help me with 5, 6, and 7 please
help me with 5, 6, and 7 please
thank you
GRILTON TIRE COMPANY Balance Sheet December 31, 2020 Assets $ 39,000 40,000 2,400 8.700 Current Assets: Cash Accounts Receivable Raw Materials Inventory Finished Goods Inventory Total Current Assets Property. Plant and Equipment: Equipment Less: Accumulated Depreciation Total Assets $ 90,100 177,000 (42.0001 135.000 $225.100 Liabilities Current Liabilities Accounts Payable $ 8,000 Stockholder's Equity $ 130,000 87.100 Common Stock, no par Retained Earnings Total Stockholder's Equity Total Liabilities and Stockholder's Equity 217.100 $225.100 Omer derfor Tire Conan Buteed Sules are 2.500 forse fiestarter and expected to brease by 200 tres per eaner. Cash Sales are expected to be of utat sales with he remaining Mall of sales on con Tiedostory on December 31, 2020 satser 300 reach & Desired ending Finished Goods entry of the rest Quarter's sete first quarter sales for 2022 respected to be 2.300 tires and second quarter sales to 2022 are expected to be 2.300 10 invertory conting media sed 4. Direct Materials cost $8 pertine. Desired ending Now Materials inventory a ox of the next quarter's direct material needed for production ttach tre requires 0.4 hour of Creet labor, direct labore 516 per hout Variable mandatering ved 2 per reproduced and manufacturing overhead Indute 54.500 per quarter in depreciation and $26.70 per quartet for other costs, this, and property Perdeling and administrative expenses include $4.000 per center for $1.200 per quartet for et $2,200 per manter for me and $5 per carter for degradation Variableting and strative expenses include post often Coleeritures include $45.000 for new menuturing everest to be purchased and in the first cart Cash receipts for sales account are con inserter of sale under the quarter towing the sale. The December 31, 2020 Accents Receivable 1546.000 a received in the future of 2020 baterials pressed one arter purchased and you in the wine arter. The December 31, 2020 Accounts Payale 56.000) is paid the first part 2021 Director andering ved, and we will come in the arter med We gesproche 53.00 unter and then deres to maintain can be of 35.000 and browse the founded in india 51,000 the beginning of the quarteiringement are made it the beginning of the centre and in Perenera $1,000, with per year and paid at the beginning of the water based on the news starting from the procurer Interest must be paid the beginning the REQUIREMENTS Preparate bregut into and other for a quarter and in the the year 2000 for a the 2018 1. Prepare a prodre udget for each quarter of total for year 2001 (1) per dire la forter and in total or the year Prepare the perted each barwness for parties to each quarter and in tal of the year 1.9 p.) Preparated date out of Good Mustard for the year of 2011.) 1. Prepared for the year 2008 (16) para a budget for the year 2011 * Grup Persiaran (2) will and grepparitiem pasaud nach der die hele anderen, with the Giangle Sprachever is where GRILTON TIRE COMPANY Balance Sheet December 31, 2020 Assets $ 39,000 40,000 2,400 8.700 Current Assets: Cash Accounts Receivable Raw Materials Inventory Finished Goods Inventory Total Current Assets Property. Plant and Equipment: Equipment Less: Accumulated Depreciation Total Assets $ 90,100 177,000 (42.0001 135.000 $225.100 Liabilities Current Liabilities Accounts Payable $ 8,000 Stockholder's Equity $ 130,000 87.100 Common Stock, no par Retained Earnings Total Stockholder's Equity Total Liabilities and Stockholder's Equity 217.100 $225.100 account. 2. Budgeted Sales are 1,500 for the first quarter and expected to increase by 200 tires per quarter. Cash Sales are expected to be 30% of total sales, with the remaining 70% of sales on b. Finished Goods Inventory on December 31, 2020 consists of 300 tires at $29 each. C Desired ending Finished Goods Inventory is 40% of the next quarter's sales; first quarter sales for 2022 are expected to be 2,300 tires and second quarter sales for 2022 are expected to be 2,500. FIFO inventory costing method is used d. Direct Materials cost is $8 per tire. e. Desired ending Raw Materials Inventory is 30% of the next quarter's direct materials needed for production. f. Each tire requires 0.40 hours of direct labor; direct labor costs average $16 per hour. & Variable manufacturing overhead is $2 per tire produced. h. Fixed manufacturing overhead includes $4,500 per quarter in depreciation and $26,780 per quarter for other costs, such as utilities, insurance, and property taxes. Fixed selling and administrative expenses include $8,000 per quarter for salaries: $1,800 per quarter for rent: $1,200 per quarter for insurance; and $500 per quarter for depreciation Variable selling and administrative expenses include supplies at 2% of sales. k Capital expenditures include $45,000 for new manufacturing equipment to be purchased and paid in the first quarter. 1. Cash receipts for sales on account are 60% in the quarter of sale and 40% in the quarter following the sale. The December 31, 2020 Accounts Receivable (540,000) is received in the first quarter of 2020 m. Direct materials purchases are paid 70% in the quarter purchased and 30% in the following quarter. The December 31, 2020 Accounts Payable ($8,000) is paid in the first quarter of 2021. n. Direct labor, manufacturing overhead, and selling and administrative costs are paid in the quarter incurred, o Income tax expense is projected at $3,500 per quarter and is paid in the quarter incurred. . Grilton desires to maintain a minimum cash balance of $35,000 and borrows from the local bank as needed in increments of $1,000 at the beginning of the quarter; principal repayments are made at the beginning of the quarter when excess funds are available and in increments of $1,000; interest is 6% per year and paid at the beginning of the quarter based on the amount outstanding from the previous quarter. Interest must be paid at the beginning of each quarter. 1. Prepare a sales budget in units and dollars for each quarter and in total for the year 2021. (5 pts.) 2. Prepare a schedule of expected cash collections for each quarter and in total for the year 2021. (10 pts.) 3. Prepare a production budget for each quarter and in total for the year 2021. (10 pts.) 4. Prepare a direct materials budget for each quarter and in total for the year 2021. (10 pts.) 5. Prepare a schedule of expected cash disbursements for purchases of materials for each quarter and in total of the year 2021. (10 pts.) 6. Prepare a budgeted Schedule of Cost of Goods Manufactured for the year of 2021. (5 pts.) 7. Prepare a budgeted Income Statement for the year of 2021 (10 pts.) 8. Prepare a cash budget for the year of 2021. (15 pts. 9. Group Participation (25 pts.) I will award group participation points based on each student's discussion activity in their team's discussion forum, Google Spreadsheet, or in any other discussion environment
