Need help with this problem.

Prepare the Selling and Administrative Budget assuming:

1. Advertising expenses are expected to be of $2,500 per quarter.

2. Freight-out is expected to be $1.10 per unit sold.

3. Sale Commission is expected to be $2.45 per unit sold.

4. Office salaries are expected to be $3,200 per quarter.

5. Depreciation is expected to be $1,750 per quarter.

6. Other variable costs are expected to be $.25 per unit sold.

7. Sales salaries are expected to be $18,000 per quarter.

8. Property taxes and insurance are expected to be $750 per quarter.

9. Miscellaneous expense is expected to be $.15 per direct labor hour plus $350

per quarter.

Prepare the Budgeted Income Statement with the information above and the following information:

1. Manufacturing overhead required per unit is 2.5

2. Interest Expense is $12,000.

3. Income tax rate is 15.5%

Prepare the Cash Budget assuming:

1. January 1, 2020 cash balance is expected to be $60,000

2. Sales are expected to be collected:

a. 60% in the quarter of the sale.

b. 25% one quarter after the sale.

c. 15% two quarter after the sale.

3. Accounts Receivable of $68,000 at December 31, 2019 are expected to be collected in full, $40,000 in the first quarter and the remaining in the second quarter of 2020.

4. Direct material is expected to be paid:

a. 35% in the quarter of purchase.

b. 35% one quarter after the purchase.

c. 30% two quarter after the purchase.

5. Short term investments are expected to be sold for $5,000 in the second quarter and $3,500 in the third quarter.

6. Long term investment is expected to be sold for $25,000 in the third quarter.

7. Direct labor is 100% paid in the quarter incurred.

8. Manufacturing overhead, all items except depreciation are paid in the quarter incurred.

9. Selling and administrative expenses, all items except depreciation are paid in the quarter incurred.

10. Management plans to purchase a minivan in the fourth quarter for $35,000, and a delivery truck in the third quarter for $10,600.

11. McGregor makes equal quarterly payments of its estimated annual income taxes.

12. Accounts payable of $25,500 at December 31, 2019 are expected to be paid in full in the second quarter.

13. McGregor wishes to maintain a balance of at least $30,000 in cash.

14. Assume interest of $1,000 in the repayment

15. Common Stock are expected to be issued in the fourth quarter for an amount of 20,000.

16. Loans are repaid in the earlier quarter in which there is sufficient cash (that is when the cash on hand exceeds the $30,000 minimum required balance).

Prepare the Budgeted Balance Sheet with the information above and the following information:

1. Pertinent data at December 31, 2019 are as follows:

a. Building and equipment, $250,000

b. Accumulated depreciation $120,000

c. Common stocks $201,000

d. Retained earnings $230,997.48

2. The accounts that should be in the statements are:

a. Cash

b. Account receivable

c. Finished goods inventory

d. Raw material inventory

e. Accounts payable

f. The accounts mentioned in part 1 of this section.

