I know this is a very long question but I need your help. PLEASE.
The Grayson Tire Company manufactures racing tires for bicycles. Grayson sells tires for $80 each. Grayson is planning for the Other data for Grayson Tire Company: next year by developing a master budget by quarters. Grayson's balance sheet for December 31, 2018, follows: i (Click the icon to view the other data.) (Click the icon to view the balance sheet.) Read the requirements. Requirement 1. Prepare Grayson's operating budget and cash budget for 2019 by quarter. Required schedules and budgets include: sales budget, production budget, direct materials budget, direct labor budget, manufacturing overhead budget, cost of goods sold budget, selling and administrative expense budget, schedule of cash receipts, schedule of cash payments, and cash budget. Manufacturing overhead costs are allocated based on direct labor hours. Round all calculations to the nearest dollar. Begin by preparing the sales budget. Grayson Tire Company Sales Budget For the Year Ended December 31, 2019 First Second Third Fourth Quarter Quarter Quarter Quarter Total Budgeted tires to be sold Sales price per unit Total sales Prepare the production budgetThe Grayson Tire Company manufactures racing tires for bicycles. Grayson sells tires for $80 each. Grayson is planning for the Other data for Grayson Tire Company: next year by developing a master budget by quarters. Grayson's balance sheet for December 31, 2018, follows: (Click the icon to view the balance sheet.) i (Click the icon to view the other data.) Read the requirements Prepare the production budget. Review the sales budget you prepared above. Grayson Tire Company Production Budget For the Year Ended December 31, 2019 First Second Third Fourth Quarter Quarter Quarter Quarter Total Plus: Total tires needed Less: Budgeted tires to be produced Prepare the direct materials budget.Question Help i The Grayson Tire Company manufactures racing tires tor bicycles, Graysen sells tires for $80 each, Giayson is planning tor the next year by developing a master budget by quarters Giayson's balance sheet for December 31, 2018, follows: a (Clldt the icon to View the balance sheet) Other data for Giayson Tire Company 0 (Click the loan to view the other data ) Read the gouireinents. First Quarter Second Quarter Third Quarter Fourth Quarter Total Direct materials per tire Direct materials needed tor production Plus: Total direct materials needed Less Budgeted purchases of direct materials Direct materials cost per pound Budgeted cost of direct materials Prepare the direct labor budget (Enter any houis per iin amounts to two decimal places, XXX, and round all other amounts to the nearest whole number) The Grayson Tire Company manufactures racing tires for bicycles. Grayson sells tires for $80 each. Grayson is planning for the Other data for Grayson Tire Company: next year by developing a master budget by quarters. Grayson's balance sheet for December 31, 2018, follows: i (Click the icon to view the other data.) (Click the icon to view the balance sheet.) Read the requirements. Prepare the direct labor budget. (Enter any hours per unit amounts to two decimal places, X.XX, and round all other amounts to the nearest whole number.) Review the production budget you prepared above. Grayson Tire Company Direct Labor Budget For the Year Ended December 31, 2019 First Second Third Fourth Quarter Quarter Quarter Quarter Total Direct labor hours needed for production Budgeted direct labor cost Prepare the manufacturing overhead budget. (Abbreviations used: VOH = variable manufacturing overhead; FOH = fixed manufacturing overhead.) Review the production budget you prepared above. Review the direct labor budget you prepared above.The Grayson Tire Company manufactures racing tires for bicycles. Grayson sells tires for $80 each. Grayson is planning for the Other data for Grayson Tire Company: next year by developing a master budget by quarters. Grayson's balance sheet for December 31, 2018, follows: i (Click the icon to view the other data.) (Click the icon to view the balance sheet.) Read the requirements. Manufacturing Overhead Budget For the Year Ended December 31, 2019 First Second Third Fourth Quarter Quarter