.

Prepare the cash budget. (Complete all input fields. Enter a "0" for any zero balances. Round all amounts entered into the cash budget to the nearest whole dollar. Enter a cash deficiency and/or a negative total effects of financing with a minus sign or parentheses.)

Requirement 2. Prepare annual budgeted income statement and budgeted balance sheet. Begin with the budgeted income statement. (Complete all input fields. Enter a "0" for any zero balances.)

Data Table Trenton Toy Company Balance Sheet December 31, 2018 Assets Current Assets: Cash S 60,000 Accounts Receivable 18,000 3.300 19.250 S 100.550 Raw Materials Inventory Finished Goods Inventory Total Current Assets Property, Plant, and Equipment: Equipment Less: Accumulated Depreciation Total Assets 188,000 (38,000) 149,000 S 249,550 Liabilities Current Liabilities: S 18,000 Accounts Payable Stockholders' Equity Common Stock, no par S Retained Earnings Total Stockholders' Equity 180.000 53,550 233,550 Total Liabilities and Stockholders' Equity S 249,550 Print Done -X * More Info (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 1,500 sets for the first quarter and expected to increase by 200 sets per quarter. Cash sales are expected to be 20% of total sales, with the remaining 80% of sales on account Sets are budgeted to sell for $90 per set. b. Finished Goods Inventory on December 31, 2018, consists of 550 sets at $35 each. c. Desired ending Finished Goods Inventory is 30% of the next quarter's sales; first quarter sales for 2020 are expected to be 2.300 sets. FIFO inventory costing method is used. d. Raw Materials inventory on December 31, 2018, consists of 3.300 pounds. Direct materials requirement is 6 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, 2019, is 3,300 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 10 per hour. g. Variable manufacturing overhead is $2.00 per set. h. Fixed manufacturing overhead includes $6.500 per quarter in depreciation and $3,776 per quarter for other costs, such as utilities, insurance, and property taxes. i. Fixed selling and administrative expenses include $13,000 per quarter for salaries: $3,600 per quarter for rent: $1,500 per quarter for insurance; and $1,000 per quarter for depreciation. j. Variable selling and administrative expenses include supplies at 3% of sales. k. Capital expenditures include $25,000 for new manufacturing equipment, to be purchased and paid for in the first quarter. 1. Cash receipts for sales on account are 80% in the quarter of the sale and 40% in the quarter following the sale: Accounts Receivable balance on December 31, 2018. is expected to be received in the first quarter of 2019; uncollectible accounts are considered insignificant and not considered for budgeting purposes m. Direct materials purchases are paid 70% in the quarter purchased and 30% in the following quarter: Accounts Payable balance on December 31, 2018, is expected to be paid in the first quarter of 2019. n. Direct labor, manufacturing overhead, and selling and administrative costs are paid in the quarter incurred o. Income tax expense is projected at $2,000 per quarter and is paid in the quarter incurred. p. Trenton desires to maintain a minimum cash balance of $80.000 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 8% per year and paid at the beginning of the quarter based on the amount outstanding from the previous quarter. Print Done Requirement 1. Prepare Trenton'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. Trenton Toy Company Sales Budget For the Year Ended December 31, 2019 First Second Third Fourth Quarter Quarter Quarter Quarter Total Budgeted sets to be sold 1,500 1.700 1,900 2.100 7,200 Sales price per unit S 90s 90 S 90 S 90 S 90 Total sales $ 135.000 135,000 S 153,000 S 171,000 S S 189.000 189,000 S 848,000 510 Prepare the production budget. Review the sales budget you