Please help! everything should be given! I really only need the blanks

Again, everything is given in this problem that I see. I am not missing anything.

g. Each tire requires 0.60 hours of direct labor; direct labor costs average $10 per hour. h. Variable manufacturing overhead is $3 per tire. i. Fixed manufacturing overhead includes $5,000 per quarter in depreciation and $27,292 per quarter for other costs, such as utilities, insurance, and property taxes j. Fixed selling and administrative expenses include $14,000 per quarter for salaries; $4,200 per quarter for rent; $600 per quarter for insurance, and $1,500 per quarter for depreciation. k. Variable selling and administrative expenses include supplies at 1% of sales. I. Capital expenditures include $40,000 for new manufacturing equipment to be purchased and paid in the first quarter. m. Cash receipts for sales on account are 70% in the quarter of the sale and 30% in the quarter following the sale; December 31, 2018, Accounts Receivable is received in the first quarter of 2019, uncollectible accounts are considered insignificant and not considered for budgeting purposes. n. Direct materials purchases are paid 80% in the quarter purchased and 20% in the following quarter; December 31, 2018, Accounts Payable is paid in the first quarter of 2019. o. Direct labor, manufacturing overhead, and selling and administrative costs are paid in the quarter incurred. p. Income tax expense is projected at $3,500 per quarter and is paid in the quarter incurred. q. Grayson desires to maintain a minimum cash balance of $65,000 and borrows from the local bank as needed in increments of $1,000 at the beginning of the quarter, principal repayments are made at the beginning of the quarter when excess funds are available and in increments of $1,000; interest is 6% per year and paid at the beginning of the quarter based on the amount outstanding from the previous quarter. i More Info CA Requirements 1. Prepare Grayson'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 Grayson's annual financial budget for 2019, including budgeted income statement and budgeted balance sheet. Print Done (Unless otherwise noted, assume all of the following events occurred during 2018 and that any balances given are stated as of December 31, 2018.) a. Budgeted sales are 2,000 tires for the first quarter and expected to increase by 100 tires per quarter. Cash sales are expected to be 10% of total sales, with the remaining 90% of sales on account. b. Finished Goods Inventory on December 31, 2018 consists of 200 tires at $26 each. c. Desired ending Finished Goods Inventory is 40% of the next quarter's sales; first quarter sales for 2020 are expected be 2,400 tires. FIFO inventory costing method is used. d. Raw Materials Inventory on December 31, 2018, consists of 400 pounds of rubber compound used to manufacture the tires. e. Direct materials requirements are 2 pounds of a rubber compound per tire. The cost of the compound is $6.50 per pound. Desired ending Raw Materials Inventory is 30% of the next quarter's direct materials needed for production; desired ending inventory for December 31, 2019 is 400 pounds; indirect materials are insignificant and not considered for budgeting purposes. g. Each tire requires 0.60 hours of direct labor, direct labor costs average $10 per hour. h. Variable manufacturing overhead is $3 per tire. i. Fixed manufacturing overhead includes $5,000 per quarter in depreciation and $27,292 per quarter for other costs, such as utilities, insurance, and property taxes. j. Fixed selling and administrative expenses include $14,000 per quarter for salaries; $4,200 per quarter for rent; $600 per quarter for insurance; and $1,500 per quarter for depreciation. k. Variable selling and administrative expenses include supplies at 1% of sales. I. Capital expenditures include $40,000 for new manufacturing equipment, to be purchased and paid in the first quarter. m. Cash receipts for sales on account are 70% in the quarter of the sale and 30% in the quarter following the sale; December 31, 2018, Accounts Receivable