Quarter Quarter Total VOH cost per tire Budgeted VOH Budgeted FOH Depreciation Utilities, insurance, property taxes Total budgeted FOH Budgeted manufacturing overhead costs Direct labor hours Budgeted manufacturing overhead costs Predetermined overhead allocation rate Choose from any list or enter any number in the input fields and then continue to the next question.The Grayson Tire Company manufactures racing tires for bicycles. Grayson sells tires for $80 each. Grayson is planning for the Other data for Grayson Tire Company: next year by developing a master budget by quarters. Grayson's balance sheet for December 31, 2018, follows: i (Click the icon to view the other data.) (Click the icon to view the balance sheet.) Read the requirements. Before preparing the cost of goods sold budget, calculate the projected manufacturing cost per tire for 2019. (Round all amounts to the nearest cent.) Total projected manufacturing cost per tire for 2019 Now prepare the cost of goods sold budget. Review the sales budget you prepared above. Review the production budget you prepared above. Grayson Tire Company Cost of Goods Sold Budget For the Year Ended December 31, 2019 First Second Third Fourth Quarter Quarter Quarter Quarter Total Tires produced and sold in 2019 Total budgeted cost of goods sold Choose from any list or enter any number in the input fields and then continue to the next question.Question Help Q The Grayson re Company manufactures racing tires for bicycles, Grayson sells tires for $80 each, Grayson is planning for the Other data for Grayson 're Company' next year by developing a master budget by quarters. Gray/son's balance sheet for December 31. 2016, follows: 0 (Click the Icon to view the other data) a (Clidr the Icon to View the balance sheet) Read the @uirements Prepare the selling and administrative expense budget Review the sales budget you prepared above, First Second Third Fourth I Quarter Quarter Quarter Quarter Total Total budgeted selling and administrative expense Prepare the cash receipts budget (It a box IS not used in the table leave the bux empty; do not enter a Zero) Review the sales budget you prepared above. The Grayson Tire Company manufactures racing tires for bicycles. Grayson sells tires for $80 each. Grayson is planning for the Other data for Grayson Tire Company: next year by developing a master budget by quarters. Grayson's balance sheet for December 31, 2018, follows: i (Click the icon to view the other data.) (Click the icon to view the balance sheet.) Read the requirements. Cash Receipts from Customers First Second Third Fourth Quarter Quarter Quarter Quarter Total Total sales First Second Third Fourth Quarter Quarter Quarter Quarter Total Cash Receipts from Customers: Accounts Receivable balance, December 31, 2018 1st Qtr.-Cash sales 1st Qtr.-Credit sales, collection of Qtr. 1 sales in Qtr. 1 1st Qtr.-Credit sales, collection of Qtr. 1 sales in Qtr. 2 2nd Qtr.-Cash sales 2nd Qtr.-Credit sales, collection of Qtr. 2 sales in Qtr. 2 2nd Qtr.-Credit sales, collection of Qtr. 2 sales in Qtr. 3 3rd Qtr.-Cash sales 3rd Qtr.-Credit sales, collection of Qtr. 3 sales in Qtr. 3 3rd Qtr.-Credit sales. collection of Qtr. 3 sales in Qtr. 42nd Qtr.-Cash sales 2nd Qtr.-Credit sales, collection of Qtr. 2 sales in Qtr. 2 2nd Qtr.-Credit sales, collection of Qtr. 2 sales in Qtr. 3 3rd Qtr.-Cash sales 3rd Qtr.-Credit sales, collection of Qtr. 3 sales in Qtr. 3 3rd Qtr.-Credit sales, collection of Qtr. 3 sales in Qtr. 4 4th Qtr.-Cash sales 4th Qtr.-Credit sales, collection of Qtr. 4 sales in Qtr. 4 Total cash receipts from customers Accounts Receivable balance, December 31, 2019: 4th Qtr.-Credit sales, collection of Qtr. 4 sales in Qtr. 1 of 2020 Prepare the cash payments budget. (Round all amounts you entered into the budget to the nearest whole dollar. If a box is not used in the table leave the box empty; do not enter a zero.)The Grayson Tire Company manufactures racing tires for bicycles. Grayson sells tires for $80 each. Grayson is planning for the Other data for Grayson Tire Company: next year by developing a master budget by quarters. Grayson's balance sheet for December 31, 2018, follows i (Click the icon to view the other data.) (Click the icon to view the balance sheet.) Read the requirements Cash Payments First Second Third Fourth Quarter Quarter Quarter Quarter Total Total direct materials purchases First Second Third Fourth Quarter Quarter Quarter Quarter Total Cash Payments Direct Materials: Accounts Payable balance, December 31, 2018 1st Qtr.