required: balance sheet dec 31, 2020, production budget dec 31, 2020, direct materials budget dec 31, 2020, direct labour budget dec 31, 2020, manufacturing budget dec 31, 2020 COGS manufactured dec 31, 2020, costs of ending goods dec 31, 2020, selling and admin dec 31, 2020, cash budget dec 31, 2020, cash budget (income statement) dec 31, 2020, balance sheet dec 31, 2020. for quarters an as at dec 31, 2020.

also q3 balance sheet as at sept 30, 2020 and sales budget (cash collection) dec 31, 2020

sorry, balance sheet as at sept 30th 2020 is provided now.

Overview The XY Gadget Company manufactures a home assistance device that makes household tasks easier and more efficient. The company has only been in business for 9 months, and management has never prepared a formal business budget. The balance sheet, based on actual results, at September 30, 2020 is provided below: XY Gadget Company Balance Sheet September 30, 2020 $ 100,000 Assets Cash Inventories Materials Finished goods Income taxes recoverable $1,777,152 330,000 2,107,152 725.000 2,932, 152 Production equipment & tools Accum. depreciation - Prod Equip 4,700,000 (325,000) 4,347,500 Furniture & fixtures Accum. depreciation - Furn & fixt 300,000 (22,500) 277,500 Building Accum. depreciation - Building Total assets 2,000,000 (75,000) 1.925,000 $9.482.152 Liabilities Line of credit - First National Bank Accounts payable Notes payable, Commercial Credit Union Total liabilities 0 172, 173 3,000,000 3,172,173 Shareholders' Equity Common stock Retained earnings Total liabilities & shareholders' equity $6,000,000 309,979 6,309.979 $9.482.152 Manufacturing Overhead: Fixed manufacturing overhead (MOH) for Quarter 3 was $1,889,574, and has been applied based on expected production of 55,000 per quarter. Fixed MOH is expected to be the same in Quarter 4 Total fixed MOH is comprised of the following: Indirect labour-cutting dept. $60,000 Indirect labour - assembly dept. 100 000 Indirect labour - finishing dept. 950 000 Utilities 10,500 Production planning & control 120,000 Purchasing & receiving 447,074 Factory insurance 12.000 Depreciation - factory equipment 117,500 Depreciation - building 20,000 Factory supplies 10,000 Factory 42 500 $1,889 574 Each finished unit requires one hour of machine time. Variable manufacturing overhead is applied based on hours of machine time as follow Utilities $0.75 Repairs & maintenance 2.00 Supplies 0.75 Material spoilage 2.20 $5.70 Marketing/sales information: As mentioned above, demand has been increasing each quarter. XY expects they will be able to sell 57,024 finished units in Quarter 4 XY sells finished units for $300 each. All sales are cash sales, and no discounts are offered Due to a poor compensation plan, all salespeople employed by XY quit at the end of the third quarter. To meet the sales demand for the fourth quarter, XY will need to hire 1,000 salespeople immediately. It will cost XY $270 to train each new salesperson This will be treated as a fixed selling expense for quarter 4. The new compensation plan will pay salespeople a salary of $3,000 per quarter plus 10% of sales. Product Information: The company's manufacturing function consists of three departments: cutting, assembly, and finishing Each device requires the following direct material: 4 units of Material X @ $11.00 per unit 2 units of Material Y @ $16.00 per unit XY pays shipping costs for Material X of $1.00 per unit. Material Y is shipped at no charge All material purchased are paid for within the same quarter they are purchased The cutting and assembly departments employs hourly workers who complete the required direct labour. Each department has the following configuration: # of production machines 30 # workers at each machine 5 Maximum workers employed per shift Hours per shift (8 hours/day x 22 days/month x 3 months/quarter) 528 Maximum units made per hour Workers in each department are paid $8 per hour for the first shift. XY is able to run a second shift if needed Workers on the 2nd shift are paid the normal hourly wage PLUS a 20% shift premium No new materials are added in the finishing department. All labour in the finishing department is considered indirect. XY completes all production each day (there is no WIP inventory). Material X can sometimes be difficult to get on a timely basis. There has never been any difficulties