Only need help with #39. please include calculations if possible (ie (5000+2000+3000)=10k
The management o Zigby Manu acturing prepared the following estimated balance sheet for March, 2015 ZIGBY MANUFACTURING Estimated Balance Shee March 31. 2015. Assets Cash 40.000 Accounts receivable 342.248 Raw materials inventory 98,500 Finished goods inventory 325.540 Total current assets 806.288 Equipment, gro 600,000 50.000 Accumulated depreciation Equipment, net 450.000 Total assets 1,256,288 Liabilities and Equity Accounts payable 200,500 Short-ter m notes payable 2,000 212,500 Total curren abilities Long-term note payable 500,000 Tota abilities 712,500 Common stoc 335.000 Reta ed earnings 208.788 Total stockholders' equity 543.788 1,256,288 Total liabilities and equity To prepare a master budget for Ap May, and June of 2015, management gathers the following information a. Sales for March total 20,500 units. Forecasted sales in units are as follows: Ap 20,500; May, 19,500 June, 20.000: July, 20.500. Sales of 240.000 units are forecasted for the entire year. The product's selling price is $23.85 per unit and its total product cos s $19.85 per unit. b. Company policy calls for a given month's ending raw m aterials inventory to equal 50% of the next month's materials requirements. The March 31 raw materials inventory is 4,925 units, which complies with the policy. The expected June material 30 ending raw inventory is 4.000 units. Raw materials cost $20 per unit. Each finished unit requires 0.50 units of raw materials c. Company policy calls for a given month's ending finished goods inventory to equal 80% of the next month's expected unit sales. The March 3 finished goods inventory is 16,400 units, which complies with the policy. d. Each finished unit requires 0.50 hours of direct labor at a rate of $15 per hour. e. Overhead is allocated based on direct abor hours he predetermined variabl e overhead rate is $270 per direct labor hour. Depreciation of $20,000 per month is treated as fixed factory overh ead f Sales representatives' commissions are 8% of sales and are paid in the month of the sales. The sales manager's monthly salary is $3.000 g. Monthly general and administrative expenses include S12,000 administrative salaries and 09% monthly interest on the long-term note payable h. The company expects 30% of sales to be for cash and the rem ning 70% on credit. Receivables are collected in full in the month following the sale (none is collected in the month of the sale All raw m aterials purchases are on credit, and no payab es arise from any othe ansactions. One month's aterials purchases are fully paid in the next month J. The minimum ending cash balance for all months is $40.000. 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% a each month-end (before any repayment. If the ending cash balance exceeds the minimum, the excess ill be applied to repaying the short-term notes payable balance. K. Dividends of $10,000 are to be declared and paid in May l. No cash payments for income taxes are to be made during the second calendar quarte ncome tax will be assessed at 35% in the quarter and paid in the third calendar quarter m. Equipment purchases of $130.000 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 prepared for the second calendar quarter. except as otherwise oted below. Round calculations up to the nearest whole dolla except for the amount of cash sales, which should be rounded
