P22-41A (similar to) Question Help 0 The Grady Tire Company manufactures racing tires for bicycles. Grady sells tires for $80 each. Grady is planning for the next year by developing a master budget by quarters. Grady's balance sheet for December 31, 2018, follows: (Click the icon to view the balance sheet.) Other data for Grady Tire Company: (Click the icon to view the other data.) Read the requirements. Requirements Requirement 1. Prepare Grady's op direct materials budget, direct laborb receipts, schedule of cash payments dollar. sales budget, production budget, expense budget, schedule cash ound all calculations to the nearest Begin by preparing the sales budget. 1. Prepare Grady's operating budget and cash budget for 2019 by quarter. Required schedules and budgets include: sales budget, production budget, direct materials budget, direct labor budget, manufacturing overhead budget, cost of goods sold budget, selling and administrative expense budget, schedule of cash receipts, schedule of cash payments, and cash budget. Manufacturing overhead costs are allocated based on direct labor hours. Round all calculations to the nearest dollar. 2. Prepare Grady's annual financial budget for 2019, including budgeted income statement and budgeted balance sheet. Fort FI Qud Budgeted tires to be sold Sales price per unit Print Done Total sales Enter any number in the edit fields and then click Check Answer. ? 18 parts Clear All Check Answer remaining The Grady Tire Company manufactures racing tires for bicycles. Grady sells tires for $80 each. Grady is planning for the next year by developing a master budget by quarters. Grady's balance sheet for December 31, 2018, follows: (Click the icon to view the balance sheet.) Other data for Grady Tire Company: (Click the icon to view the other data.) Read the requirements. Requirement 1. Prepare Grady's operating budget and cash budget for 2019 by quarter. Required schedules and budgets include: sales budget, production budget, direct materials budget, direct labor budget, manufacturing overhead budget, cost of goods sold budget, selling and administrative expense budget, schedule of cash receipts, schedule of cash payments, and cash budget. Manufacturing overhead costs are allocated based on direct labor hours. Round all calculations to the nearest dollar. Begin by preparing the sales budget. Grady Tire Company Sales Budget For the Year Ended December 31, 2019 First Second Third Quarter Quarter Quarter Fourth Quarter Total Budgeted tires to be sold Sales price per unit Total sales Data Table - Grady Tire Company Balance Sheet December 31, 2018 Assets Current Assets: Cash $ 71,000 Accounts Receivable 50,000 Raw Materials Inventory 4,000 18,000 Finished Goods Inventory Total Current Assets $ 143,000 Property, Plant, and Equipment: Equipment 139,000 (55,000) Less: Accumulated Depreciation 84,000 $ 227,000 Total Assets Liabilities Liabilities Current Liabilities: Accounts Payable $ 11,000 Stockholders' Equity $ Common Stock, no par 140,000 76,000 Retained Earnings Total Stockholders' Equity 216,000 $ 227,000 Total Liabilities and Stockholders' Equity P22-41A (similar to) Question Help 0 The Grady Tire Company manufactures racing tires for bicycles. Grady sells tires for $80 each. Grady is planning for the next year by developing a master budget by quarters. Grady's balance sheet for December 31, 2018, follows: (Click the icon to view the balance sheet.) Other data for Grady Tire Company: (Click the icon to view the other data.) Read the requirements. Requirements Requirement 1. Prepare Grady's op direct materials budget, direct laborb receipts, schedule of cash payments dollar. sales budget, production budget, expense budget, schedule cash ound all calculations to the nearest Begin by preparing the sales budget. 1. Prepare Grady's operating budget and cash budget for 2019 by quarter. Required schedules and budgets include: sales budget, production budget, direct materials budget, direct labor budget, manufacturing overhead budget, cost of goods sold budget, selling and administrative expense budget, schedule of cash receipts, schedule of cash payments, and cash budget. Manufacturing overhead costs are allocated based on direct labor hours. Round all calculations to the nearest dollar. 2. Prepare Grady's annual financial budget for 2019, including budgeted income statement and budgeted balance sheet. Fort FI Qud Budgeted tires to be sold Sales price per unit Print Done Total sales Enter any number in the edit fields and then click Check Answer. ? 18 parts Clear All Check Answer remaining The Grady Tire Company manufactures racing tires for bicycles. Grady sells tires for $80 each. Grady is planning for the next year by developing a master budget by quarters. Grady's balance sheet for December 31, 2018, follows: (Click the icon to view the balance sheet.) Other data for Grady Tire Company: (Click the icon to view the other data.) Read the requirements. Requirement 1. Prepare Grady's operating budget and cash budget for 2019 by quarter. Required schedules and budgets include: sales budget, production budget, direct materials budget, direct labor budget, manufacturing overhead budget, cost of goods sold budget, selling and administrative expense budget, schedule of cash receipts, schedule of cash payments, and cash budget. Manufacturing overhead costs are allocated based on direct labor hours. Round all calculations to the nearest dollar. Begin by preparing the sales budget. Grady Tire Company Sales Budget For the Year Ended December 31, 2019 First Second Third Quarter Quarter Quarter Fourth Quarter Total Budgeted tires to be sold Sales price per unit Total sales Data Table - Grady Tire Company Balance Sheet December 31, 2018 Assets Current Assets: Cash $ 71,000 Accounts Receivable 50,000 Raw Materials Inventory 4,000 18,000 Finished Goods Inventory Total Current Assets $ 143,000 Property, Plant, and Equipment: Equipment 139,000 (55,000) Less: Accumulated Depreciation 84,000 $ 227,000 Total Assets Liabilities Liabilities Current Liabilities: Accounts Payable $ 11,000 Stockholders' Equity $ Common Stock, no par 140,000 76,000 Retained Earnings Total Stockholders' Equity 216,000 $ 227,000 Total Liabilities and Stockholders' Equity