prepared above Trenton Toy Company Production Budget For the Year Ended December 31, 2019 First Second Third Fourth Quarter Quarter Quarter Quarter Total Budgeted sets to be sold 1,500 1.700 1.000 2.100 7,200 Plus: Desired sets in ending inventory 510 570 630 690 690 Total sets needed 2,010 2,270 2,530 2.790 7,890 Less Sets in beginning inventory 550 570 830 550 1,480 1.780 1,980 Budgeted sets to be produced 2,180 7,340 Prepare the direct materials budget Review the production budget you prepared above. Trenton Toy Company Direct Materials Budget For the Year Ended December 31, 2019 First Second Third Fourth Quarter Quarter Quarter Quarter Total Budgeted sets to be produced 1,480 1,760 1,960 2,160 7,340 Direct materials per set (pounds) 6 6 6 8 6 Direct materials needed for production 8,760 10,560 11,760 12.960 44,040 Plus Desired direct materials in ending inventory 1,056 1,176 1.296 3,300 3.300 Total direct materials needed 9,816 11,736 13,056 18,260 47,340 Less Direct materials in beginning inventory 3,300 1,056 1,176 1,296 3,300 Budgeted purchases of direct materials 6,518 10,880 11,880 14,964 44,040 x Direct materials cost per pound 11S 1 S 1 S 115 1 S Budgeted cost of direct materials purchases 8,516 S 10,880S 11,880 $ 14,964 S 44,040 Prepare the direct labor budget. (Enter any hours per unit amounts to two decimal places, XXX, and round all other amounts to the nearest whole number.) Review the production budget you prepared above. Enter any number in the edit fields and then click Check Answer x 1 Cash Receipts Budget Cash Receipts from Customers Total Total sales First Second Third Fourth Quarter Quarter Quarter Quarter s 135,000 $ 153,000 s 171,000 $ 189,000 S First Second Third Fourth Quarter Quarter Quarter Quarter 648,000 Total S 18,000 27,000 64,800 S 43,200 30,800 Cash Receipts from Customers: Accounts Receivable balance, December 31, 2018 1st Qtr.-Cash sales 1st Qtr.-Credit sales, collection of atr. 1 sales in Qtr. 1 1st Qtr.--Credit sales, collection of Qt. 1 sales in Qtr. 2 2nd Qtr-Cash sales 2nd Qtr-Credit sales.collection of Qtr. 2 sales in @tr. 2 2nd Qtr-Credit sales.collection of Ctr. 2 sales in Qr. 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 4th at-Cash sales 4th otr.-Credit sales, collection of Ctr. 4 sales in @tr. 4 73,440 S 48.960 34,200 82,080 s 54,720 37.800 90.720 $109,800 | S 147,240||$ 165,240 S 183,240 S 605,520 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 S 60.480 Print Done Trenton Toy Company Cost of Goods Sold Budget For the Year Ended December 31, 2019 First Second Third Fourth Quarter Quarter Quarter Quarter Total Beginning inventory S 19,250 S 19,250 Sets produced and sold in 2019 14,820 S 26,520 S 29,840 S 32,780 103.740 Total budgeted cost of goods sold 340705 28,520 S 29,8405 32.7605 122 990 Prepare the selling and administrative expense budget Review the sales budget you prepared above Trenton Toy Company Selling and Administrative Expense Budget For the Year Ended December 31, 2019 First Second Third Fourth Quarter Quarter Quarter Quarter Total Salaries Expense s 13,000 $ 13,000 S 13,000 $ 13,000 $ 52,000 Rent Expense 3,600 3,600 3,600 3,600 14,400 Insurance Expense 1,500 1,500 1,500 1,500 6,000 Depreciation Expense 1,000 1.000 1,000 1,000 4,000 Supplies Expense 4,050 4,500 5.130 5,670 19,440 S 23,150 S 23,690 S 24,2305 24,770 $ 95,840 Total budgeted selling and administrative expense Prepare the cash receipts budget. (If an input field is not used in the table leave the input field empty, do not enter a zero.) Review the sales budoet you prepared above Trenton Toy Company Direct Labor Budget For the Year Ended December 31, 2019 First Second Third Fourth Quarter Quarter Quarter Quarter Total Budgeted sets to be produced 1,480 1.760 1,960 2.160 7,340 Direct labor hours per unit 0.20 0.20 0.20 0.20 0.20 Direct labor hours needed for production 292 