hello! we could use some help on 9 and 13. we did 9, but were not sure if its right.

TBA, Inc., manufactures and sells concrete block for residential and commercial building. TBA expects to sell the following in 20x1: Quarter Quarter 2 Quarter 3 Quarter 4 Units 2.000.000 6,000,000 6,000,000 2,000,000 Unit selling price 50.70 S0.70 SO SO SO TBA expects the following unit sales and desired ending inventory in 20x1: Quarter Unit Sales Ending Inventory 2000.000 6.000.000 6.000 2 000 000 500.000 500.000 100.000 100 000 Inventory on both January 1, 20x1, and January 1, 20x2, is expected to be 100,000 blocks. Each block requires 26 pounds of raw materials (a mixture of cement, sand, gravel, shale, pumice, and water). TBA's raw materials inventory policy is to have 5 million pounds in ending inventory for the third and fourth quarters and 8 million pounds in ending inventory for the first and second quarters. Thus, desired direct materials inventory on both January 1, 20x1, and January 1, 20x2, is 5,000,000 pounds of materials. Each pound of raw materials costs $0.01. Each block requires 0.015 direct labor hour, direct labor is paid $14 per direct labor hour. Variable overhead is $8 per direct labor hour. Fixed overhead is budgeted at $320,000 per quarter ($100,000 for supervision, $200,000 for depreciation, and $20,000 for rent). TBA also provided the information that beginning finished goods inventory is $55,000; and the ending finished goods inventory budget for ABT for the year $67,000. TBA's only variable marketing expense is a $0.05 commission per unit (block) sold. Fixed marketing expenses for each quarter include the following: Salaries Depreciation Travel S2000 5000 300 Advertising expense is $10,000 in Quarters 1, 3, and 4. However, at the beginning of the summer building season, TBA increases advertising; in Quarter 2, advertising expense is $15,000. TBA has no variable administrative expense. Fixed administrative expenses for each quarter include the following: Salaries $35.000 4.000 12.000 2000 Depreciation Travel Income taxes are paid at the rate of 30 percent of operating income. of the sales on account, 70 percent are collected in the quarter of sale; the remaining 30 percent are collected in the quarter following the sale. Total sales for the fourth quarter of 20x0 totaled $2,000,000. All materials are purchased on account: 80 percent of purchases are paid for in the quarter of purchase. The remaining 20 percent are paid in the following quarter. The purchases for the fourth quarter of 20x0 were $500,000. TBA requires a $100,000 minimum cash balance for the end of each quarter. On December 31, 20x0, the cash balance was $120,000. Money can be borrowed and repaid in multiples of $100,000. Interest is 12 percent per year. Interest payments are made only for the amount of the principal being repaid. All borrowing takes place at the beginning of a quarter, and all repayment takes place at the end of a quarter. Budgeted depreciation is $200,000 per quarter for overhead, $5,000 for marketing expense, and $12,000 for administrative expense. (Remember that depreciation is not a cash expense and must be deleted from total expenses before the cash budget is prepared.) The capital budget for 20x1 revealed plans to purchase additional equipment for $600,000 in the first quarter. The acquisition will be financed with operating cash, supplementing it with short-term loans as necessary. Corporate income taxes of $20,700 will be paid at the end of the fourth quarter. The balance sheet for the beginning of the year is given: ho 50 000 9. Construct a budgeted income statement for the coming year. 13. Prepare the Budgeted Balance Sheet for the coming year Der Ending Oud u nd To Total Bud ad Cou College Over Production Budou To Cut Pro egy Ending very love Cou Ang Cash Our 2 3000 120.000 1,450.000 2.500.000 3.720.000 12120,000 9 Production Budget Particulars Opening Blcok Cisoing Block Sales Production Quarter 1 Quarter 2 Quarter 3 Quarter 4 100,000 500,000 500,000 500,000 500.000 100,000 2,000,000 6,000,000 6,000,000 2.400,000 6,000,000 5,600,000 100,000 100,000 2,000,000 2,000,000 10 Cash Receipt Budget Total Quarter 1 1,400,000 Quarter 2 Quarter 3 Quater 4 4,200,000 4,800,000 1,600,000 Sales for Previous Quarter Collection 70% in same Quarter 30% in following Quarter 980,000 600,000 1,580,000 2.940.000 420,000 3,360,000 3,360,000 1,260,000 4,620,000 1,120,000 1,440,000 2,560,000 8,400,000 3,720,000 12,120,000 11 Cash Payment Budget Total Quarter 1 Quarter 2 Quarter 3 Quater 4 654,000 1,560,000 1,426,000 20,000 Materials Purchased Payment 80% in same Quarter 20% in following Quarter 523,000 100,000 623,200 1,248,000 130.800 1,378,800 1,140,800 312,000 1,452,800 16,000 285,200 301,200 2,928,000 828.000 3,756,000 106 12 Cash Budget Quater 4 Quarter 1 Quarter 2 Quarter 3 1,580,000 3,360,000 4,620,000 800.000 500.000 2.380,000 3,860,000 4,620,000 Collection From Sales Money Borrowed Total 2,560,000 12,120.000 2,560,000 12,120,000 Less: Cash Payment For Purchases Direct Labor Overhead Marketing Expenses Administrative Expenses Advertisement Expenses Purchase of Equipment Corporate Income Tax Interest Payments Money Repaid 623 200 504000 OR 000 133.000 41.000 10,000 600.000 1,378.800 1.260.000 840 000 338,000 41,000 15,000 1.452.800 1,178,000 792 000 333,000 41,000 10,000 301,200 420,000 360,000 133.000 41,000 10,000 3,756,000 3,360,000 2.400,000 937.000 164,000 45,000 20,700 10,682,700 Balance Opening Cash Balance Closing Cash Balance 2.319.200 60 800 120.000 180.800 3.872.800 -12,800 180 800 168 000 848.000 4.652.800 32 800 168.000 135.200 530.000 1.795,200 764,800 135 200 900.000 13 Budgeted Balance Sheet