-Qtr. 1 direct material purchases paid in Qtr. 1 1st Qtr.-Qtr. 1 direct material purchases paid in Qtr. 2 2nd Qtr.-Qtr. 2 direct material purchases paid in Qtr. 2 2nd Qtr.-Qtr. 2 direct material purchases paid in Qtr. 3 3rd Qtr.-Qtr. 3 direct material purchases paid in Qtr. 3 3rd Qtr.-Qtr. 3 direct material purchases paid in Qtr. 4 4th Qtr.-Qtr. 4 direct material purchases paid in Qtr. 4 Choose from any list or enter any number in the input fields and then continue to the next question.Question Help The Grayson Tire Company manufactures racing tires for bicycles. Grayson sells tires for $80 each. Grayson is planning for the Other data for Grayson Tire Company: next year by developing a master budget by quarters. Grayson's balance sheet for December 31, 2018, follows: (Click the icon to view the balance sheet.) i (Click the icon to view the other data.) Read the requirements. Total payments for direct materials Direct Labor: Total payments for direct labor Manufacturing Overhead: Total payments for manufacturing overhead Selling and Administrative Expenses: Total payments for Selling and Admin. expenses Choose from any list or enter any number in the input fields and then continue to the next question.Question Help The Grayson Tire Company manufactures racing tires for bicycles. Grayson sells tires for $80 each. Grayson is planning for the Other data for Grayson Tire Company: next year by developing a master budget by quarters. Grayson's balance sheet for December 31, 2018, follows: (Click the icon to view the balance sheet.) i (Click the icon to view the other data.) Read the requirements Total payments for Selling and Admin. expenses Income Taxes: Total payments for income taxes Capital Expenditures: Total payments for capital expenditures Total cash payments (before interest) Accounts Payable balance, December 31, 2019: 4th Qtr.-Qtr. 4 direct material purchases paid in Qtr. 1 of 2020 Prepare the cash budget. (Complete all input boxes. Enter a "0" for any zero balances. Round all amounts entered into the cash budget to the nearest whole dollar. Enter a cash deficiency, principal repayments, and/or a net repayment on financing with a minus sign or parentheses.)Prepare the cash budget. (Complete all input boxes. Enter a "0" for any zero balances. Round all amounts entered into the cash budget to the nearest whole dollar. Enter a cash deficiency, principal repayments, and/or a net repayment on financing with a minus sign or parentheses.) Review the cash receipts budget you prepared above. Review the cash payments budget you prepared above. Grayson Tire Company Cash Budget For the Year Ended December 31, 2019 First Second Third Fourth Quarter Quarter Quarter Quarter Total Beginning cash balance Cash receipts Cash available Cash payments: Capital expenditures Purchases of direct materials Direct labor Manufacturing overhead Choose from any list or enter any number in the input fields and then continue to the next question.The Grayson Tire Company manufactures racing tires for bicycles. Grayson sells tires for $80 each. Grayson is planning for the Other data for Grayson Tire Company: next year by developing a master budget by quarters. Grayson's balance sheet for December 31, 2018, follows: i (Click the icon to view the other data.) (Click the icon to view the balance sheet.) Read the requirements. Manufacturing overhead Selling and administrative expenses Income taxes Interest expense Total cash payments Ending cash balance before financing Minimum cash balance desired Projected cash excess (deciency) Financing Borrowing Principal repayments Total effects of Ofinancing Ending cash balanceBegin With the budgeted income statement, (Complete all inpul boxes Enter a "0" for any Zero balances ) Review the sales budget you prepared above, ReVIew the cost 01 goods sold budget you prepared above Review the selling and administrative expense budget you prepared above Review