is received in the first quarter of 2019, uncollectible accounts are considered insignificant and not considered for budgeting purposes. Print Done ] i Data Table Assets Current Assets: Cash $ Accounts Receivable Raw Materials Inventory 68,000 30,000 2,600 5,200 $ 105,800 Finished Goods Inventory Total Current Assets Property, Plant, and Equipment: Equipment 177,000 (39,000) Less: Accumulated Depreciation 138,000 243,800 Total Assets Liabilities Current Liabilities: Accounts Payable $ 11,000 Stockholders' Equity $ Common Stock, no par 170,000 62,800 Retained Earnings Total Stockholders' Equity 232,800 243,800 Total liabilities and Stockholdere Cauit Print Print [ Done] The Grayson Tire Company manufactures racing tires for bicycles. Grayson sells tires for $85 each. Grayson is planning for the next year by developing a master budget by quarters. Grayson's balance sheet for December 31, 2018, follows: (Click the icon to view the balance sheet.) Other data for Grayson Tire Company: (Click the icon to view the other data.) Read the requirements. Requirement 1. Prepare Grayson'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. Grayson 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 2200 2000 8600 85 Sales price per unit 170000 95500 Total sales Prepare the production budget. Review the sales budget you prepared above. Production Budget For the Year Ended December 31, 2019 First Second Third Quarter Quarter Quarter Fourth Quarter Total Budgeted tires to be sold 2000 2100 2200 2300 8600 840 Plus: 920 880 Desired tires in ending inventory 960 Total tires needed 2840 2980 9560 Less: Tires in beginning inventory 200 2240 2340 9360 Budgeted tires to be produced Prepare the direct materials budget. Review the production budget you prepared above. Direct Materials Budget For the Year Ended December 31, 2019 First Second Quarter Quarter Third Fourth Quarter Quarter Total 9360 Budgeted tires to be produced 2640 2140 2240 2340 Direct materials per tire Direct materials needed for production 5280 4280 4480 4680 18720 400 1284 1344 1404 400 Plus: Desired direct materials in ending inventory Total direct materials needed 6564 5624 5884 5080 19120 400 400 1284 1344 1404 Less: Direct materials in beginning inventory Budgeted purchases of direct materials 6164 4340 4540 3676 18720 6.50 50 Direct materials cost per pound 6.50 40066 28210 29510 23894 121680 Budgeted cost of direct materials Prepare the direct labor budget. (Enter any hours per unit amounts to two decimal places, X.XX, and round all other amounts to the nearest whole number.) Review the production budget you prepared above. Direct Labor Budget For the Year Ended December 31, 2019 First Second Third Quarter Quarter Quarter 2640 2140 2240 Fourth Quarter Total Budgeted tires to be produced 2340 9360 Direct labor hours per unit .60 Direct labor hours needed for production 5616 Direct labor cost per hour 15840 840 4040 56160 Budgeted direct labor cost Prepare the manufacturing overhead budget. (Abbreviations used: VOH = variable manufacturing overhead; FOH = fixed manufacturing overhead.) Review the production budget you prepared above. Review the direct labor budget you prepared above. Third Fourth Manufacturing Overhead Budget For the Year Ended December 31, 2019 First Second Quarter Quarter 2640|| 2140||| 3 Quarter Total Budgeted tires to be produced 2240 2340 9360 7920 6420|| 6720 7020 28080 VOH cost per tire Budgeted VOH Budgeted FOH Depreciation 5000 5000 20000 5000 27292 5000 27292 Utilities, insurance, property taxes 27292 27292 109168 Total budgeted FOH 32292 32292 32292 32292 129168 40212 38712 39012 39312 157248 Budgeted manufacturing overhead costs 1584 128413441404 5616 Direct labor hours Budgeted manufacturing overhead costs 157248 Predetermined overhead allocation rate Before preparing the cost of goods sold budget, calculate the projected manufacturing cost per tire for 2019. (Round all amounts to the nearest cent.) Direct materials cost per tire Direct labor cost per tire Manufacturing overhead cost per tire Total projected manufacturing cost per tire for 2019 Now