-End of month $ Cash Budget $ 199,400 April 65,000 $ 602,100 667,100 0 Loan balance April $ 9. Schedule of cash payments for direct materials. 10. Cash budget. 11. Budgeted income statement for entire second quarter (not monthly). 12. Budgeted balance sheet at June 30. Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1 Reg 2 Req 3 Reg 4 Req 5 Req 6 Req 7 Req 8 to 10. Req 11 Req 12 Budgeted income statement for entire second quarter (not monthly). (Round your final answers to the nearest whole dollar.) ZIGBY MANUFACTURING Budgeted Income Statement For Three Months Ended June 30 Selling general and administrative expenses Total operating expenses 0 0 0 Req 12 >
