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Tuscan Toy Company Balance Sheet December 31, 2024 Assets Current Assets: Cash Accounts Receivable Raw Materials Inventory Finished Goods Inventory Total Current Assets \$ 25,000 25.000 400 3.500 Property, Plant, and Equipment Equipment Less: Accumulated Depreciation 206,000 (42.000) 164,000 Data table More info (Unless otherwise noted, assume all of the following events occurred during 2024 and that any balances given are stated as of December 31,2024 .) a. Budgeted sales are 1,500 sets for the first quarter and expected to increase by 200 sets per quarter. Cash sales are expected to be 30% of total sales, with the remaining 70% of sales on account Sets are budgeted to sell for $90 per set. b. Finished Goods Inventory on December 31,2024 , consists of 100 sets at $35 each. c. Desired ending Finished Goods Inventory is 30% of the next quarter's sales; first quarter sales for 2026 are expected to be 2,300 sets. FIFO inventory costing method is used. d. Raw Materials Inventory on December 31. 2024, consists of 400 pounds. Direct materials requirement is four pounds per set. The cost is $1 per pound. e. Desired ending Raw Materials Inventory is 10% of the next quarter's direct materials needed for production; desired ending inventory for December 31, 2025, is 400 pounds, indirect materials are insignificant and not considered for budgeting purposes. f. Each set requires 0.20 hours of direct labor, direct labor costs average 8 per hour. g. Variable manufacturing overhead is $1.60 per set. h. Fixed manufacturing overhead includes $6,000 per quarter in depreciation and $8.022 per quarter for other costs, such as utilities, insurance, and property taxes. i. Fixed selling and administrative expenses include $9.000 per quarter for salaries; $1.800 per quarter for rent: $1,200 per quarter for insurance; and $500 per quarter for depreciation. More info i. Fixed selling and administrative expenses include $9.000 per quarter for salaries; $1,800 per quarter for rent, \$1,200 per quarter for insurance; and $500 per quarter for depreciation. j. Variable selling and administrative expenses include supplies at 1% of sales. k. Capital expenditures include $55,000 for new manufacturing equipment, to be purchased and paid for in the first quarter. 1. Cash receipts for sales on account are 50% in the quarter of the sale and 50% in the quarter following the sale; Accounts Receivable balance on December 31, 2024, is expected to be received in the first quarter of 2025; uncollectible accounts are considered insignificant and not considered for budgeting purposes. m. Direct materials purchases are paid 60% in the quarter purchased and 40% in the following quarter: Accounts Payable balance on December 31, 2024, is expected to be paid in the first quarter of 2025. n. Direct labor, manufacturing overhead, and selling and administrative costs are paid in the quarter incurred o. Income tax expense is projected at $4,500 per quarter and is paid in the quarter incurred. p. Tuscan desires to maintain a minimum cash balance of $25,000 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. Cash Receipts from Customers Accounts Receivable balance, December 31, 2025: Ath Qtr-Credit sales, collection of Qts 4 sales In Otr 1 of 2026 Cash Pavments flnancing wath a minus aign of parebtheses) Requirement 2. Prepare Tuscan's annual financial budget for 2025, including Begin with the budgeted income statement. (Complete all input fields. Enter a 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. Prepare the budgeted balance sheet. (Round to the nearest whole dollar.) Tuscan Toy Company Budgeted Balance Sheet December 31,2025 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, n par Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity Sales Budget