Prepare a budgeted income statement for $20Y9.$

Regina Soap Co$.$

Budgeted Income Statement

For the Year Ending December $31,20$Y$9$

Line Item Description

Cost of goods sold:

Cost of goods sold

Gross profit

Operating expenses:

Selling expenses:

Total selling expenses

Administrative expenses:

Total administrative expenses

Total operating expenses

Income before income tax

Amount

Amount

Amount

$

$

$

$

$4$ Regina Soap Co$.$

Budgeted Balance Sheet

December $31,20Y9$

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' equityBudgeted income statement and balance sheet

As a preliminary to requesting budget estimates of sales, costs, and expenses for the fiscal year beginning January $1,20$Y$9,$ the following tentative trial balance as of December $31,20$Y$8,$ is

prepared by the Accounting Department of Regina Soap Co$.$:

Factory output and sales for $20Y9$ are expected to total $25,000$ units of product, which are to be sold at $$110$ per unit. The quantities and costs of the inventories at December $31,20Y9,$ 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$)$

Estimated Costs and Expenses

Fixed Variable

$($Total for Year$)($Per Unit Sold$)$