352 392 432 1,468 Direct labor cost per hour S 10 S 10 s 10 S 10 S 10 S Budgeted direct labor cost 2,920 S 3,520 S 3,920 s 4,320 S 14,680 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. Trenton Toy Company Manufacturing Overhead Budget For the Year Ended December 31, 2019 Second Third Fourth Quarter Quarter Quarter Quarter Total Budgeted sets to be produced 1,480 1.760 1,960 2,160 7,340 VOH cost per set S 2.00 $ 2.00 $ 2.00 s 2.00 S 2.00 Budgeted VOH S 2,920 3,520 S 3,920 S 4,320 S 14,880 Budgeted FOH Depreciation 6,500 8,500 6,500 6,500 26,000 Utilities, insurance, property taxes 3.776 3,776 3.776 3,778 15,104 Total budgeted FOH 10.276 10,276 10.276 10,276 41,104 S 13,198 S 13,798 S 14,196 $ 14.5965 55,784 Budgeted manufacturing overhead costs First Direct labor hours 292 352 392 432 1,488 Budgeted manufacturing overhead costs S 55,784 S Predetermined overhead allocation rate 38 Before preparing the cost of goods sold budget, calculate the projected manufacturing cost per set for 2010. (Round all amounts to the nearest cent.) Direct materials cost per set $ 8.00 Direct labor cost per set 2.00 Manufacturing overhead cost per set 7.60 $ Total projected manufacturing cost per set for 2019 15.60 Now prepare the cost of goods sold budget. Total Total direct materials purchases First Second Third Fourth Quarter Quarter Quarter Quarter S 8.518 S 10.680 | $ 11,880 $ 14,984 S First Second Third Fourth Quarter Quarter Quarter Quarter 44,040 Total S 16,000 4,561 Cash Payments Direct Materials: Accounts Payable balance, December 31, 2018 1st Qtr.-Qtr. 1 direct material purchases paid in Qtr. 1 1st Qtr-tr. 1 direct material purchases paid in Qtr. 2 2nd Qtr - Qtr 2 direct material purchases paid in Qtr 2 2nd Qtr - tr. 2 direct material purchases paid in Ctr. 3 3rd Qtr-tr. 3 direct material purchases paid in Qtr. 3 3rd Qtr-Qtr. 3 direct material purchases paid in Gtr. 4 4th Qtr-tr. 4 direct material purchases paid in Qtr. 4 Total payments for direct materials S 1,955 7.476 s 3,204 8,316 S 3,564 10,475 14,0395 20,561 9,431 11,520 55,551 Direct Labor: Total payments for direct labor 2,920 3,520 3,920 4,320 14,680 Manufacturing Overhead: Variable manufacturing overhead Utilities, insurance, property taxes Total payments for manufacturing overhead 2.920 3,778 6,696 3,520 3.776 7.296 3,020 3.776 4.320 3.776 8,096 14.680 15,104 7,696 29,784 13,000 3,600 Selling and Administrative Expenses: Salaries Expense Rent Expense Insurance Expense Supplies Expense Total payments for Selling and Admin. expenses 13,000 3,600 1,500 4,590 13,000 3,800 1,500 5,130 13,000 3,800 1,500 5,670 52,000 14,400 8,000 19.440 1,500 4050 22,150 22,690 23,230 23.770 91,840 Income Taxes: Total payments for income taxes 2,000 2,000 2,000 2.000 8,000 Capital Expenditures: Total payments for capital expenditures 25,000 25,000 S Total cash payments (before interest) 79,327S 44,937 S 48,366S 52,225 S 224,855 Accounts Payable balance, December 31, 2019: 4th Qtr-tr. 4 direct material purchases paid in Citr. 1 of 2020 4.489 Cash Budget For the Year Ended December 31, 2019 First Second Third Fourth Quarter Quarter Quarter Quarter 60000 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 (deciency) Financing: Borrowing Principal repayments Total effects of financing Ending cash balance Budgeted Income Statement For the Year Ended December 31, 2019 Net Sales Revenue Cost of Goods Sold Gross Profit Selling and Administrative Expenses Operating Income Other Income and (Expenses): Interest Expense Income Before Income Taxes Income Tax Expense Net Income 432,848 Budgeted Balance Sheet December 31, 2019 Assets Current Assets: Cash $ 374,767 Accounts Receivable 54,975 Raw Materials Inventory 400 Finished Goods Inventory 5,712 Total Current Assets $ Property, Plant, and Equipment: Equipment 241,000 Less: Accumulated Depreciation (74,000) $ Total Assets Liabilities