help fix required part 8 and finish part 9 and 10! thank you
Provien 40-44 MICHuduiny. Piepal LION VIA Complete lister wuuyet LUFI 4, P3 The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2017: ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2017 Assets Cash Accounts receivable Raw materials inventory Finished goods inventory Total current assets Equipment, gross Accumulated depreciation Equipment, net Total assets Liabilities and Equity Accounts payable Short-term notes payable Total current liabilities Long-term note payable Total liabilities Common stock Retained earnings Total stockholders' equity Total liabilities and equity $ 80,000 364,000 96,000 364,800 904,800 610,000 (155,000) 455,000 $1,359,800 $ 195,500 17,000 212,500 510,000 722,500 340,000 297,300 637, 300 $1,359,800 To prepare a master budget for April, May, and June of 2017, management gathers the following information: a. Sales for March total 20,000 units. Forecasted sales in units are as follows: April, 20,000; May, 19,000, June, 19,500; and July, 20,000. Sales of 245,000 units are forecasted for the entire year. The product's selling price is $26.00 per unit and its total product cost is $22.80 per unit. b. Company policy calls for a given month's ending raw materials inventory to equal 50% of the next month's materials requirements. The March 31 raw materials inventory is 4,800 units, which complies with the policy. The expected June 30 ending raw materials c. Company policy calls for a given month's ending finished goods inventory to equal 80% of the next month's expected unit sales. The March 31 finished goods inventory is 16,000 units, which complies with the policy. d. Each finished unit requires 0.50 hours of direct labor at a rate of $20 per hour. e. Overhead is allocated based on direct labor hours. The predetermined variable overhead rate is $3.20 per direct labor hour. Depreciation of $23,400 per month is treated as fixed factory overhead. 1. Sales representatives' commissions are 6% of sales and are paid in the month of the sales. The sales manager's monthly salary is $3,500 9. Monthly general and administrative expenses include $17.000 administrative salaries and 0.9% monthly interest on the long-term note payable h. The company expects 30% of sales to be for cash and the remaining 70% on credit. Receivables are collected in full in the month following the sale (none are collected in the month of the sale). 1. All raw materials purchases are on credit, and no payables arise from any other transactions. One month's raw materials purchases are fully paid in the next month. J. The minimum ending cash balance for all months is $45,000. If necessary, the company borrows enough cash using a short-term note to reach the minimum. Short-term notes require an interest payment of 1% at each month-end (before any repayment) . If the ending cash balance exceeds the minimum, the excess will be applied to repaying the short-term notes payable balance. k. Dividends of $15,000 are to be declared and paid in May. 1. No cash payments for income taxes are to be made during the second calendar quarter. Income tax will be assessed at 35% in the quarter and paid in the third calendar quarter. m. Equipment purchases of $135,000 are budgeted for the last day of June. Required: Prepare the following budgets and other financial information as required. All budgets and other financial information should be prepared for the second calendar quarter, except as otherwise noted below. (Round calculations up to the nearest whole dollar, except for the amount of cash sales, which should be rounded down to the nearest whole dollar.); 1. Sales budget 2. Production budget 3. Raw materials budget. 4. Direct labor budget. 5. Factory overhead budget. 6. Selling expense budget. 7. General and administrative expense budget 8. Cosh budget .. UCCI GURUVC Caense wuuy. 8. Cash budget 9. Budgeted income statement for the entire second quarter (not for each month separately). 10. Budgeted balance sheet. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Required 9 Required 10 Cash budget. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign.) Calculation of Cash receipts from customers: $ S $ Total budgeted sales Cash sales Sales on credit April 520,000 156,000 364,000 May 494,000 148,200 345,800 June 507.000 152, 100 354,900 30% 70% $ s IS Current month's cash sales Collections of receivables Total cash receipts Total cash receipts from customers April May June $ 148,200 $ 152,100 $ 156,000 364,000 345,800 364.000 $ 512.200 $ 497.900 $ 520,000 ZIGBY MANUFACTURING Cash Budget April, May, and June 2017 1 May June hts 108,320 $ 132,750 497.900 512,200 620,520 630,650 ZIGBY MANUFACTURING Cash Budget April, May, and June 2017 April Beginning cash balance $ 80,000$ Cash receipts from customers 520,000 Total cash available 600,000 Cash payments for Raw materials 195,500 Direct labor 192,000 Variable overhead 30,720 Sales salaries 34,700 General & administrative salaries 21,590 % Dividends 0 Purchases of equipment 0 Loan interest 170 193,000 194,000 31,040 33,140 21,590 X 15,000 0 196,500 199,000 31,840 33,920 21,590 OOOO 0 0 135,000 0 0 Total cash payments Preliminary cash balance Additional loan (loan repayment) Ending cash balance 474,680 125,320 (17,000) 108,320 487.770 132.750 0 132.750 617,850 12,800 32,200 45,000 S $ $ Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Required 9 Required 10 Budgeted income statement for the entire second quarter (not for each month separately). (Round your final answers to the nearest whole dollar.) ZIGBY MANUFACTURING Budgeted Income Statement For Three Months Ended June 30, 2017 Operating expenses Total operating expenses 0 0 $ 0
