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help one last time on this problem. Please help find the Budgeted Classified Balance Sheet figures. please demonstrate how to find it and the
help one last time on this problem. Please help find the "Budgeted Classified Balance Sheet " figures. please demonstrate how to find it and the steps used. Thank you.
Budgeted data for the year 2016 include the following Total 4 uarter $76,800 $256,000 Sales budget (8,000 units at $32) 62,500 Direct materials used 17,000 Direct labor 12,500 50,900 48,600 Manufacturing overhead applied 10,000 18,000 Selling and administrative expenses 75,000 To meet sales requirements and to have 2,500 units of finished goods on hand at December 31, 2016, the production budget shows 9,000 required units of output. The total unit cost of production is expected to be $18 Quintanar uses the first-in, first-out (FIFO) inventory costing method. Interest expense is expected to be $3,500 for the year. Income taxes are expected to be 40% of income before income taxes. In 2016, the company expects to declare and pay an $8,000 cash dividend. The company's cash budget shows an expected cash balance of $5,880 at December 31, 2016. All sales and purchases are on account. It is expected that 60% of quarterly sales are collected in cash within the quarter and the remainder is collected in the following quarter. Direct materials purchased from suppliers are paid 50% in the quarter incurred and the remainder in the following quarter. Purchases in the fourth quarter were the same as the materials used. In 2016, the company expects to purchase additional equipment costing of depreciation expense on equipment is included in the budget data and split equally between manufacturing overhead and selling and administrative expenses Quintanar expects to pay $8,000 on the outstanding notes payable balance plus all interest due and payable to December 31 (included in interest expense $3,500, above) Accounts payable at December 2016, includes amounts due suppliers (see above) plus other accounts payable of $7,200. Unpaid income taxes at December 31 will be $5,000
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