Current Liabilities: Accounts Payable Stockholders' Equity Common Stock, no par $ 100.000 Retained Earnings +97.200 Total Stockholders' Equity $ Total Liabilities and Stockholders' Equity 167,000 599,848 $ FRA STUDO 597,290 599,848 Data Table Trenton Toy Company Balance Sheet December 31, 2018 Assets Current Assets: Cash S 60,000 Accounts Receivable 18,000 3.300 19.250 S 100.550 Raw Materials Inventory Finished Goods Inventory Total Current Assets Property, Plant, and Equipment: Equipment Less: Accumulated Depreciation Total Assets 188,000 (38,000) 149,000 S 249,550 Liabilities Current Liabilities: S 18,000 Accounts Payable Stockholders' Equity Common Stock, no par S Retained Earnings Total Stockholders' Equity 180.000 53,550 233,550 Total Liabilities and Stockholders' Equity S 249,550 Print Done -X * More Info (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 1,500 sets for the first quarter and expected to increase by 200 sets per quarter. Cash sales are expected to be 20% of total sales, with the remaining 80% of sales on account Sets are budgeted to sell for $90 per set. b. Finished Goods Inventory on December 31, 2018, consists of 550 sets at $35 each. c. Desired ending Finished Goods Inventory is 30% of the next quarter's sales; first quarter sales for 2020 are expected to be 2.300 sets. FIFO inventory costing method is used. d. Raw Materials inventory on December 31, 2018, consists of 3.300 pounds. Direct materials requirement is 6 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, 2019, is 3,300 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 10 per hour. g. Variable manufacturing overhead is $2.00 per set. h. Fixed manufacturing overhead includes $6.500 per quarter in depreciation and $3,776 per quarter for other costs, such as utilities, insurance, and property taxes. i. Fixed selling and administrative expenses include $13,000 per quarter for salaries: $3,600 per quarter for rent: $1,500 per quarter for insurance; and $1,000 per quarter for depreciation. j. Variable selling and administrative expenses include supplies at 3% of sales. k. Capital expenditures include $25,000 for new manufacturing equipment, to be purchased and paid for in the first quarter. 1. Cash receipts for sales on account are 80% in the quarter of the sale and 40% in the quarter following the sale: Accounts Receivable balance on December 31, 2018. is expected to be received in the first quarter of 2019; uncollectible accounts are considered insignificant and not considered for budgeting purposes m. Direct materials purchases are paid 70% in the quarter purchased and 30% in the following quarter: Accounts Payable balance on December 31, 2018, is expected to be paid in the first quarter of 2019. n. Direct labor, manufacturing overhead, and selling and administrative costs are paid in the quarter incurred o. Income tax expense is projected at $2,000 per quarter and is paid in the quarter incurred. p. Trenton desires to maintain a minimum cash balance of $80.000 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 8% per year and paid at the beginning of the quarter based on the amount outstanding from the previous quarter. Print Done Requirement 1. Prepare Trenton'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. Trenton Toy Company Sales Budget For the Year Ended December 31, 2019 First Second Third Fourth Quarter Quarter Quarter Quarter Total Budgeted sets to be sold 1,500 1.700 1,900 2.100 7,200 Sales price per unit S 90s 90 S 90 S 90 S 90 Total sales $ 135.000 135,000 S 153,000 S 171,000 S S 189.000 189,000 S 848,000 510 Prepare the production budget. Review the sales budget you prepared above Trenton Toy Company Production Budget For the Year Ended December 31, 2019 First Second Third Fourth Quarter Quarter Quarter Quarter Total Budgeted sets to be sold 1,500 1.700 1.000 2.100 7,200 Plus: Desired sets in