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Budgeted Income Statement and Balance Sheet As a preliminary to requesting budget estimates of sales, costs, and expenses for the fiscal year beginning January 1, 2049, the following tentative trial balance as of December 31, 2048, is prepared by the Accounting Department of Regina Soap Co.: Cash $101,800 Accounts Receivable 195,500 Finished Goods 41,100 Work in Process 27,400 Materials 45,000 Prepaid Expenses 3,300 Plant and Equipment 515,100 Accumulated Depreciation-Plant and Equipment $221,500 Accounts Payable 139,500 Common Stock, $10 par 350,000 Retained Earnings 218,200 $929,200 $929,200 Factory output and sales for 2049 are expected to total 25,000 units of product, which are to be sold at $100 per unit. The quantities and costs of the inventories at December 31, 2019, are expected to remain unchanged from the balances at the beginning of the year. Budget estimates of manufacturing costs and operating expenses for the year are summarized as follows: Estimated costs and Expenses Fixed Variable (Total for Year) (Per Unit Sold) Cost of goods manufactured and sold: Direct materials $25 Direct labor Factory overhead: $25,000 Depreciation of plant and equipment Other factory overhead 7,800 4.5 Selling expenses: Sales salaries and commissions 89,800 12.5 Advertising Miscellaneous selling expense Administrative expenses: 75,000 6,500 2 Office and officers salaries 59,000 6.5 Supplies 3,000 1 Miscellaneous administrative expense 1,600 1.5 Balances of accounts receivable, prepaid expenses, and accounts payable at the end of the year are not expected to differ significantly from the beginning balances. Federal income tax of $212,200 on 2049 taxable income will be paid during 2049. Regular quarterly cash dividends of $1 per share are expected to be declared and paid in March, June, September, and December on 35,000 shares of common stock outstanding. It is anticipated that fixed assets will be purchased for $139,000 cash in May. Required: 1. Prepare a budgeted income statement for 2049. Regina Soap Co. Budgeted Income Statement For the Year Ending December 31, 2049 Cost of goods sold: $ Cost of goods sold Gross profit $ Operating expenses: Selling expenses: Total selling expenses Administrative expenses: DOC Total administrative expenses Total operating expenses Income before income tax 2. Prepare a budgeted balance sheet as of December 31, 2049. Regina Soap Co. Budgeted Balance Sheet December 31, 2019 Assets Current assets: Inventories: Total current assets Property, plant, and equipment: Total property, plant, and equipment Total assets Liabilities Current liabilities: Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity