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Prepare Global Electronics budgeted statement of retained earnings for the first quarter of 20x1.

GLOBAL ELECTRONIC COMPANY
Budgeted Statement of Retained Earnings
For the First Quarter of 20x1
Retained earnings, 12/31/x0
Add: Net Income
Deduct: Dividends
Retained earnings, 3/31/x1

Prepare Global Electronics budgeted balance sheet as of March 31, 20x1. (Hint: On March 31, 20x1, Bond Interest Payable is $1,750 and Property Taxes Payable is $1,200.)

GLOBAL ELECTRONIC COMPANY
Budgeted Balance Sheet
March 31, 20x1
Cash
Accounts receivable
Inventory
Building and equipment ( net of accumulated depreciation)
Total assets	$
Accounts payable
Bond interest payable
Property taxes payable
Bonds payable
Common Stock
Retained earnings
Total liabilities and stockholders equity	$

Required Information The following information applies to the questions dlisplayed below.] "We really need to get this new material-handling equipment in operation just after the new year begins. I hope we can finance it largely with cash and marketable securities, but if necessary we can get a short-term loan down st MetroBank. This statement by Beth Davies-Lowry, president of Intercosstsl Electronics Company, concluded a meeting she had called with the firm's top management. Intercostal is a small, rapidly growing wholesaler of consumer electronic products. The firm's main product lines are small kitchen appliances and power tools. Marcia Wilcox, Intercoastal's General Manager of Marketing, has recently completed a sales forecast She believes the company's sales during the first quarter of 20x1 will increase by 10 percent esch month over the previous month's sales. Then Wiilcox expects sales to remain constant for several months. Intercosstal's projected balance sheet as of December 31, 20x0, is as follows: Cash 45,eee 252,eee 15,eee 264,eee 632,0ee Accounts receivable Marketable securities Inventory Buildings and equipment (net of accurulated depreciation) $1,288,eee Total assets Accounts payable Bond interest payable roperty ts abl Bonds payable (15%; due in 28x6) Cormon stock Retained earnings Total liabilities and stockholders equity 252,ee0 18,75e 4,88e , see,eee 132.450 $1,288,eee Jack Hanson, the assistant controller, is now preparing a momthly budget for the first quarter of 20x1. In the process, the following information has been accumulated: 1. Projected sales for December of 20x0 are $600,000. Credit sales typically are 60 percent of total soles. Intercoastal's credit experience indicates that 30 percent of the credit sales are collected during the month of sale, and the remainder are collected during the following month 2. Intercoastal's cost of goods sold generally runs at 80 percent of soles. Inventory is purchased on account, and 50 percent of each month's purchases are paid during the month of purchase. The remainder is paid during the following month. In order to have adequate stocks of inventory on hand, the firm attempts to have inventory at the end of each month equal to half of the next month's projected cost of goods sold. 3. Hanson has estimated that Intercosstal's other monthly expenses will be as follows: Sales salaries $19,eee Advertising and pronotion Administrative salaries Depreciation Interest on bonds operty ts 12,eee 19,eee 15,eee 3,75e 1,2ee In addition, sales commissions run at the rate of 3 percent of sales. 4. Intercoastal's president, Davies-Lowry, has indicated that the firm should invest $105,000 in an automated inventory- handling system to control the movement of inventory in the firm's warehouse just after the new year begins. These equipment purchases will be financed primarily from the firm's cash and marketable securities. However, Davies-Lowry believes that Intercoastal needs to keep a minimum cash balsence of $15,000. If necessary, the remainder of the equipment purchases will be financed using short-term credit from a local bank. The minimum period for such a loan is three months. Hanson believes short-term interest retes will be 10 percent per year at the time of the equipment purchases. If a loan is necessary, Davies-Lowry has decided it should be paid off by the end of the first quarter if possible. 5. Intercosstal's board of directors has indicated an intention to declare and pay dividends of $20,000 on the last day of each quarter. 6. The interest on any short-term borrowing will be paid when the loan is repaid. Interest on lIntercosstal's bonds is paid semiannually on January 31 and July 31 for the preceding six-month period. 7. Property taxes are paid semiannually on February 28 and August 31for the preceding six-month period. Required: Prepare Intercoastal Electronics Company's master budget for the first quarter of 20x1 by completing the following schedules and statements Required Information The following information applies to the questions dlisplayed below.] "We really need to get this new material-handling equipment in operation just after the new year begins. I hope we can finance it largely with cash and marketable securities, but if necessary we can get a short-term loan down st MetroBank. This statement by Beth Davies-Lowry, president of Intercosstsl Electronics Company, concluded a meeting she had called with the firm's top management. Intercostal is a small, rapidly growing wholesaler of consumer electronic products. The firm's main product lines are small kitchen appliances and power tools. Marcia Wilcox, Intercoastal's General Manager of Marketing, has recently completed a sales forecast She believes the company's sales during the first quarter of 20x1 will increase by 10 percent esch month over the previous month's sales. Then Wiilcox expects sales to remain constant for several months. Intercosstal's projected balance sheet as of December 31, 20x0, is as follows: Cash 45,eee 252,eee 15,eee 264,eee 632,0ee Accounts receivable Marketable securities Inventory Buildings and equipment (net of accurulated depreciation) $1,288,eee Total assets Accounts payable Bond interest payable roperty ts abl Bonds payable (15%; due in 28x6) Cormon stock Retained earnings Total liabilities and stockholders equity 252,ee0 18,75e 4,88e , see,eee 132.450 $1,288,eee Jack Hanson, the assistant controller, is now preparing a momthly budget for the first quarter of 20x1. In the process, the following information has been accumulated: 1. Projected sales for December of 20x0 are $600,000. Credit sales typically are 60 percent of total soles. Intercoastal's credit experience indicates that 30 percent of the credit sales are collected during the month of sale, and the remainder are collected during the following month 2. Intercoastal's cost of goods sold generally runs at 80 percent of soles. Inventory is purchased on account, and 50 percent of each month's purchases are paid during the month of purchase. The remainder is paid during the following month. In order to have adequate stocks of inventory on hand, the firm attempts to have inventory at the end of each month equal to half of the next month's projected cost of goods sold. 3. Hanson has estimated that Intercosstal's other monthly expenses will be as follows: Sales salaries $19,eee Advertising and pronotion Administrative salaries Depreciation Interest on bonds operty ts 12,eee 19,eee 15,eee 3,75e 1,2ee In addition, sales commissions run at the rate of 3 percent of sales. 4. Intercoastal's president, Davies-Lowry, has indicated that the firm should invest $105,000 in an automated inventory- handling system to control the movement of inventory in the firm's warehouse just after the new year begins. These equipment purchases will be financed primarily from the firm's cash and marketable securities. However, Davies-Lowry believes that Intercoastal needs to keep a minimum cash balsence of $15,000. If necessary, the remainder of the equipment purchases will be financed using short-term credit from a local bank. The minimum period for such a loan is three months. Hanson believes short-term interest retes will be 10 percent per year at the time of the equipment purchases. If a loan is necessary, Davies-Lowry has decided it should be paid off by the end of the first quarter if possible. 5. Intercosstal's board of directors has indicated an intention to declare and pay dividends of $20,000 on the last day of each quarter. 6. The interest on any short-term borrowing will be paid when the loan is repaid. Interest on lIntercosstal's bonds is paid semiannually on January 31 and July 31 for the preceding six-month period. 7. Property taxes are paid semiannually on February 28 and August 31for the preceding six-month period. Required: Prepare Intercoastal Electronics Company's master budget for the first quarter of 20x1 by completing the following schedules and statements