Prepare a budgeted (pro forma) income statement and balance sheet

Use below adjusting and closing entries to solve above problem

MASTER BUDGET PROJECT: BUDGETED INCOME STATEMENT AND BALANCE SHEET TEMPLATE Husky Co. Budgeted Income Statement For the Year Ended Dec 31, 2021 Sales COGS Gross Profit SG&A Expenses Operating Profit Interest Expense Taxable Income Income Tax Net Income $194,664 Husky Co. Budgeted Balance Sheet 31-Dec-21 ASSETS Cash S607,097 Savings Account Accounts Receivable Inventory Current Assets Fixed Assets - Mfg. Fixed Assets - SG&A Accum. Depreciation - Mfg. Accum. Depreciation - SG&A Non-Current Assets TOTAL ASSETS II LIABILITIES Accounts Payable Loans Payable Interest Payable Income Tax Payable (Benefit) CURRENT LIABILITIES Capital Stock Additional Paid in Capital Retained Earnings STOCKHOLDERS' EQUITY TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY Fixed assets have no salvage value over a 10 year period. Beginning Bal. 12.31.20 (Trial Balance) Adjusting Entries Closing Entries Ending Bal. Debit Credit Debit Credit Debit Credit Debit Credit 5,909 2,646,000 5,170 0 2,000 210,000 121,927 2,400,000 200,000 2,646,739 $2,000 210,000 1,769,860 480,000 1,769,860 330,498 480,000 121,927 2,730,498 200,000 60,000 5,000 53,545 Worksheet Cash Savings Account Accounts Receivable Inventory Fixed Assets-Mfg Fixed Assets-SG&A Accum Depreciation-Mfg Accum Depreciation-SG&A Accounts Payable Loans Payable Interest Payable Income Tax Payable (Benefit) Capital Stock Additional Paid in Capital Retained Earnings Sales COGS SG&A Expenses Interest Expense Income Tax Expense 240,000 20,000 110,831 19,000 300,000 25,000 110,831 19,000 53,545 6,387 73,195 6,387 300,000 2,500,000 14,904 73,195 300,000 2,500,000 209,568 194,664 2,580,000 2,580,000 1,769,860 471,800 28,770 114,906 1,769,860 471,800 28,770 114,906 Totals $ 2,939,836 $ 2,939,836 $ 2,580,000 $2,580,000 $3,537,595 $3,537,595