I See The Light Projected Income Statement For the Period Ending December 31, 20x1 $ 1,125,000.00 750,000.00 375,000.00 75000 $ Sales 25,000 lamps @ $45.00 Cost of Goods Sold @ $30.00 Gross Profit Selling Expenses: Fixed Variable (Commission per unit) @ $3.00 Administrative Expenses: Fixed Variable @ $2.00 Total Selling and Administrative Expenses: Net Profit $ 23,000.00 7 5,000.00 $ 98,000.00 $ 42,000.00 50,000.00 92,000.00 190,000.00 185,000.00 $ I See The Light Projected Balance Sheet As of December 31, 20x1 $ 34,710.00 67,500.00 Current Assets Cash Accounts Receivable Inventory Raw Material Lamp Kits Work in Process Finished Goods Total Current Assets 500 @ $16.00 8,000.00 3000 @ $30.00 90,000.00 200,210.00 S Fixed Assets Equipment Accumulated Depreciation Total Fixed Assets Total Assets $ 20,000.00 6,800.00 13,200.00 213,410.00 $ $ 54,000.00 54,000.00 Current Liabilities Accounts Payable Total Liabilities Stockholder's Equity Common Stock Retained Eamings Total Stockholder's Equity Total Liabilities and Stockholder's Equity $ 12,000.00 147,410.00 159,410.00 213,410.00 $ I See The Light Projected Income Statement For the Period Ending December 31, 20x1 Division N has decided to develop its budget based upon projected sales of 25,000 lamps at $49.00 per lamp. The company has requested that you prepare a master budget for the year. This budget is to be used for planning and control of operations and should be composed of: 46. 375,000.00 $ 1. Production Budget Sales 25,000 lamps @ $45.00 Cost of Goods Sold @ $30.00 Gross Profit Selling Expenses: Fixed Variable (Commission per unit) @ $3.00 Administrative Expenses: Fixed Variable @ $2.00 Total Selling and Administrative Expenses: Net Profit $ 23,000.00 75,000.00 $ 98,000.00 2. Materials Budget $42.000.00 50,000.00 92,000.00 $ 190,000.00 185,000.00 3. Direct Labor Budget 4. Factory Overhead Budget 5. Selling and Administrative Budget 6. Cost of Goods Sold Budget I See The Light Projected Balance Sheet As of December 31, 20x1 7. Budgeted Income Statement $ 34,710.00 67,500.00 8. Cash Budget Current Assets Cash Accounts Receivable Inventory Raw Material Lamp Kits Work in Process Finished Goods Total Current Assets 8,000.00 Notes for Budgeting: 500 @ $16.00 3000 @ $30.00 90,000.00 $ 200,210.00 Fixed Assets Equipment Accumulated Depreciation Total Fixed Assets Total Assets The company wants to maintain the same number of units in the beginning and ending inventories of work-in-process, and electrical parts while increasing the inventory of Lamp Kits to 700 pieces and decreasing the finished goods by 20%. $ 20,000.00 6,800.00 13.200.00 213.410.00 $ $ $ $4.000.00 54,000.00 Cument Liabilities Accounts Payable Total Liabilities Stockholder's Equity Common Stock Retained Eamings Total Stockholder's Equity Total Liabilities and Stockholder's Equity 7 Budgeted Income Statement $ 12,000.00 147.410.00 159.410.00 S213.410.00 Sales Cost of Goods Sold Gross Profit Selling Expenses & Admin Expenses Net Income {10.01) I See The Light Projected Income Statement For the Period Ending December 31, 20x1 $ 1,125,000.00 750,000.00 375,000.00 75000 $ Sales 25,000 lamps @ $45.00 Cost of Goods Sold @ $30.00 Gross Profit Selling Expenses: Fixed Variable (Commission per unit) @ $3.00 Administrative Expenses: Fixed Variable @ $2.00 Total Selling and Administrative Expenses: Net Profit $ 23,000.00 7 5,000.00 $ 98,000.00 $ 42,000.00 50,000.00 92,000.00 190,000.00 185,000.00 $ I See The Light Projected Balance Sheet As of December 31, 20x1 $ 34,710.00 67,500.00 Current Assets Cash Accounts Receivable Inventory Raw Material Lamp Kits Work in Process Finished Goods Total Current Assets 500 @ $16.00 8,000.00 3000 @ $30.00 90,000.00 200,210.00 S Fixed Assets Equipment Accumulated Depreciation Total Fixed Assets Total Assets $ 20,000.00 6,800.00 13,200.00 213,410.00 $ $ 54,000.00 54,000.00 Current Liabilities Accounts Payable Total Liabilities Stockholder's Equity Common Stock Retained Eamings Total Stockholder's Equity Total Liabilities and Stockholder's Equity $ 12,000.00 147,410.00 159,410.00 213,410.00 $ I See The Light Projected Income Statement For the Period Ending December 31, 20x1 Division N has decided to develop its budget based upon projected sales of 25,000 lamps at $49.00 per lamp. The company has requested that you prepare a master budget for the year. This budget is to be used for planning and control of operations and should be composed of: 46. 375,000.00 $ 1. Production Budget Sales 25,000 lamps @ $45.00 Cost of Goods Sold @ $30.00 Gross Profit Selling Expenses: Fixed Variable (Commission per unit) @ $3.00 Administrative Expenses: Fixed Variable @ $2.00 Total Selling and Administrative Expenses: Net Profit $ 23,000.00 75,000.00 $ 98,000.00 2. Materials Budget $42.000.00 50,000.00 92,000.00 $ 190,000.00 185,000.00 3. Direct Labor Budget 4. Factory Overhead Budget 5. Selling and Administrative Budget 6. Cost of Goods Sold Budget I See The Light Projected Balance Sheet As of December 31, 20x1 7. Budgeted Income Statement $ 34,710.00 67,500.00 8. Cash Budget Current Assets Cash Accounts Receivable Inventory Raw Material Lamp Kits Work in Process Finished Goods Total Current Assets 8,000.00 Notes for Budgeting: 500 @ $16.00 3000 @ $30.00 90,000.00 $ 200,210.00 Fixed Assets Equipment Accumulated Depreciation Total Fixed Assets Total Assets The company wants to maintain the same number of units in the beginning and ending inventories of work-in-process, and electrical parts while increasing the inventory of Lamp Kits to 700 pieces and decreasing the finished goods by 20%. $ 20,000.00 6,800.00 13.200.00 213.410.00 $ $ $ $4.000.00 54,000.00 Cument Liabilities Accounts Payable Total Liabilities Stockholder's Equity Common Stock Retained Eamings Total Stockholder's Equity Total Liabilities and Stockholder's Equity 7 Budgeted Income Statement $ 12,000.00 147.410.00 159.410.00 S213.410.00 Sales Cost of Goods Sold Gross Profit Selling Expenses & Admin Expenses Net Income {10.01)