getting as much Material Y as needed, very quickly. Sales have been increasing each quarter. XY hopes to increase their ending materials inventory at December 31 to 150 1.8 Material X 153,000 units Material Y 5,000 units Beginning inventory consists of 148,096 units of Material. There was no Material Y inventory on hand at the beginning of the quarter. There were 2,000 units of Finished Goods on hand at the beginning of the quarter. XY plans to have the same number of Finished Goods on hand at the end of the quarter. In order to meet the sales target, XY plans to spend $800,000 in advertising for the upcoming quarter XY sells products in several Provinces. Fixed selling costs, in addition to those described above include Provincial Sales Office Rent $45,000 Provincial Offices Operating Expenses 180,000 Head Office Sales Expenses 73,175 XY will also incur some variable selling expenses. Salespeople are expected to make a total of 235,000 sales calls in the 4 quarter, and the travel cost is estimated at $1.65 per sales call made. Also, packaging costs are expected to be $2.00 per unit sold. Cash information: VK management requires a minimum of $100,000 cash on hand at the end of the quarter. They have access to a $1,000,000 Line of Credit at First National Bank Interest rates are negligible and therefore will be ignored for budgeting purposes. Any accounts payable from the previous quarter should be paid in full. Other information: XY has administrative costs as follows: Fixed Executive salaries Secretarial & clerical Supplies Depreciation - building Depreciation - furniture & fixtures $480,000 180,000 15,000 5,000 7,500 Variable: Supplies Travel $1.00 $3.15 per unit sold per unit sold XY's current income tax rate is 40%. XY Gadget Balance Sheet As al September 30 2020 $ 100,000 Assets Cash Inventories Materials Finished Goods Income taxes recoverable $ 1,777 152 330,000 2,107,152 725,000 2,932,152 4,700,000 (352 500) 4,347,500 Production equipment Less: Accumulated depreciation Furniture & Fixtures Less Accumulated depreciation 300,000 (22,500) 277,500 Building Less Accumulated depreciation 2,000,000 (75,000) 1925.000 TOTAL ASSETS $9,482 152 Liabilities Line of Credit - First National Bank Accounts payable Note payable - Commercial Credit Union S 172 173 3,000,000 3,172 173 Shareholders' Equity Common shares Retained earnings S 5,000,000 309,979 6,309,979 TOTAL LIABILITIES & SHAREHOLDERS' EQUITY 59.482, 152 B 59 40 31 Overview The XY Gadget Company manufactures a home assistance device that makes household tasks easier and more efficient. The company has only been in business for 9 months, and management has never prepared a formal business budget. The balance sheet, based on actual results, at September 30, 2020 is provided below: XY Gadget Company Balance Sheet September 30, 2020 $ 100,000 Assets Cash Inventories Materials Finished goods Income taxes recoverable $1,777,152 330,000 2,107,152 725.000 2,932, 152 Production equipment & tools Accum. depreciation - Prod Equip 4,700,000 (325,000) 4,347,500 Furniture & fixtures Accum. depreciation - Furn & fixt 300,000 (22,500) 277,500 Building Accum. depreciation - Building Total assets 2,000,000 (75,000) 1.925,000 $9.482.152 Liabilities Line of credit - First National Bank Accounts payable Notes payable, Commercial Credit Union Total liabilities 0 172, 173 3,000,000 3,172,173 Shareholders' Equity Common stock Retained earnings Total liabilities & shareholders' equity $6,000,000 309,979 6,309.979 $9.482.152 Manufacturing Overhead: Fixed manufacturing overhead (MOH) for Quarter 3 was $1,889,574, and has been applied based on expected production of 55,000 per quarter. Fixed MOH is expected to be the same in Quarter 4 Total fixed MOH is comprised of the following: Indirect labour-cutting dept. $60,000 Indirect labour - assembly dept. 100 000 Indirect labour - finishing dept. 950 000 Utilities 10,500 Production planning & control 120,000 Purchasing & receiving 447,074 Factory insurance 12.000 Depreciation - factory equipment 117,500 Depreciation - building 20,000 Factory supplies 10,000 Factory 42 500 $1,889 574 Each finished unit requires one hour of machine time. Variable manufacturing overhead is applied based on hours of machine time as follow Utilities $0.75 Repairs & maintenance 2.00 Supplies 0.75 Material spoilage 2.20 $5.70 Marketing/sales