Prepare the Selling and Administrative Budget assuming: 1. Advertising expenses are expected to be of $2,500 per quarter. 2. Freight-out is expected to be $1.10 per unit sold. 3. Sale Commission is expected to be $2.45 per unit sold. 4. Office salaries are expected to be $3,200 per quarter. 5. Depreciation is expected to be $1,750 per quarter. 6. Other variable costs are expected to be $.25 per unit sold. 7. Sales salaries are expected to be $18,000 per quarter. 8. Property taxes and insurance are expected to be $750 per quarter. 9. Miscellaneous expense is expected to be $.15 per direct labor hour plus $350 per quarter. Prepare the Budgeted Income Statement with the information above and the following information: 1. Manufacturing overhead required per unit is 2.5 2. Interest Expense is $12,000. 3. Income tax rate is 15.5% Prepare the Cash Budget assuming: 1. January 1, 2021 cash balance is expected to be $60,000 2. Sales are expected to be collected: a. 60% in the quarter of the sale. b. 25% one quarter after the sale. c. 15% two quarter after the sale. 3. Accounts Receivable of $68,000 at December 31, 2020 are expected to be collected in full, $40,000 in the first quarter and the remaining in the second quarter of 2021. 4. Direct material is expected to be paid: a. 35% in the quarter of purchase. b. 35% one quarter after the purchase. c. 30% two quarter after the purchase. 5. Short term investments are expected to be sold for $5,000 in the second quarter and $3,500 in the third quarter. 6. Long term investment is expected to be sold for $25,000 in the third quarter. 7. Direct labor is 100% paid in the quarter incurred. 8. Manufacturing overhead, all items except depreciation are paid in the quarter incurred. 9. Selling and administrative expenses, all items except depreciation are paid in the quarter incurred. 10. Management plans to purchase a minivan in the fourth quarter for $35,000, and a delivery truck in the third quarter for $10,600. 11. 12. McGregor makes equal quarterly payments of its estimated annual income taxes. Accounts payable of $25,500 at December 31, 2020 are expected to be paid in full in the second quarter. 13. McGregor wishes to maintain a balance of at least $30,000 in cash. Assume interest of $1,000 in the repayment 14. 15. 16. Common Stock are expected to be issued in the fourth quarter for an amount of 20,000. Loans are repaid in the earlier quarter in which there is sufficient cash (that is when the cash on hand exceeds the $30,000 minimum required balance). Prepare the Budgeted Balance Sheet with the information above and the following information: 1. Pertinent data at December 31, 2020 are as follows: a. Building and equipment, $250,000 b. Accumulated depreciation $120,000 c. Common stocks $201,000 d. Retained earnings $230,997.48 2. The accounts that should be in the statements are: a. Cash b. Account receivable c. Finished goods inventory d. Raw material inventory e. Accounts payable f. The accounts mentioned in part 1 of this section. B Expected unit sales Unit selling price Total sales Expected unit sales Add: desired ending finished goods units Total required units Less: beginning finished goods units Required production units 1 D Name of the company Sales Budget Date 2 Get Off E 8,000 9,600 $ 75.00 $ 75.00 $ $ 600,000.00 $ 720,000.00 $ Name of the company Production Budget Date 9,600.00 2,160.00 11.760.00 2,400.00 9,360.00 8,000.00 2,400.00 10,400.00 2,800.00 7,600.00 3 G 4 Total 8,640 10,800) 37,040.00 82.50 $ 315.00 712,800.00 $ 891,000.00 $2,923,800.00 82.50 S 8,640.00 10,800.00 37,040.00 3,780.00 3,850.00 12,190.00 12,420.00 14,650.00 49,230.00 2,160.00 3,780.00 11,140.00 10,260.00 10,870.00 38,090.00 Shell menutum and pati 25 B Units to be produced Multiply by Direct material per unit Direct Materials units required for production Add: Desired ending direct material units Total material required Less: Beginning direct material units Direct Material units required to be purchases Cots per Direct material units Total cost of Direct Material purchased C D Name of the company Direct Material Budget Date 1 2 7,600.00 9,360.00 3.00 3.00 22,800.00 28,080,00 4,212.00 4.617.00 27,012.00 32,697.00 4,560.00 4,212.00 22,452.00 28,485.00 8.25 8.25 235,001.25 185.229.00 Name of the company Direct Labor Budget Date E 3 10,260.00 3.00 30,780.00 6.522.00 37,302.00 4,617.00 32,685.00 8.25 269,651.25 4 10,870.00 3.00 32.610.00 7,700.00 40,310.00 6,522.00 33,788.00 8.25 278.751.00 Total 38,090.00 12.00 114,270.00 23.051.00 137,321.00 19,911.00 117.410.00 33.00 968,632.50 H A Sha Units to be produced Direct labor time per unit Total required direct labor hours Direct labor cost per hour Total direct labor cost Direct labor hours. Variable Costs E indirect material indirect labor other variable cost Maintenance C Quarter 1 D Name of the company Direct Labor Budget Date Quarter 2 Quarter 3 7,600.00 9,360.00 2.50 19,000.00 2.50 23,400,00 7.50 7.50 142,500.00 175,500.00 Name of the company Manufacturing Overhead Budget Date