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Lily Industries' balance sheet at December 3 1 , 2 0 2 4 , is presented below. Budgeted data for the year 2 0 2
Lily Industries' balance sheet at December is presented below.
Budgeted data for the year include the following.
To meet sales requirements and to have units of finished goods on hand at December the production budget shows
required units of output. The total unit cost of production is expected to be $ Lily uses the firstin firstout FIFO inventory
costing method. Interest expense is expected to be $ for the year. Income taxes are expected to be of income before income
taxes. In the company expects to declare and pay an $ cash dividend.
The company's cash budget shows an expected cash bal ance of $ at December All sales and purchases are on
account. It is expected that of quarterly sales are collected in cash within the quarter and the remainder is collected in the
following quarter. Direct materials purchased from suppliers are paid in the quarter incurred and the remainder in the following
quarter. Purchases in the fourth quarter were the same as the materials used. In the company expects to purchase additional
equipment costing $ A total of $ of depreciation expense on equipment is included in the budget data and split equally
between manufacturing overhead and selling and administrative expenses. Lily expects to pay $ on the outstanding notes
December includes amounts due suppliers see above plus other accounts payable relating to manufacturing overhead of
$ Unpaid income taxes at December will be $
Prepare a budgeted classificd balance shect at December List Current Assets in order of liquidity
LILY INDUSTRIES
udgeted Balance Sheet
Assets
$
Assets
$
uarr
Liabilities and Stockholders' Equity
$
$
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