prepare the cost of goods sold budget. Review the sales budget you prepared above. Review the production budget you prepared above. Grayson Tire Company Cost of Goods Sold Budget For the Year Ended December 31, 2019 First Second Third Quarter Quarter Quarter Fourth Quarter Total Beginning inventory 5200 5200 Tires produced and sold in 2019 2000 2200 2300 8600 7200 2100 2200 2300 13800 Total budgeted cost of goods sold Prepare the selling and administrative expense budget. Review the sales budget you prepared above. Fourth Quarter Total 14000 Selling and Administrative Expense Budget For the Year Ended December 31, 2019 First Second Third Quarter Quarter Quarter 14000 14000 14000 4200 4200 4200 600 600 600 1500 1500 1500 1700 1785 1870 56000 4200 Salaries Expense Rent Expense Insurance Expense Depreciation Expense 16800 600 2400 1500 6000 Supplies Expense 1955 7310 22000 22085 22170 22255 88510 Total budgeted selling and administrative expense Prepare the cash receipts budget. (If a box is not used in the table leave the box empty; do not enter a zero.) Review the sales budget you prepared above. Cash Receipts from Customers Fourth First Quarter 170000 Second Quarter 178500 Third Quarter Total Quarter 195500 Total sales 187000 731000 First Second Third Fourth Quarter Quarter Quarter || Quarter Total Cash Receipts from Customers: Accounts Receivable balance, December 31, 2018 1st Qtr.Cash sales 30000 17000 107100 1st Qtr.Credit sales, collection of Qtr. 1 sales in Qtr. 1 45900 17850 112455 1st Qtr.-Credit sales, collection of Qtr. 1 sales in Qtr. 2 2nd Qtr.-Cash sales 2nd Qtr.Credit sales, collection of Qtr. 2 sales in Qtr. 2 2nd Qtr.-Credit sales, collection of Qtr. 2 sales in Qtr. 3 3rd Qtr.Cash sales 3rd Qtr.-Credit sales, collection of Qtr. 3 sales in Qtr. 3 3rd Qtr.Credit sales, collection of Qtr. 3 sales in Qtr. 4 48195 18700 117810 50490 4th Qtr.Cash sales 4th Qtr.-Credit sales, collection of Qtr. 4 sales in Qtr. 4 19550 123165 154100 176205 184705 193205 708215 Total cash receipts from customers Accounts Receivable balance, December 31, 2019: 4th Qtr.-Credit sales, collection of Qtr. 4 sales in Qtr. 1 of 2020 52785 Prepare the cash payments budget. (Round all amounts you entered into the budget to the nearest whole dollar. If a box is not used in the table leave the box empty; do not enter a zero.) Review the direct materials budget you prepared above. Review the direct labor budget you prepared above. Review the manufacturing overhead budget you prepared above. Review the selling and administrative expense budget you prepared above. Cash Payments First Third Fourth Second Quarter Quarter Quarter Total Quarter 3676 Total direct materials purchases 6164 4340 4540 18720 First Second Third Fourth Quarter Quarter Quarter Quarter Total Cash Payments Direct Materials: Accounts Payable balance, December 31, 2018 11000 1st Qtr.-Qtr. 1 direct material purchases paid in Qtr. 1 1st Qtr.Qtr. 1 direct material purchases paid in Qtr. 2 2nd Qtr.-Qtr. 2 direct material purchases paid in Qtr. 2 2nd Qtr.-Qtr. 2 direct material purchases paid in Qtr. 3 3rd Qtr.-Qtr. 3 direct material purchases paid in Qtr. 3 3rd Qtr.-Qtr. 3 direct material purchases paid in Qtr. 4 4th Qtr.-Qtr. 4 direct material purchases paid in Qtr. 4 Total payments for direct materials Direct Labor: Total payments for direct labor Manufacturing Overhead: Total payments for manufacturing overhead Selling and Administrative Expenses: Total payments for Selling and Admin. expenses Income Taxes: Total payments for income taxes Total cash payments (before interest) Accounts Payable balance, December 31, 2019: 4th Qtr. Qtr. 4 direct material purchases paid in Qtr. 1 of 2020 Prepare the cash budget. (Complete all input boxes. Enter a "0" for any zero balances. Round all amounts entered into the cash budget to the nearest whole dollar. Enter a cash deficiency, principal repayments, and/or a net repayment on financing with a minus sign or parentheses.) Review the cash receipts budget you prepared above. Review the cash payments budget you prepared above. Grayson Tire Company Cash Budget