ending inventory 510 570 630 690 690 Total sets needed 2,010 2,270 2,530 2.790 7,890 Less Sets in beginning inventory 550 570 830 550 1,480 1.780 1,980 Budgeted sets to be produced 2,180 7,340 Prepare the direct materials budget Review the production budget you prepared above. Trenton Toy Company Direct Materials Budget For the Year Ended December 31, 2019 First Second Third Fourth Quarter Quarter Quarter Quarter Total Budgeted sets to be produced 1,480 1,760 1,960 2,160 7,340 Direct materials per set (pounds) 6 6 6 8 6 Direct materials needed for production 8,760 10,560 11,760 12.960 44,040 Plus Desired direct materials in ending inventory 1,056 1,176 1.296 3,300 3.300 Total direct materials needed 9,816 11,736 13,056 18,260 47,340 Less Direct materials in beginning inventory 3,300 1,056 1,176 1,296 3,300 Budgeted purchases of direct materials 6,518 10,880 11,880 14,964 44,040 x Direct materials cost per pound 11S 1 S 1 S 115 1 S Budgeted cost of direct materials purchases 8,516 S 10,880S 11,880 $ 14,964 S 44,040 Prepare the direct labor budget. (Enter any hours per unit amounts to two decimal places, XXX, and round all other amounts to the nearest whole number.) Review the production budget you prepared above. Enter any number in the edit fields and then click Check Answer x 1 Cash Receipts Budget Cash Receipts from Customers Total Total sales First Second Third Fourth Quarter Quarter Quarter Quarter s 135,000 $ 153,000 s 171,000 $ 189,000 S First Second Third Fourth Quarter Quarter Quarter Quarter 648,000 Total S 18,000 27,000 64,800 S 43,200 30,800 Cash Receipts from Customers: Accounts Receivable balance, December 31, 2018 1st Qtr.-Cash sales 1st Qtr.-Credit sales, collection of atr. 1 sales in Qtr. 1 1st Qtr.--Credit sales, collection of Qt. 1 sales in Qtr. 2 2nd Qtr-Cash sales 2nd Qtr-Credit sales.collection of Qtr. 2 sales in @tr. 2 2nd Qtr-Credit sales.collection of Ctr. 2 sales in Qr. 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 4th at-Cash sales 4th otr.-Credit sales, collection of Ctr. 4 sales in @tr. 4 73,440 S 48.960 34,200 82,080 s 54,720 37.800 90.720 $109,800 | S 147,240||$ 165,240 S 183,240 S 605,520 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 S 60.480 Print Done Trenton Toy Company Cost of Goods Sold Budget For the Year Ended December 31, 2019 First Second Third Fourth Quarter Quarter Quarter Quarter Total Beginning inventory S 19,250 S 19,250 Sets produced and sold in 2019 14,820 S 26,520 S 29,840 S 32,780 103.740 Total budgeted cost of goods sold 340705 28,520 S 29,8405 32.7605 122 990 Prepare the selling and administrative expense budget Review the sales budget you prepared above Trenton Toy Company Selling and Administrative Expense Budget For the Year Ended December 31, 2019 First Second Third Fourth Quarter Quarter Quarter Quarter Total Salaries Expense s 13,000 $ 13,000 S 13,000 $ 13,000 $ 52,000 Rent Expense 3,600 3,600 3,600 3,600 14,400 Insurance Expense 1,500 1,500 1,500 1,500 6,000 Depreciation Expense 1,000 1.000 1,000 1,000 4,000 Supplies Expense 4,050 4,500 5.130 5,670 19,440 S 23,150 S 23,690 S 24,2305 24,770 $ 95,840 Total budgeted selling and administrative expense Prepare the cash receipts budget. (If an input field is not used in the table leave the input field empty, do not enter a zero.) Review the sales budoet you prepared above Trenton Toy Company Direct Labor Budget For the Year Ended December 31, 2019 First Second Third Fourth Quarter Quarter Quarter Quarter Total Budgeted sets to be produced 1,480 1.760 1,960 2.160 7,340 Direct labor hours per unit 0.20 0.20 0.20 0.20 0.20 Direct labor hours needed for production 292 352 392 432 1,468 Direct labor cost per hour S 10 S 10 s 10 S 10 S 10 S Budgeted direct labor cost 2,920 S 3,520 S 3,920 s 4,320 S 14,680 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. Trenton Toy Company Manufacturing