i need help to finish the balance sheet and answer the questions on the first page.
C - BALANCE SHEET NOTE: If you cannot get your balance sheet to balance, add a line item in the appropriate section titled "Plug" for the amount needed. Presented on the template provided is Crossley's projected balance sheet at 12/31/20. Prepare a budgeted balance sheet at 12/31/21 next to it, then answer the following questions in the space below your balance sheets. Label your answers, but the amounts themselves should be calculated by formulas that include cell references: What is the budgeted return on investment (round your answer to the nearest one percent)? If the company has established a minimum required rate of return of 22% for Crossley, what is budgeted residual income (round your answer to the nearest dollar)? If the CEO of Crossley has set a target ROI of 28%, how many units would the company have to sell for the year (round your answer to the nearest whole unit)? 2020 SALES K D B E G F H UNITS SALES PRICE Budgeted revenue QTR1 QTR 2 QTR3 QTR4 YR 40800 61200 71400 30600 204000 210 210 210 210 210 8568000 12852000 14994000 6426000 42840000 10% 40800 6120 46920 3440 43480 5 61200 7140 68340 6120 62220 71400 3060 74460 7140 67320 Q1-2022 Q2-2022 48960 73440 7344 56304 4896 51408 30600 204000 4896 4896 35496 208896 3060 3440 32436 205456 10 PRODUCTION BUDGET - Budgeted sales El required Total needs 5 -Bl on hand 7 Total production required 8 MATERIALS PURCHASES BUDGET 20 Budgeted production 21 Std feet per unit Total feet for production +El required Total feet needed 95 -B1 Total feet to be purchased $S/ Total cost of purchases 51408 10 514080 22 23 15% 24 43480 62220 67320 32436 205456 10 10 10 10 10 434800 622200 673200 324360 2054560 93330 100980 48654 77112 77112 528130 723180 721854 401472 2131672 55000 93330 100980 48654 55000 473130 629850620874 352818 2078672 5 5 5 5 5 2365650 3149250 3104370 1764090 10383360 26 27 28 & 30 31 DIRECT LABOR BUDGET Production Std hours per unit Total labor hours needed $9.00/DLH Total cost of direct labor 43480 62220 67320 32436 * 205456 6 6 6 6 6 260880 373320 403920 194616 1232736 9 9 9 9 2347920 3359880 3635280 1751544 11094624 34 35 30 6 QTR 1 QTR 2 QTR 3 QTR 4 8568000 12852000 14994000 6426000 YEAR 42840000 2 9 10 2040000 3060000 3570000 1530000 2347920 3559880 3635280 1751544 1565280 2239920 2423520 1167696 299880 449820 524790 224910 6253080 9309620 10153590 467410 2314920 3542380 4840410 1751850 10200000 11294624 7396416 1499400 30390440 12449560 12 15 17 Sales revenue 8 LESS: Variable costs Direct materials Direct labor Variable overhead Variable selling 13 Total variable costs Contribution margin LESS: Fixed costs 16 Fixed overhead-depreciation Fixed overhead-other 18 Fixed selling-depreciation 19 Fixed selling-other 20 Fixed admin-depreciation 21 Fixed admin-other 22 Total fixed costs 23 Operating income Interest expense Income before tax 26 27 Budgetd break-even point (units) Margin of safety Operating leverage Number of units to sell 90000 90000 122500 122500 524000 524000 524000 524000 75000 75000 75000 75000 850000 850000 850000 850000 1200000 120000 120000 120000 980000 980000 980000 980000 2639000 2639000 2671500 2671500 -324080 903380 2168910-919650 425000 209600 300000 3400000 480000 3920000 10621000 1828560 24 -324080 903380 2168910 -919650 1828560 30 174115 31 6.8 264,279 23 CROSSLEY COMPANY BALANCE SHEET AT DECEMBER 31 2021 2020 ASSETS 3073035 2249100 1625000 3069360 Cash Accounts receivable Inventory Raw materials Finished goods Property, plant and equipment, not Total Assets 385560 110580 275000 481600 496120 756600 2939555 8390515 LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable Commissions payable Note payable Common stock, no par Retained earnings Total Liabilities and Stockholders' Equity 224910 1100000 2600000 187425 1500000 2450000 1653090 8390515