For the Year Ended December 31, 2019 First Second Third Quarter Quarter Quarter Fourth Quarter Total Beginning cash balance Cash receipts Cash available Cash payments: Capital expenditures Purchases of direct materials Direct labor Manufacturing overhead Selling and administrative expenses Income taxes Interest expense Total cash payments Ending cash balance before financing Minimum cash balance desired Projected cash excess (de ciency) Financing: Borrowing Principal repayments Total effects of financing Ending cash balance Requirement 2. Prepare Grayson's annual financial budget for 2019, including budgeted income statement, budgeted balance sheet, and budgeted statement of cash flows. Begin with the budgeted income statement. (Complete all input boxes. Enter a "0" for any zero balances.) Review the sales budget you prepared above. Review the cost of goods sold budget you prepared above. Review the selling and administrative expense budget you prepared above. Review the cash budget you prepared above. Grayson Tire Company Budgeted Income Statement For the Year Ended December 31, 2019 Sales Revenue Cost of Goods Sold Gross Profit Selling and Administrative Expenses Operating Income Interest Expense Income before Income Taxes Income Tax Expense Net Income Prepare the budgeted balance sheet. (Round to the nearest whole dollar.) Review the production budget you prepared above. Review the direct materials budget you prepared above. Review the selling and administrative expense budget you prepared above. Review the cash receipts budget you prepared above. Review the cash payments budget you prepared above. Review the cash budget you prepared above. Review the income statement you prepared above. Grayson Tire Company Budgeted Balance Sheet December 31, 2019 Assets Current Assets: Cash Accounts Receivable Raw Materials Inventory Finished Goods Inventory Total Current Assets Property, Plant, and Equipment: Equipment Less: Accumulated Depreciation Total Assets Liabilities Current Liabilities: Accounts Payable Stockholders' Equity Common Stock, no par Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity g. Each tire requires 0.60 hours of direct labor; direct labor costs average $10 per hour. h. Variable manufacturing overhead is $3 per tire. i. Fixed manufacturing overhead includes $5,000 per quarter in depreciation and $27,292 per quarter for other costs, such as utilities, insurance, and property taxes j. Fixed selling and administrative expenses include $14,000 per quarter for salaries; $4,200 per quarter for rent; $600 per quarter for insurance, and $1,500 per quarter for depreciation. k. Variable selling and administrative expenses include supplies at 1% of sales. I. Capital expenditures include $40,000 for new manufacturing equipment to be purchased and paid in the first quarter. m. Cash receipts for sales on account are 70% in the quarter of the sale and 30% in the quarter following the sale; December 31, 2018, Accounts Receivable is received in the first quarter of 2019, uncollectible accounts are considered insignificant and not considered for budgeting purposes. n. Direct materials purchases are paid 80% in the quarter purchased and 20% in the following quarter; December 31, 2018, Accounts Payable is paid in the first quarter of 2019. o. Direct labor, manufacturing overhead, and selling and administrative costs are paid in the quarter incurred. p. Income tax expense is projected at $3,500 per quarter and is paid in the quarter incurred. q. Grayson desires to maintain a minimum cash balance of $65,000 and borrows from the local bank as needed in increments of $1,000 at the beginning of the quarter, principal repayments are made at the beginning of the quarter when excess funds are available and in increments of $1,000; interest is 6% per year and paid at the beginning of the quarter based on the amount outstanding from the previous quarter. i More Info CA Requirements 1. Prepare Grayson'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 Grayson's annual financial budget for 2019, including budgeted income statement and budgeted