Overhead Budget For the Year Ended December 31, 2019 Second Third Fourth Quarter Quarter Quarter Quarter Total Budgeted sets to be produced 1,480 1.760 1,960 2,160 7,340 VOH cost per set S 2.00 $ 2.00 $ 2.00 s 2.00 S 2.00 Budgeted VOH S 2,920 3,520 S 3,920 S 4,320 S 14,880 Budgeted FOH Depreciation 6,500 8,500 6,500 6,500 26,000 Utilities, insurance, property taxes 3.776 3,776 3.776 3,778 15,104 Total budgeted FOH 10.276 10,276 10.276 10,276 41,104 S 13,198 S 13,798 S 14,196 $ 14.5965 55,784 Budgeted manufacturing overhead costs First Direct labor hours 292 352 392 432 1,488 Budgeted manufacturing overhead costs S 55,784 S Predetermined overhead allocation rate 38 Before preparing the cost of goods sold budget, calculate the projected manufacturing cost per set for 2010. (Round all amounts to the nearest cent.) Direct materials cost per set $ 8.00 Direct labor cost per set 2.00 Manufacturing overhead cost per set 7.60 $ Total projected manufacturing cost per set for 2019 15.60 Now prepare the cost of goods sold budget. Total Total direct materials purchases First Second Third Fourth Quarter Quarter Quarter Quarter S 8.518 S 10.680 | $ 11,880 $ 14,984 S First Second Third Fourth Quarter Quarter Quarter Quarter 44,040 Total S 16,000 4,561 Cash Payments Direct Materials: Accounts Payable balance, December 31, 2018 1st Qtr.-Qtr. 1 direct material purchases paid in Qtr. 1 1st Qtr-tr. 1 direct material purchases paid in Qtr. 2 2nd Qtr - Qtr 2 direct material purchases paid in Qtr 2 2nd Qtr - tr. 2 direct material purchases paid in Ctr. 3 3rd Qtr-tr. 3 direct material purchases paid in Qtr. 3 3rd Qtr-Qtr. 3 direct material purchases paid in Gtr. 4 4th Qtr-tr. 4 direct material purchases paid in Qtr. 4 Total payments for direct materials S 1,955 7.476 s 3,204 8,316 S 3,564 10,475 14,0395 20,561 9,431 11,520 55,551 Direct Labor: Total payments for direct labor 2,920 3,520 3,920 4,320 14,680 Manufacturing Overhead: Variable manufacturing overhead Utilities, insurance, property taxes Total payments for manufacturing overhead 2.920 3,778 6,696 3,520 3.776 7.296 3,020 3.776 4.320 3.776 8,096 14.680 15,104 7,696 29,784 13,000 3,600 Selling and Administrative Expenses: Salaries Expense Rent Expense Insurance Expense Supplies Expense Total payments for Selling and Admin. expenses 13,000 3,600 1,500 4,590 13,000 3,800 1,500 5,130 13,000 3,800 1,500 5,670 52,000 14,400 8,000 19.440 1,500 4050 22,150 22,690 23,230 23.770 91,840 Income Taxes: Total payments for income taxes 2,000 2,000 2,000 2.000 8,000 Capital Expenditures: Total payments for capital expenditures 25,000 25,000 S Total cash payments (before interest) 79,327S 44,937 S 48,366S 52,225 S 224,855 Accounts Payable balance, December 31, 2019: 4th Qtr-tr. 4 direct material purchases paid in Citr. 1 of 2020 4.489 Cash Budget For the Year Ended December 31, 2019 First Second Third Fourth Quarter Quarter Quarter Quarter 60000 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 (deciency) Financing: Borrowing Principal repayments Total effects of financing Ending cash balance Budgeted Income Statement For the Year Ended December 31, 2019 Net Sales Revenue Cost of Goods Sold Gross Profit Selling and Administrative Expenses Operating Income Other Income and (Expenses): Interest Expense Income Before Income Taxes Income Tax Expense Net Income 432,848 Budgeted Balance Sheet December 31, 2019 Assets Current Assets: Cash $ 374,767 Accounts Receivable 54,975 Raw Materials Inventory 400 Finished Goods Inventory 5,712 Total Current Assets $ Property, Plant, and Equipment: Equipment 241,000 Less: Accumulated Depreciation (74,000) $ Total Assets Liabilities Current Liabilities: Accounts Payable Stockholders' Equity Common Stock, no par $ 100.000 Retained Earnings +97.200 Total Stockholders' Equity $ Total Liabilities and Stockholders' Equity 167,000 599,848 $ FRA STUDO 597,290 599,848