I need help with

-Total cash receipts for customers (required 8)

-Cash Budgets (required 8)

-Budgeted Income Statement (required 9)

-Budgeted Balance Sheet (required 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 k. Dividends of $30.000 are to be declared and paid in May. l. 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 $150,000 are budgeted for the last day of June. Required: Prepare the following budgets and other financial information as required. All budgets and other financial information should be s prepared for the second calendar quarter, except as otherwise noted below. (Round calculations up to the nearest whole dollar, except for the amount of cash sales, which should be rounded down to the nearest whole dollar.): 1. Sales budget 2. Production budget 3. Raw materials budget 4. Direct labor budget 5. Factory overhead budget 6. Selling expense budget 7. General and administrative expense budget 8. Cash budget 9. Budgeted income statement for the entire second quarter (not for each month separately). 10. Budgeted balance sheet Required 1 | Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Required 9 Required 10 Sales budget. (Round Budgeted unit price to 2 decimal places.) ZIGBY MANUFACTURING Sales Budget April, May and June 2017 Budgeted Budgeted Budgeted Unit Unit Sales 25,000$ 26.00s 650,000 17,10020 April 2017 May 2017 26.00 444,600 22.300 26.00 579800 June 2017 Totals for the second quarter 64,400 $1,674,400 red 1 Required 2> 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 Total June May 25,000 22,300 17,100 Next month's budgeted sales (units) 80% 80% 80% Ratio of inventory to future sales Budgeted ending inventory (units) 13,68017,840 Budgeted units sales for month25,000 20,000 7,100 34,940 42,300 38,680 Required units of available production (20,000)(13,680) (17,840) 1 2126024,460 Beginning inventory (units) 8,680 Units to be produced Required 3 Required 1 Required 1 Required 2 Required 3Required 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 Total June April May 18,68021,260 0.50 24,460 Production budget (units) 0.50 Materials requirements per unit 0.50 10,630 12,230 9,340 Materials needed for production 6,000 6,115 5,315 Budgeted ending inventory 6,745 18,230 14,655 Total materials requirements (units) (4,670) (5,315)0 9,98511,430 (6,115) Beginning inventory 12,11 33,530 Materials to be purchased 20 S 20 $ 20 $ 20 Material price per unit 243 3oe 670,600 99,700 S228.600 Budgeted raw material purchases Required 2 Required 4 Required 3 1 Required 4 Required 1 Required 2 Required 5 Required 6 Required 7 Required 8 Required 9 Required 10 Direct labor budget. (Round per unit values to 2 decimal places.) ZGBY MANUFACTURING Direct Labor Budget April, May, and June 2017 April May June Total 24,460 21,260 8,680 Budgeted production (units) 0.50 050 , ose 0500 9340 10630 12.2300 32.200 16 0 1170,080 Labor requirements per unit (hours) Total labor hours needed 6s6 Direct labor rate (per hour) 195,680 S 515.200 $ 149,440 Budgeted direct labor cost Required 5 x Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Required 9 Required 1o Selling expense budget. ZGBY MANUFACTURING Selling Expense Budget April, May, and June 2017 Total April May June s 650,000 444,600 579,800 Budgeted sales 10% 10% 10% Sales commission percent 65,000 44,460 57,980 1 5,0005,000 167 440 Sales commissions 5,000 15,000 Sales salaries Total budgeted seling expenses Os 70,000 s 49,460 s 62.960 s 182 440 | Required 7 Required 5 Required 1 Required 2 Required 3 Required 4 Required 5 Required 6Required 7 Required 8 Required 9 Required 10 ed General and administrative expense budget. ZIGBY MANUFACTURING General and Administrative Expense Budgets April, May, and June 2017 Total May June April 21,000 $ 21,000 s 21,000$ 63,000 14,040 Salaries Interest on long-term note4680 6 14.040 3 25,000 26,080 25,080 77040 4,680 4,680 25,680 S 77,040 25,680 Total budgeted G&A expenses Required 8> Required 6 Required 1 Required 2 Required 3 Required 4 Required S 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: April May June Total budgeted sales S 650,000 444,600s 579,800 162,500 111150 144,950 75% s 487 5000 s 333,450 s 434 Cash sales 25% Sales on credit Total cash receipts from customers April May June Current month's cash sales $ 162,500$ 111,150$ 144,950 87,500 333,450 434,85o 650,000 444,600 579,800 Total cash receipts ZIGBY MANUFACTURING Cash Budget April, May, and June 2017 May April June 80,0000 650,000 Beginning cash balance Cash receipts from customers 730,000 Total cash available Cash payments for: Raw materials 215,690 149,440 37,360 Direct labor Variable overhead Sales commissions 21,000 Sales salaries General& administrative salaries Dividends Loan interest Long-term note interest Purchases of equipment Taxes paid Total cash payments 423,490 0 Preliminary cash balance Additional loan (loan repayment) Ending cash balance Loan balance May June April Loan balance- Beginning of month Additional loan (loan repayment) Loan balance End of month Required 7 Required 9 Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted. Required 1 Required 2 Required 3 Required 4 Required S Required 6 Required 7 Required 8 Required 9 Required 10 Budgeted balance sheet. (Round your final answers to the nearest whole dollar.) ZGBY MANUFACTURING Budgeted Balance Sheet June 30, 2017 Assets Total current assets Equipment, net Total assets