balance sheet. Print Done (Unless otherwise noted, assume all of the following events occurred during 2018 and that any balances given are stated as of December 31, 2018.) a. Budgeted sales are 2,000 tires for the first quarter and expected to increase by 100 tires per quarter. Cash sales are expected to be 10% of total sales, with the remaining 90% of sales on account. b. Finished Goods Inventory on December 31, 2018 consists of 200 tires at $26 each. c. Desired ending Finished Goods Inventory is 40% of the next quarter's sales; first quarter sales for 2020 are expected be 2,400 tires. FIFO inventory costing method is used. d. Raw Materials Inventory on December 31, 2018, consists of 400 pounds of rubber compound used to manufacture the tires. e. Direct materials requirements are 2 pounds of a rubber compound per tire. The cost of the compound is $6.50 per pound. Desired ending Raw Materials Inventory is 30% of the next quarter's direct materials needed for production; desired ending inventory for December 31, 2019 is 400 pounds; indirect materials are insignificant and not considered for budgeting purposes. g. Each tire requires 0.60 hours of direct labor, direct labor costs average $10 per hour. h. Variable manufacturing overhead is $3 per tire. i. Fixed manufacturing overhead includes $5,000 per quarter in depreciation and $27,292 per quarter for other costs, such as utilities, insurance, and property taxes. j. Fixed selling and administrative expenses include $14,000 per quarter for salaries; $4,200 per quarter for rent; $600 per quarter for insurance; and $1,500 per quarter for depreciation. k. Variable selling and administrative expenses include supplies at 1% of sales. I. Capital expenditures include $40,000 for new manufacturing equipment, to be purchased and paid in the first quarter. m. Cash receipts for sales on account are 70% in the quarter of the sale and 30% in the quarter following the sale; December 31, 2018, Accounts Receivable is received in the first quarter of 2019, uncollectible accounts are considered insignificant and not considered for budgeting purposes. Print Done ] i Data Table Assets Current Assets: Cash $ Accounts Receivable Raw Materials Inventory 68,000 30,000 2,600 5,200 $ 105,800 Finished Goods Inventory Total Current Assets Property, Plant, and Equipment: Equipment 177,000 (39,000) Less: Accumulated Depreciation 138,000 243,800 Total Assets Liabilities Current Liabilities: Accounts Payable $ 11,000 Stockholders' Equity $ Common Stock, no par 170,000 62,800 Retained Earnings Total Stockholders' Equity 232,800 243,800 Total liabilities and Stockholdere Cauit Print Print [ Done] The Grayson Tire Company manufactures racing tires for bicycles. Grayson sells tires for $85 each. Grayson is planning for the next year by developing a master budget by quarters. Grayson's balance sheet for December 31, 2018, follows: (Click the icon to view the balance sheet.) Other data for Grayson Tire Company: (Click the icon to view the other data.) Read the requirements. Requirement 1. Prepare Grayson'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. Grayson 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 2200 2000 8600 85 Sales price per unit 170000 95500 Total sales Prepare the production budget. Review the sales budget you prepared above. Production Budget For the Year Ended December 31, 2019 First Second Third Quarter Quarter Quarter Fourth Quarter Total Budgeted tires to be sold 2000 2100 2200 2300 8600 840 Plus: 920 880 Desired tires in ending inventory 960 Total tires needed 2840 2980 9560 Less: Tires in beginning inventory 200 2240 2340 9360 Budgeted tires to be produced Prepare the direct materials budget. Review the production budget you prepared above. Direct Materials Budget For the Year Ended December 31, 2019 First Second Quarter Quarter Third Fourth Quarter Quarter Total 9360 Budgeted tires to be produced 2640 2140 2240 2340 Direct materials per tire Direct materials needed for production 5280 4280 4480 4680 18720 400 1284 1344 1404 400 Plus: Desired direct materials in ending inventory Total