information: As mentioned above, demand has been increasing each quarter. XY expects they will be able to sell 57,024 finished units in Quarter 4 XY sells finished units for $300 each. All sales are cash sales, and no discounts are offered Due to a poor compensation plan, all salespeople employed by XY quit at the end of the third quarter. To meet the sales demand for the fourth quarter, XY will need to hire 1,000 salespeople immediately. It will cost XY $270 to train each new salesperson This will be treated as a fixed selling expense for quarter 4. The new compensation plan will pay salespeople a salary of $3,000 per quarter plus 10% of sales. Product Information: The company's manufacturing function consists of three departments: cutting, assembly, and finishing Each device requires the following direct material: 4 units of Material X @ $11.00 per unit 2 units of Material Y @ $16.00 per unit XY pays shipping costs for Material X of $1.00 per unit. Material Y is shipped at no charge All material purchased are paid for within the same quarter they are purchased The cutting and assembly departments employs hourly workers who complete the required direct labour. Each department has the following configuration: # of production machines 30 # workers at each machine 5 Maximum workers employed per shift Hours per shift (8 hours/day x 22 days/month x 3 months/quarter) 528 Maximum units made per hour Workers in each department are paid $8 per hour for the first shift. XY is able to run a second shift if needed Workers on the 2nd shift are paid the normal hourly wage PLUS a 20% shift premium No new materials are added in the finishing department. All labour in the finishing department is considered indirect. XY completes all production each day (there is no WIP inventory). Material X can sometimes be difficult to get on a timely basis. There has never been any difficulties getting as much Material Y as needed, very quickly. Sales have been increasing each quarter. XY hopes to increase their ending materials inventory at December 31 to 150 1.8 Material X 153,000 units Material Y 5,000 units Beginning inventory consists of 148,096 units of Material. There was no Material Y inventory on hand at the beginning of the quarter. There were 2,000 units of Finished Goods on hand at the beginning of the quarter. XY plans to have the same number of Finished Goods on hand at the end of the quarter. In order to meet the sales target, XY plans to spend $800,000 in advertising for the upcoming quarter XY sells products in several Provinces. Fixed selling costs, in addition to those described above include Provincial Sales Office Rent $45,000 Provincial Offices Operating Expenses 180,000 Head Office Sales Expenses 73,175 XY will also incur some variable selling expenses. Salespeople are expected to make a total of 235,000 sales calls in the 4 quarter, and the travel cost is estimated at $1.65 per sales call made. Also, packaging costs are expected to be $2.00 per unit sold. Cash information: VK management requires a minimum of $100,000 cash on hand at the end of the quarter. They have access to a $1,000,000 Line of Credit at First National Bank Interest rates are negligible and therefore will be ignored for budgeting purposes. Any accounts payable from the previous quarter should be paid in full. Other information: XY has administrative costs as follows: Fixed Executive salaries Secretarial & clerical Supplies Depreciation - building Depreciation - furniture & fixtures $480,000 180,000 15,000 5,000 7,500 Variable: Supplies Travel $1.00 $3.15 per unit sold per unit sold XY's current income tax rate is 40%. XY Gadget Balance Sheet As al September 30 2020 $ 100,000 Assets Cash Inventories Materials Finished Goods Income taxes recoverable $ 1,777 152 330,000 2,107,152 725,000 2,932,152 4,700,000 (352 500) 4,347,500 Production equipment Less: Accumulated depreciation Furniture & Fixtures Less Accumulated depreciation 300,000 (22,500) 277,500 Building Less Accumulated depreciation 2,000,000 (75,000) 1925.000 TOTAL ASSETS $9,482 152 Liabilities Line of Credit - First National Bank Accounts payable Note payable - Commercial Credit Union S 172 173 3,000,000 3,172 173 Shareholders' Equity Common shares Retained earnings S 5,000,000 309,979 6,309,979 TOTAL LIABILITIES & SHAREHOLDERS' EQUITY 59.482, 152 B 59 40 31