I need help on part 9 & 10 and 8

The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2017 ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2017 Assets $ 65,000 437,760 90,200 Cash Accounts receivable Raw materials inventory Finished goods inventory Total current assets 308,028 900,988 630,000 165,00 Equipment, gross Accumulated depreciation Equipment, net 465,000 1,365,988 Total assets Liabilities and Equity $ 204, 500 Accounts payable Short-term notes payable Total current liabilities 27,000 231,500 Long-term note payable Total 1iabilities 515,000e 746,500 350,000 269,488 Common stock Retained earnings Total stockholders' equity 619,488 $ 1,365,988 Total liabilities and equity To prepare a master budget for April, May, and June of 2017, management gathers the following information To prepare a master budget for April, May, and June of 2017, management gathers the following information a. Sales for March total 22,800 units. Forecasted sales in units are as follows: April, 22,800; May, 16,000; June, 23,000; and July 22,800. Sales of 255,000 units are forecasted for the entire year. The product's selling price is $24.00 per unit and its total product cost is $19.30 per unit. b. Company policy calls for a given month's ending raw materials inventory to equal 50% of the next month's materials requirements The March 31 raw materials inventory is 4,510 units, which complies with the policy. The expected June 30 ending raw materials inventory is 5,500 units. Raw materials cost $20 per unit. Each finished unit requires 0.50 units of raw materials C. Company policy calls for a given month's ending finished goods inventory to equal 70% of the next month's expected unit sales The March 31 finished goods inventory is 15,960 units, which complies with the policy d. Each finished unit requires 0.50 hours of direct labor at a rate of $11 per hour. e. Overhead is allocated based on direct labor hours. The predetermined variable overhead rate is $4.20 per direct labor hour. Depreciation of $35,020 per month is treated as fixed factory overhead. f. Sales representatives' commissions are 10% of sales and are paid in the month of the sales. The sales manager's monthly salary is $4,500 g. Monthly general and administrative expenses include $27,000 administrative salaries and 0.6% monthly interest on the long-term note payable h. The company expects 20% of sales to be for cash and the remaining 80% on credit. Receivables are collected in full in the month following the sale (none are collected in the month of the sale) i. All raw materials purchases are on credit, and no payables arise from any other transactions. One month's raw materials purchases are fully paid in the next month j. The minimum ending cash balance for all months is $55,000. If necessary, the company borrows enough cash using a short-term note to reach the minimum. Short-term notes require an interest payment of 1% at each month-end (before any repayment). If the ending cash balance exceeds the minimum, the excess will be applied to repaying the short-term notes payable balance k. Dividends of $25,000 are to be declared and paid in May I. No cash payments for income taxes are to be made during the second calendar quarter. Income tax will be assessed at 40% in the quarter and paid in the third calendar quarter. m. Equipment purchases of $145,000 are budgeted for the last day of June Required: Prepare the following budgets and other financial information as required. All budgets and other financial information should be prepared for the second calendar quarter, except as otherwise noted below. (Round calculations up to the nearest whole dollar, except for the amount of cash sales, which should be rounded down to the nearest whole dollar.) 1. Sales budget. 2. Production budget. 3. Raw materials budget. 4. Direct labor budget. . Factory overhead budget. 6. Selling expense budget. 7. General and administrative expense budget. 8. Cash budget. 9. Budgeted income statement for the entire second quarter (not for each month separately) 10. Budgeted balance sheet. Complete this question by entering your answers in the tabs below Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Required 9 Required 10 Budgeted income statement for the entire second quarter (not for each month separately). (Round your final answers to the nearest whole dollar.) ZIGBY MANUFACTURING Budgeted Income Statement For Three Months Ended June 30, 2017 Sales Cost of goods sold Gross proft Operating expenses Sales commissions Sales salaries General administrative salaries Long-term note interest Long-term note interest Income taxes payable Total operating expenses Income before taxes ncome tax Net income Complete this question by entering your answers