direct materials needed 6564 5624 5884 5080 19120 400 400 1284 1344 1404 Less: Direct materials in beginning inventory Budgeted purchases of direct materials 6164 4340 4540 3676 18720 6.50 50 Direct materials cost per pound 6.50 40066 28210 29510 23894 121680 Budgeted cost of direct materials Prepare the direct labor budget. (Enter any hours per unit amounts to two decimal places, X.XX, and round all other amounts to the nearest whole number.) Review the production budget you prepared above. Direct Labor Budget For the Year Ended December 31, 2019 First Second Third Quarter Quarter Quarter 2640 2140 2240 Fourth Quarter Total Budgeted tires to be produced 2340 9360 Direct labor hours per unit .60 Direct labor hours needed for production 5616 Direct labor cost per hour 15840 840 4040 56160 Budgeted direct labor cost Prepare the manufacturing overhead budget. (Abbreviations used: VOH = variable manufacturing overhead; FOH = fixed manufacturing overhead.) Review the production budget you prepared above. Review the direct labor budget you prepared above. Third Fourth Manufacturing Overhead Budget For the Year Ended December 31, 2019 First Second Quarter Quarter 2640|| 2140||| 3 Quarter Total Budgeted tires to be produced 2240 2340 9360 7920 6420|| 6720 7020 28080 VOH cost per tire Budgeted VOH Budgeted FOH Depreciation 5000 5000 20000 5000 27292 5000 27292 Utilities, insurance, property taxes 27292 27292 109168 Total budgeted FOH 32292 32292 32292 32292 129168 40212 38712 39012 39312 157248 Budgeted manufacturing overhead costs 1584 128413441404 5616 Direct labor hours Budgeted manufacturing overhead costs 157248 Predetermined overhead allocation rate Before preparing the cost of goods sold budget, calculate the projected manufacturing cost per tire for 2019. (Round all amounts to the nearest cent.) Direct materials cost per tire Direct labor cost per tire Manufacturing overhead cost per tire Total projected manufacturing cost per tire for 2019 Now prepare the cost of goods sold budget. Review the sales budget you prepared above. Review the production budget you prepared above. Grayson Tire Company Cost of Goods Sold Budget For the Year Ended December 31, 2019 First Second Third Quarter Quarter Quarter Fourth Quarter Total Beginning inventory 5200 5200 Tires produced and sold in 2019 2000 2200 2300 8600 7200 2100 2200 2300 13800 Total budgeted cost of goods sold Prepare the selling and administrative expense budget. Review the sales budget you prepared above. Fourth Quarter Total 14000 Selling and Administrative Expense Budget For the Year Ended December 31, 2019 First Second Third Quarter Quarter Quarter 14000 14000 14000 4200 4200 4200 600 600 600 1500 1500 1500 1700 1785 1870 56000 4200 Salaries Expense Rent Expense Insurance Expense Depreciation Expense 16800 600 2400 1500 6000 Supplies Expense 1955 7310 22000 22085 22170 22255 88510 Total budgeted selling and administrative expense Prepare the cash receipts budget. (If a box is not used in the table leave the box empty; do not enter a zero.) Review the sales budget you prepared above. Cash Receipts from Customers Fourth First Quarter 170000 Second Quarter 178500 Third Quarter Total Quarter 195500 Total sales 187000 731000 First Second Third Fourth Quarter Quarter Quarter || Quarter Total Cash Receipts from Customers: Accounts Receivable balance, December 31, 2018 1st Qtr.Cash sales 30000 17000 107100 1st Qtr.Credit sales, collection of Qtr. 1 sales in Qtr. 1 45900 17850 112455 1st Qtr.-Credit sales, collection of Qtr. 1 sales in Qtr. 2 2nd Qtr.-Cash sales 2nd Qtr.Credit sales, collection of Qtr. 2 sales in Qtr. 2 2nd Qtr.-Credit sales, collection of Qtr. 2 sales in Qtr. 3 3rd Qtr.Cash sales 3rd Qtr.-Credit sales, collection of Qtr. 3 sales in Qtr. 3 3rd Qtr.Credit sales, collection of Qtr. 3 sales in Qtr. 4 48195 18700 117810 50490 4th Qtr.Cash sales 4th Qtr.-Credit sales, collection of Qtr. 4 sales in Qtr. 4 19550 123165 154100 176205 184705 193205 708215 Total cash receipts from customers Accounts Receivable balance, December 31, 2019: 4th Qtr.