I need help with budgeted Income statement(required 9) and Budgeted Balance Sheet (requirement 10)

The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2017 ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2017 Assets Cash Accounts receivable Raw materials inventory Finished goods inventory Total current assets Equipment, gross Accumulated depreciation Equipment, net Total assets $80,000 487,500 93,390 438,00 1,098,890 640,080 176,000) 478,000 $ 1,568,890 Liabilities and Equity $ 215,690 32,000 247,690 520,800 767,690 355,000 446 200 801,20 Accounts payable Short-term notes payable Total current liabilities Long-term note payable Total liabilities Common stock Retained earnings Total stockholders' equity Total liabilities and equity s 1,568,890 To prepare a master budget for April. May, and June of 2017, management gathers the following information: a. Sales for March total 25,000 units. Forecasted sales in units are as follows: April, 25.000, May 25.000 Sales of 260000 units are forecasted for the cost is $21.90 per unit. b. Company policy calls for a given months ending raw materials inventory to equal 50% of the next month's materials requirements. The March 31 raw materials inventory is 4,670 units, which complies with the policy The ex inventory is 6,000 units. Raw materials cost $20 per unit Each finished unit re c. Company policy calls for a given months ending finished goods inventory to equal 80% of the next month s expected unit sa The March 31 finished goods inventory is 20.000 units, which complies with the policy d. Each finished unit requires 0.50 hours of direct labor at a rate of $16 per hour head is allocated based on direct labor hours. The predetermined variable overhead rate is $4.00 per direct labor hour Depreciation of $40.790 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 $5,000 g. Monthly general and administrative expenses include $21000 administrative salaries and 09% monthly interest on the long-term note payable h. The company expects 25% of sales to be for cash and the remaining 75% 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 materi are fully paid in the next month. j. The minimum ending cash balance for all months is $99.000. 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 a ending cash balance exceeds the minimum, the excess will be applied to repaying the short-term notes oavable balance Forecasted sales in units are as follows: April, 25,000, May, 17,100, June, 22.300: and July e entire year. The product's selling price is $26.00 per unit and its total product quires 0.50 units of raw materials als purchases repayment). If the Required: Prepare the following budgets and other financial information as required. All budgets and other financial information should be prepared for the second calendar quarter, except as otherwise noted below (Round calculations up to the nearest whole dollar, except for the amount of cash sales, which should be rounded down to the nearest whole dollar.) 1. Sales budget 2. Production budget. 3. Raw materials budget 4. Direct labor budget 5. Factory overhead budget 6. Selling expense budget 7. General and administrative expense budget 8. Cash budget 9. Budgeted income statement for the entire second quarter (not for each month separately). 10. Budgeted balance sheet Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Required 9 Required 10 Sales budget. (Round Budgeted unit price to 2 decimal places.) ZGBY MANUFACTURING Sales Budget April, May, and June 2017 Budgeted Budgeted Budgeted Unit Sales Unit Price Sales Dollars 25,000$ 26.00$650,000 April 2017 May 2017 17,100 26.00 444,600 June 2017 22,300 579,800 26.00 Totals for the second quarter 64,400 $ 1,674,400 Required 2 Required 101 Required 7 Required 8 Required 9 Required 6 Required 3 Required 4 Required 5 : Required 1 1 Required Production budget. ZIGBY MANUFACTURING Production Budget April, May, and June 2017 Total April June 17.100 Next month's budgeted sales (units) 22,300 25,000 Ratio of inventory to future sales 80% 80%; 80% ed ending inventory (units) 7,840 20,000 13,680 17,100 udgeted units sales for month 25,000 34,94042,300 Required units of available production 38,680 (17,840 (20,000 (13,680) Beginning inventory (units) 21,260 18,680 24,460 64,400 Units to be produced Required 3 > K Required 1 Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Required 9 Required 10 Raw materials budget. (Round per unit values to 2 decimal places.) ZIGBY MANUFACTURING Raw Materials Budget April, May, and June 2017 April May June Total Production budget (units) 18,680 21,260 24,460 at erials requirements per unit 0.50 0.50 0.50 Materials needed for production 9.340 10,630 12,230 ted ending inventory 5,315 6,115 Total materials requirements (units) 14,655 16,745 18,230 eeginning ing inventory 5,315 (6,115 (4,670 Materials to be purchased 11,430 ,985 12,115 33,530 Material price per unit Budgeted raw material purchases S 199,700 228,600 242,300 670,600 Required 4 Required 4 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 May June Total April $ 650,000$ 444,600 $579,800 Budgeted sales 10% 10% | 10% commission percent S 65,000$44,460 57,980 167,440 Sales commissions 5,000 Sales salaries 5,000 15,000 S 70,000 49,460 62.980 182,440 Total budgeted selling expenses Required 5 Required 7 Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7Required 8 Required 9 Required 10 General and administrative expense budget. ZIGBY MANUFACTURING General and Administrative Expense Budgets April, May, and June 2017 May Total April June 21,000 21,000$ 63,000 Salaries S 21,000$ interest on long-term note 4,680 4,680 14,040 4,680 Total budgeted G&A expenses $ 25,680 $ 25,68025,680 $77,040 Required 6 Required 8 > ne fariter Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 RequiredRequired 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 AprilMay S 650,000$444,600S 579,800 Total budgeted sales 111,150 144,950 162,500 25% Cash sales 75% s 467 500-333.450$ 434.850 Sales on credit Total cash receipts from customers April 162.500$111,150 144,950 May June Current month's cash sales 333,450 487,500 487,500 Collections of receivables 650,000$598,650 478,400 Total cash receipts ZIGBY MANUFACTURING Cash Budget April, May, and June 2017 April May June Beginning cash balance 80,000 199,510 280,720 sh receipts from customers 650,000 598,650 478,400 Total cash available 730,000 798,160 759,120 Cash payments for: Raw materials 215,690 199,700 228,600 Direct labor 149,440 170,080 195,680 Variable overhead 42,520 37,360 48,920 Sales commissions 44.460 65,000 44,460 Sales salaries 5,000 5,000 5,000 General & administrative salaries 21,000 21,000 21,000 Dividends 30,000 0 Loan interest 320 0 0 ,680 Long-term note interest 4,680 4,680 Purchases of equipment 0 150,000 Taxes paid 0 0 Taxes paid 698,340 517,440 498,490 Total cash payments 60,780 280,720 231,510 Preliminary cash balance 20,000 (32,000) Adaitional loan (loan repaymenty $ 199,510 $ 280,720 $ 80,780 Ending cash balance Loan balance May June April 32,000 Loan balance- Beginning of month 20,000 (32,000) Additional loan (loan repayment) 0 $20,000 Loan balance End of month Required 9 Required 7 ZIGBY MANUFACTURING Budgeted Income Statement For Three Months Ended June 30, 2017 Sales $ 1,674,400 Cost of goods sold Gross proft Operating expenses Sales commissions Sales salaries General administrative salaries Total operating expenses ncome before taxes 0 ong-term note interest Net income Required 8 Required 10 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 Required 9