the cash budget you prepared above. Sales Revenue Cost of Goods Sold Gross Prot Selling and Administrative Expenses Operating Income Interest Expense Income before Income Taxes Income Tax Expense Niel Inmme Choose from any list or enter any number in the input elds and then continue to the next question. The Grayson Tire Company manufactures racing tires for bicycles. Grayson sells tires for $80 each. Grayson is planning for the Other data for Grayson Tire Company: next year by developing a master budget by quarters. Grayson's balance sheet for December 31, 2018, follows: i (Click the icon to view the other data.) (Click the icon to view the balance sheet.) Read the requirements. Grayson Tire Company Budgeted Balance Sheet December 31, 2019 Assets Current Assets: Cash Accounts Receivable Raw Materials Inventory Finished Goods Inventory Total Current Assets Property, Plant, and Equipment: Equipment Less: Accumulated Depreciation Total Assets Liabilities Current Liabilities: Choose from any list or enter any number in the input fields and then continue to the next question.Accounts Receivable Raw Materials Inventory Finished Goods Inventory Total Current Assets Property, Plant, and Equipment: Equipment Less: Accumulated Depreciation Total Assets Liabilities Current Liabilities: Accounts Payable Stockholders' Equity Common Stock, no par Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity0 g. h. . Cash receipts for sales on account are 85% in the quarter of the sale and 15% in the quarter following "F More Info - X production; desired ending inventory for December 31, 2019 is 600 pounds, indirect materials are insignicant and not considered for budgeting purposes. Each tire requires 0.40 hours of direct labor; direct labor costs average $20 per hour. Variable manufacturing overhead is $4 per tire. Fixed manufacturing overhead includes $2,000 per quarter in depreciation and $10,500 per quarter for other costs, such as utilities, insurance, and property taxes. Fixed selling and administrative expenses include $9,000 per quarter for salaries; $5,400 per quarter for rent; $600 per quarter for insurance; and $2,000 per quarter for depreciation. Variable selling and administrative expenses include supplies at 2% of sales. Capital expenditures include $30,000 for new manufacturing equipment, to be purchased and paid in the rst quarter. the sale; December 31, 201B, Accounts Receivable is received in the rst quarter of 2019, uncellectible accounts are considered insignicant and not considered for budgeting purposes. Direct materials purchases are paid 60% in the quarter purchased and 40% in the following quarter; December 31, 2018, Accounts Payable is paid in the rst quarter of 201 9. Direct labor, manufacturing overhead, and selling and administrative costs are paid in the quarter incurred. Income tax expense is projected at $3,500 per quarter and is paid in the quarter incurred. Grayson desires to maintain a minimum cash balance of $40,000 and borrows from the local bank as needed in increments of $1 ,000 at the beginning of the quarter; pn'ncipal repayments are made at the beginning of the quarter when excess funds are available and in increments of $1 ,000; interest is 5% per year and paid at the beginning of the quarter based on the amount outstanding from the previous quarter. i Data Table Grayson Tire Company Balance Sheet December 31, 2018 Assets Current Assets: Cash $ 43,000 Accounts Receivable 30,000 Raw Materials Inventory 5,100 Finished Goods Inventory 9,000 Total Current Assets $ 87,100 Property, Plant, and Equipment: Equipment 139,000 Less: Accumulated Depreciation (39,000) 100,000 Total Assets $ 187,100 Liabilities Current Liabilities: Accounts Pavable $ 17.000 Print Donei Data Table WasIT 45, UVU Accounts Receivable 30,000 Raw Materials Inventory 5, 100 Finished Goods Inventory 9,000 Total Current Assets $ 87,100 Property, Plant, and Equipment: Equipment 139,000 Less: Accumulated Depreciation (39,000) 100,000 Total Assets $ 187,100 Liabilities Current Liabilities: Accounts Payable $ 17,000 Stockholders' Equity Common Stock, no par $ 170,000 Retained Earnings 100 Total Stockholders' Equity 170, 100 Total Liabilities and Stockholders' Equity 187, 100 Print Done