-Credit sales, collection of Qtr. 4 sales in Qtr. 1 of 2020 52785 Prepare the cash payments budget. (Round all amounts you entered into the budget to the nearest whole dollar. If a box is not used in the table leave the box empty; do not enter a zero.) Review the direct materials budget you prepared above. Review the direct labor budget you prepared above. Review the manufacturing overhead budget you prepared above. Review the selling and administrative expense budget you prepared above. Cash Payments First Third Fourth Second Quarter Quarter Quarter Total Quarter 3676 Total direct materials purchases 6164 4340 4540 18720 First Second Third Fourth Quarter Quarter Quarter Quarter Total Cash Payments Direct Materials: Accounts Payable balance, December 31, 2018 11000 1st Qtr.-Qtr. 1 direct material purchases paid in Qtr. 1 1st Qtr.Qtr. 1 direct material purchases paid in Qtr. 2 2nd Qtr.-Qtr. 2 direct material purchases paid in Qtr. 2 2nd Qtr.-Qtr. 2 direct material purchases paid in Qtr. 3 3rd Qtr.-Qtr. 3 direct material purchases paid in Qtr. 3 3rd Qtr.-Qtr. 3 direct material purchases paid in Qtr. 4 4th Qtr.-Qtr. 4 direct material purchases paid in Qtr. 4 Total payments for direct materials Direct Labor: Total payments for direct labor Manufacturing Overhead: Total payments for manufacturing overhead Selling and Administrative Expenses: Total payments for Selling and Admin. expenses Income Taxes: Total payments for income taxes Total cash payments (before interest) Accounts Payable balance, December 31, 2019: 4th Qtr. Qtr. 4 direct material purchases paid in Qtr. 1 of 2020 Prepare the cash budget. (Complete all input boxes. Enter a "0" for any zero balances. Round all amounts entered into the cash budget to the nearest whole dollar. Enter a cash deficiency, principal repayments, and/or a net repayment on financing with a minus sign or parentheses.) Review the cash receipts budget you prepared above. Review the cash payments budget you prepared above. Grayson Tire Company Cash Budget For the Year Ended December 31, 2019 First Second Third Quarter Quarter Quarter Fourth Quarter Total Beginning cash balance Cash receipts Cash available Cash payments: Capital expenditures Purchases of direct materials Direct labor Manufacturing overhead Selling and administrative expenses Income taxes Interest expense Total cash payments Ending cash balance before financing Minimum cash balance desired Projected cash excess (de ciency) Financing: Borrowing Principal repayments Total effects of financing Ending cash balance Requirement 2. Prepare Grayson's annual financial budget for 2019, including budgeted income statement, budgeted balance sheet, and budgeted statement of cash flows. Begin with the budgeted income statement. (Complete all input boxes. Enter a "0" for any zero balances.) Review the sales budget you prepared above. Review the cost of goods sold budget you prepared above. Review the selling and administrative expense budget you prepared above. Review the cash budget you prepared above. Grayson Tire Company Budgeted Income Statement For the Year Ended December 31, 2019 Sales Revenue Cost of Goods Sold Gross Profit Selling and Administrative Expenses Operating Income Interest Expense Income before Income Taxes Income Tax Expense Net Income Prepare the budgeted balance sheet. (Round to the nearest whole dollar.) Review the production budget you prepared above. Review the direct materials budget you prepared above. Review the selling and administrative expense budget you prepared above. Review the cash receipts budget you prepared above. Review the cash payments budget you prepared above. Review the cash budget you prepared above. Review the income statement you prepared above. Grayson Tire Company Budgeted Balance Sheet December 31, 2019 Assets Current Assets: Cash Accounts Receivable Raw Materials Inventory Finished Goods Inventory Total Current Assets Property, Plant, and Equipment: Equipment Less: Accumulated Depreciation Total Assets Liabilities Current Liabilities: Accounts Payable Stockholders' Equity Common Stock, no par Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity