ORIOLE INDUSTRIES Balance Sheet December 31, 2021 Assets Current Assets Cash $7,800 Accounts receivable 76,440 Finished goods inventory (1,560 units) 24,960 Total current assets 109,200 Property, Plant, and Equipment Equipment $41,600 Less: Accumulated depreciation 10,400 31,200 Total assets $140,400 Liabilities and Stockholders' Equity Liabilities Notes payable $26,000 Accounts payable 46,800 Total liabilities 72,800 Stockholders' Equity Common stock $41,600 Retained earnings 26,000 Total stockholders' equity 67,600 Retained earnings 26,000 Total stockholders' equity 67,600 Total liabilities and stockholders' equity $140,400 Budgeted data for the year 2022 include the following. 2022 Quarter 4 Total Sales budget (8,800 units at $32) $84,480 $281,600 Direct materials used 17,680 65,000 Direct labor 13,000 52,936 Manufacturing overhead applied 10,400 50,544 Selling and administrative expenses 18,720 78,000 To meet sales requirements and to have 2,600 units of finished goods on hand at December 31, 2022, the production budget shows 9,360 required units of output. The total unit cost of production is expected to be $18. Oriole uses the first-in, first-out (FIFO) inventory costing method. Interest expense is expected to be $3,640 for the year. Income taxes are expected to be 20% of income before income taxes. In 2022, the company expects to declare and pay an $8,320 cash dividend. The company's cash budget shows an expected cash balance of $24,272 at December 31, 2022. All sales and purchases are on account. It is expected that 60% 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 50% in the quarter incurred and the remainder in the following quarter. Purchases in the fourth quarter were the same as the materials used. In 2022, the company expects to purchase additional equipment costing $9,360. $4,280 of depreciation expense on equipment is included in the budget data and snlit equally between manufacturing overhead and selling and administrative is included in the budget data and split equally between manufacturing overhead and selling and administrative expenses. Oriole expects to pay $8,320 on the outstanding notes payable balance plus all interest due and payable to December 31 (included in interest expense $3,640, above). Accounts payable at December 31, 2022, includes amounts due suppliers (see above) plus other accounts payable relating to manufacturing overhead of $7,488. Unpaid income taxes at December 31 will be $5,200. Prepare a budgeted statement of cost of goods sold. ORIOLE INDUSTRIES Budgeted Cost of Goods Sold $ $ $ Prepare a budgeted multiple-step income statement for 2022. ORIOLE INDUSTRIES Budgeted Income Statement $ $ e Textbook and Media e Textbook and Media Prepare a retained earnings statement for 2022. (List items that increase retained earnings frst.) ORIOLE INDUSTRIES Budgeted Retained Earnings Statement $ CO C $ e Textbook and Media Prepare a budgeted classified balance sheet at December 31, 2022. (List Current Assets in order of liquidity ) ORIOLE INDUSTRIES Budgeted Balance Sheet Prepare a budgeted classified balance sheet at December 31, 2022. (List Current Assets in order of liquidity.) ORIOLE INDUSTRIES Budgeted Balance Sheet Assets C $ $ $ 10 $ Liabilities and Stockholders' Equity $ $ Liabilities and Stockholders' Equity $ $ $ e Textbook and Media Save for Later Attempts: 0 of 3 used Submit Answer ORIOLE INDUSTRIES Balance Sheet December 31, 2021 Assets Current Assets Cash $7,800 Accounts receivable 76,440 Finished goods inventory (1,560 units) 24,960 Total current assets 109,200 Property, Plant, and Equipment Equipment $41,600 Less: Accumulated depreciation 10,400 31,200 Total assets $140,400 Liabilities and Stockholders' Equity Liabilities Notes payable $26,000 Accounts payable 46,800 Total liabilities 72,800 Stockholders' Equity Common stock $41,600 Retained earnings 26,000 Total stockholders' equity 67,600 Retained earnings 26,000 Total stockholders' equity 67,600 Total liabilities and stockholders' equity $140,400 Budgeted data for the year 2022 include the following. 2022 Quarter 4 Total Sales budget (8,800 units at $32) $84,480 $281,600 Direct materials used 17,680 65,000 Direct labor 13,000 52,936 Manufacturing overhead applied 10,400 50,544 Selling and administrative expenses 18,720 78,000 To meet sales requirements and to have 2,600 units of finished goods on hand at December 31, 2022, the production budget shows 9,360 required units of output. The total unit cost of production is expected to be $18. Oriole uses the first-in, first-out (FIFO) inventory costing method. Interest expense is expected to be $3,640 for the year. Income taxes are expected to be 20% of income before income taxes. In 2022, the company expects to declare and pay an $8,320 cash dividend. The company's cash budget shows an expected cash balance of $24,272 at December 31, 2022. All sales and purchases are on account. It is expected that 60% 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 50% in the quarter incurred and the remainder in the following quarter. Purchases in the fourth quarter were the same as the materials used. In 2022, the company expects to purchase additional equipment costing $9,360. $4,280 of depreciation expense on equipment is included in the budget data and snlit equally between manufacturing overhead and selling and administrative is included in the budget data and split equally between manufacturing overhead and selling and administrative expenses. Oriole expects to pay $8,320 on the outstanding notes payable balance plus all interest due and payable to December 31 (included in interest expense $3,640, above). Accounts payable at December 31, 2022, includes amounts due suppliers (see above) plus other accounts payable relating to manufacturing overhead of $7,488. Unpaid income taxes at December 31 will be $5,200. Prepare a budgeted statement of cost of goods sold. ORIOLE INDUSTRIES Budgeted Cost of Goods Sold $ $ $ Prepare a budgeted multiple-step income statement for 2022. ORIOLE INDUSTRIES Budgeted Income Statement $ $ e Textbook and Media e Textbook and Media Prepare a retained earnings statement for 2022. (List items that increase retained earnings frst.) ORIOLE INDUSTRIES Budgeted Retained Earnings Statement $ CO C $ e Textbook and Media Prepare a budgeted classified balance sheet at December 31, 2022. (List Current Assets in order of liquidity ) ORIOLE INDUSTRIES Budgeted Balance Sheet Prepare a budgeted classified balance sheet at December 31, 2022. (List Current Assets in order of liquidity.) ORIOLE INDUSTRIES Budgeted Balance Sheet Assets C $ $ $ 10 $ Liabilities and Stockholders' Equity $ $ Liabilities and Stockholders' Equity $ $ $ e Textbook and Media Save for Later Attempts: 0 of 3 used Submit