1. I am wondering if anyone would be able to assist me in answering the following question.. I filled out the about 25% of the answer just unsure about the rest.
3. BudgetedIncomeStatementandBalanceSheet
4. Asapreliminarytorequestingbudgetestimatesofsales,costs,andexpensesforthefiscalyearbeginningJanuary1,2017,thefollowingtentativetrialbalanceasofDecember31,2016,ispreparedbytheAccountingDepartmentofMesaPublishingCo.:

   Cash	$26,000
   AccountsReceivable	23,800
   FinishedGoods	16,900
   WorkinProcess	4,200
   Materials	6,400
   PrepaidExpenses	600
   PlantandEquipment	82,000
   AccumulatedDepreciationPlantandEquipment			$32,000
   AccountsPayable			14,800
   CommonStock,$1.50par			30,000
   RetainedEarnings			83,100
   	$159,900		$159,900

   Factoryoutputandsalesfor2017areexpectedtototal3,800unitsofproduct,whicharetobesoldat$120perunit.ThequantitiesandcostsoftheinventoriesatDecember31,2017,areexpectedtoremainunchangedfromthebalancesatthebeginningoftheyear.Budgetestimatesofmanufacturingcostsandoperatingexpensesfortheyeararesummarizedasfollows:

   	EstimatedCostsandExpenses
   	Fixed (TotalforYear)	Variable (PerUnitSold)
   Costofgoodsmanufacturedandsold:
   Directmaterials	_		$30.00
   Directlabor	_		8.40
   Factoryoverhead:
   Depreciationofplantandequipment	$4,000		_
   Otherfactoryoverhead	1,400		4.80
   Sellingexpenses:
   Salessalariesandcommissions	12,800		13.50
   Advertising	13,200		_
   Miscellaneoussellingexpense	1,000		2.50
   Administrativeexpenses:
   Officeandofficerssalaries	7,800		7.00
   Supplies	500		1.20
   Miscellaneousadministrativeexpense	400		2.40

   Balancesofaccountsreceivable,prepaidexpenses,andaccountspayableattheendoftheyeararenotexpectedtodiffersignificantlyfromthebeginningbalances.Federalincometaxof$35,000on2017taxableincomewillbepaidduring2017.Regularquarterlycashdividendsof$0.20pershareareexpectedtobedeclaredandpaidinMarch,June,September,andDecemberon20,000sharesofcommonstockoutstanding.Itisanticipatedthatfixedassetswillbepurchasedfor$22,000cashinMay.Required:
5. Prepare a budgeted income statement for 2017.
6. Prepare a budgeted balance sheet as of December 31, 2017. Part 1: Budgeted Income Statement

1. Prepare a budgeted income statement for 2017.

Mesa Publishing Co.
Budgeted Income Statement
For the Year Ending December 31, 2017
Sales	$
Cost of goods sold:
Direct materials	$
Direct labor
Factory overhead
Cost of goods sold
Gross profit	$
Operating expenses:
Selling expenses:
Sales salaries and commissions	$
Advertising
Miscellaneous selling expense
Total selling expenses	$
Administrative expenses:
Office and officers salaries	$
Supplies
Miscellaneous administrative expense
Total administrative expenses
Total operating expenses
Income before income tax	$
Income tax expense
Net income	$

Part 2: Budgeted Balance Sheet

2. Prepare a budgeted balance sheet as of December 31, 2017.

Current assets:
Cash
Accounts receivable
Inventories:
Finished goods
Work in process
Materials
Prepaid expenses
Total current assets
Property, plant, and equipment:
Plant and equipment
Less accumulated depreciation
Total assets
Current liabilities:
Accounts payable
Common stock
Retained earnings
Total stockholders equity
Total liabilities and stockholders equity