Question 6 of 9 -/3 E View Policies Current Attempt in Progress John Johnson, Swifty & Robert's controller, has received all the budgets prepared by the various operating units and is ready to compile the pro-forma financial statements for the first quarter. The company's balance sheet as of December 31 is as follows: Cash $32.100 Finished Goods Inventory 22.500 Accounts Receivable (net) 98,500 Raw Materials Inventory 49.280 300.000 Property, Plant & Equipment , Accumulated Depreciation (75.000) Total Assets $427,380 Accounts Payable $ 15,000 Income Tax Payable 26.400 Common Stock 100,000 285.980 Retained Earnings Total Liabilities & Owners Equity $427,380 Quarter Selected Estimates Budgeted revenue $1,779,000 Selling and administrative expense 428,700 Interest expense 370 Cash 50,380 Cost of Goods Sold 1,386.630 Accounts receivable (net) 174,720 Direct materials 29,160 Finished goods 104,720 Accounts payable 218,700 Notes payable 4,000 Additional Information: Swifty & Robert plans to purchase and pay cash for a piece of land in February at a cost of $90,000. Swifty & Robert plans to purchase equipment in March at a cost of $30.000. Depreciation for manufacturing overhead $42,000 per quarter and for selling and administrative $30,000 per month. The company expects a 30% income tax rate, and all quarterly taxes are paid in the first month of the following quarter. (a) Prepare Swifty & Robert's pro-forma income statement for the first quarter. (Enter negative amounts using either a negative sign preceding the number eg. 45 or parentheses eg. (45). Swifty& Hill Income Statement Question 6 of 9 > -/3 E Cost of Goods Sold 1,386,630 Accounts receivable (net) 174720 Direct materials 29.160 Finished goods 104.720 Accounts payable 218.700 Notes payable 4,000 Additional Information: Swifty & Robert plans to purchase and pay cash for a piece of land in February at a cost of $90,000. Swifty & Robert plans to purchase equipment in March at a cost of $30.000. Depreciation for manufacturing overhead $42,000 per quarter and for selling and administrative $30,000 per month. The company expects a 30% income tax rate, and all quarterly taxes are paid in the first month of the following quarter. (a) Prepare Swifty & Robert's pro-forma income statement for the first quarter. (Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses eg. (45).) Swifty & Hill Income Statement First Quarter eTextbook and Media Save for Later Attempts: 0 of 3 used Submit Answer (b) The parts of this question must be completed in order. This part will be available when you complete the part above
