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10:19 1 v2.cengagenow.com Cost of goods sold Gross profit Operating expenses: Selling expenses: Sales salaries and commissions v 10 Advertising v Miscellaneous selling expense v Total selling expenses Administrative expenses: Office and officers salaries v Supplies V Miscellaneous administrative expense v Total administrative expenses Total operating expenses 100 Income before income tax Income tax expense v Net income v Feedback 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, 20Y9. Regina Soap Co. Budgeted Balance Sheet December 31, 20Y9 Assets Current assets: Cash V Accounts receivable v Inventories: Finished goods v Work in process v Materials V E Prepaid expenses v 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 v Stockholders' Equity Common stock V Retained earnings v Total stockholders' equity Total liabilities and stockholders' equity + 2 . . .101181 .I '4? E} G) v2.cengagenow.com [I] Chapter 22 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 (20.: Cash $119,300 Amounts Receivable 231,200 Finished Goods 48,600 Work In Process 32.400 Materials 53,200 Prepaid Expenses 3,900 0 Plant and Equipment 6L7.000 Accumulated DepreciationPlant and Equipment $265,300 Accounts Payable 210,900 Common Stock, 510 par 300,000 Retained Earnings 329,900 $1,106,100 $1,105,100 Factory output and sales for 20Y9 are expected to total 30,000 units of product, which are to be sold at $100 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 follows: Estimated Cost: and Expenses Fixed Vlrlnble (Total for Year) (Per unit Sold) Cost of goods manufactured and sold: Direct materials _ :25 Direct labor _ a Factory overhead: Depreciation of plant and equipment $30,000 _ Other factory overhead 9.300 4.5 Selling expenses: Sales salaries and commissions 107.700 12.5 Advertising 90.000 _ MiSCellaneous selling expense 7.800 2 Administrative expenses: Ofce and officers salaries 70,300 as Supplies 3.600 1 Miscellaneous administrative expense 1.90:- 1.5 Balances of accounts receivable, prepaid expenses, and accounts payable at the end of the year are not expected to differ signicantly from the beginning balances. Federal income tax of $254,700 on 20Y9 taxable income will be paid during 20Y9. Regular quarterly cash dividends of $1 per share are expected to be declared and paid in March, June, September, and December on 30,000 shares of common stock outstanding, It is anticipated that fixed assets will be purchased for $167,000 cash in May. Required: 1. Prepare a budgeted income statement for 20Y9. Regina Soap Co. Budgeted Income Statement For the Year Ending December 31, 1079 Sales J dl
