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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, 20Y9, the following tentative trial balance as of December 31, 20Y8, is prepared by the Accounting Department of Regina Soap Co.: Cash $104,600 Accounts Receivable 183,100 Finished Goods 38,500 Work in Process 25,600 Materials 42,100 Prepaid Expenses 3,100 Plant and Equipment 503,100 Accumulated DepreciationPlant and Equipment $216,300 Accounts Payable 130,200 Common Stock, $10 par 350,000 Retained Earnings 203,600 $900,100 $900,100 Factory output and sales for 20Y9 are expected to total 24,000 units of product, which are to be sold at $90 per unit. The quantities and costs of the inventories at December 31, 20Y9, 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 are summarized as foilows: Estimated Costs and Expenses Fixed Variable (Total for Year) (Per Unit Sold) Cost of goods manufactured and sold: Direct materials _ $23 Direct labor __ 7 Factory overhead: Depreciation of plant and equipment $24,000 __ Other factory overhead 7,400 4 Selling expenses: Sales salaries and commissions 86,200 11.5 Advertising 72,000 _ Miscellaneous selling expense 6,200 2 Administrative expenses: Ofce and officers salaries 56,600 5.5 Supplies 2,900 1 Miscellaneous administrative expense 1,500 1.5 Balances of accounts receivable, prepaid expenses, and accounts payable at the end of the year are not expected to differ significantiv from the beginning baiances. Federal income tax of $171,400 on 20Y9 taxable income will be paid during 20Y9. ncyuIal quality LODHI UIVINCIIS VI $ 4 PCI SINGLE GIG CAPELLEU LU UE UELIGI Cu al lu patu III Fault, June, SCRECICI, anu WELCHLIVE on 35,000 shares of common stock outstanding. It is anticipated that fixed assets will be purchased for $136,000 cash in May. Required: 1. Prepare a budgeted income statement for 2019. Regina Soap Co. Budgeted Income Statement For the Year Ending December 31, 20Y9 Line Item Description Amount Amount Amount Sales V Cost of goods sold: Direct materials Direct labor V Factory overhead V Cost of goods sold Gross profit Operating expenses: Selling expenses: Sales salaries and commissions Advertising 72,000 Miscellaneous selling expense $ Total selling expenses Administrative expenses: Office and officers salaries $ V Supplies Miscellaneous administrative expense V Total administrative expenses Total operating expenses Income before income tax Income tax expenseFeedback Check My Work Use information from the expected sales, cost of goods manufactured and sold, and selling and administrative expenses. 2. Prepare a budgeted balance sheet as of December 31, 2019. Regina Soap Co. Budgeted Balance Sheet December 31, 20Y9 Assets Current assets: Cash_ $ Accounts receivable * V 183,100 Inventories: $ Finished goods V 38,500 Work in process - V 25,600 V Materials - V 42,100 106,200 Prepaid expenses V 3,100 Total current assets Property, plant, and equipment: Plant and equipment _- v $ Accumulated depreciation - V Total property, plant, and equipment Total assets $ Liabilities Current liabilities: $ Accounts payable 130,200 Stockholders' Equity $ V Common stock - 350,000 Retained earnings >IULGI DLULA'I IUIUUI $ CHILIH.' Total liabilities and stockholders' equity $ Feedback Check My Work Do not forget to include inventories of finished goods, work in process, and materials as assets in the balance sheet. Calculate the ending retained earnings balance. Include the remaining assets, liabilities, and stockholders' equity. Feedback Check My Work Partially correct