in the tabs below Required 1 Required 2 Required 3 Reuired 4 Required 5 Required 6 Required 7 Required 8 Required 9 Required 10 Budgeted balance sheet. (Round your final answers to the nearest whole dollar.) ZIGBY MANUFACTURING Budgeted Balance Sheet June 30, 2017 Assets Total current assets Equipment, net Total assets Liabilities and Equity Liabilities Total current liabilities Stockholders' Equity Total Stockholders' Equity Total Liabilities and Equity K Required 9 10 Complete this question by entering your answers in the tabs below Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Required 9 Required 10 Sales budget. (Round Budgeted unit price to 2 decimal places.) ZIGBY MANUFACTURING Sales Budget April, May, and June 2017 Budgeted Budgeted Budgeted Unit Sales Unit Price Sales Dollars 22,800 24.00 547,200 April 2017 16,000 384,000 May 2017 24.00 23,000 24.00 552,000 June 2017 61,800 $ 1,483,200 Totals for the second quarter Required 2> Complete this question by entering your answers in the tabs below. Required 1 Required 2-Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Required 9 Required 10 Production budget ZIGBY MANUFACTURING Production Budget April, May, and June 2017 May Total April June 16,000 22,800 Next month's budgeted sales (units) 23,000 70% Ratio of inventory to future sales 70% 70% 16,100 udgeted units sales for month 22,800 15,960 5,500 udgeted ending inventory (units) 5,225 5,715 Required units of available production 28,025 21,815 21,460 Beginning inventory (units) 20 20 20 Units to be produced 18,040 20,900 22,860 61,800 Required 1 Required 3> Complete this question by entering your answers in the tabs below Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Required 9 Required 10 Direct labor budget. (Round per unit values to 2 decimal places.) ZIGBY MANUFACTURING Direct Labor Budget April, May, and June 2017 April May June Total Budgeted production (units) 108,040 20,900 22,860 0.50 0.50 abor requirements per unit (hours) 0.50 Total labor hours needed 9,020 11,430 30,900 10,450 11 $ irect labor rate (per hour) 11 S $ 99,220 $ 114,950$ 125,730 $ 339,900 Budgeted direct labor cost K Required 3 Required 5> Complete this question by entering your answers in the tabs below Required 1 Required 2 Required 3 Required 4Required 5 Required 6 Required 7 Required 8 Required 9 Required 10 Factory overhead budget. (Round per unit values to 2 decimal places.) ZIGBY MANUFACTURING Factory Overhead Budget April, May, and June 2017 Total April May June 9,020 Labor hours needed 10,450 11,430 4.20 $ 4.20 $ ariable factory overhead rate 4.20 $ 37,884 $ 43,890 $ Budgeted variable overhead 48,006 129,780 35,020 Budgeted fixed overhead 35,020 35,020 105,060 78,910 $ 72,904 $ 83,026 $ 234,840 Budgeted total overhead K Required 4 Required 6> Complete this question by entering your answers in the tabs below Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Required 9 Required 10 Selling expense budget. ZIGBY MANUFACTURING Selling Expense Budget April, May, and June 2017 Total May April June $625,000 407,500527,500 Budgeted sales 5% 6% 6% Sales commission percent 37,500 S 24,450 $ Sales commissions 31,650$ 93,600 3,400 3,400 3,400 10,200 Sales salaries 40,900 S 27,850 $ 35,050 $ 103,800 otal budgeted selling expenses Required 5 Required 7 > Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Required 9 Required 10 Cash budget. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign.) Calculation of Cash receipts from customers: June $625,000407,500527,500 Total budgeted sales 81,500 Cash sales 20% 125,000 105,500 80% $ 500,000|$ 326,000|$ 422.000 Sales on credit Total cash receipts from customers June 81,500 105,500 $ 125,000 $ Current month's cash sales Collections of receivables 500,000 500,000 326,000 $ 625,000 $ 581,500 431,500 Total cash receipts ZIGBY MANUFACTURING Cash Budget April, May, and June 2017 June ri 65.000$ 154,016$ Beginning cash balance 217,046 514,560 ash receipts from customers 547,200 417,600 Total cash available 612,200 668,576 634,646 Cash payments for: 194,700 Raw materials 204,500 218,800 194,700 Direct labor 992,200 125,730 Variable overhead 37,884 43,890 48,006 3,090 54,720 38,400 Sales commissions Sales salaries 4,500 4,500 4,500 General & administrative salaries 27,000 27,000 27,000 Dividends 25,000 477 Loan interest 270 3,090 3,090 Long-term note interest 3,090 145,000 Purchases of equipment Taxes paid 1,324,164 Total cash payments 575,693 531,280 181,016 6,843 Preliminary cash balance 217,046 Additional loan (loan repayment) (27,000) 48,157 $173,698 217,046 $55,000 Ending cash balance Loan balance April May June Loan balance - Beginning of month 27,000$ 48,157 Additional loan (loan repayment) (27,000) 0 48,157 Loan balance -End of month