Question
Requirement 2. Prepare VinsonVinson Company's budgeted balance sheet as of MarchMarch 3131, 20172017. Hint: Use the budgeted statement of cash flows prepared in Requirement 3
Requirement 2. Prepare
VinsonVinson
Company's budgeted balance sheet as of
MarchMarch
3131,
20172017.
Hint: Use the budgeted statement of cash flows prepared in Requirement 3 to determine the Cash balance.
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Vinson Company | ||
Budgeted Balance Sheet | ||
March 31, 2017 | ||
Assets | ||
Current Assets: |
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Cash |
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Accounts Receivable |
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Raw Materials Inventory |
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Finished Goods Inventory |
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Total Current Assets |
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Property, Plant, and Equipment: |
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Equipment |
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Less: Accumulated Depreciation |
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Total Assets |
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Liabilities | ||
Current Liabilities: |
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Accounts Payable |
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Stockholders' Equity | ||
Common Stock |
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Retained Earnings |
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Total Stockholders' Equity |
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Total Liabilities and Stockholders' Equity |
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Vinson Company has the following post-closing trial balance on
December
31
2016:
Vinson Company | ||
Post-Closing Trial Balance | ||
December 31, 2016 | ||
Account | Debit | Credit |
Cash | $10,000 |
|
Accounts Receivable | 20,300 |
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Raw Materials Inventory | 12,000 |
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Finished Goods Inventory | 25,900 |
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Equipment | 135,000 |
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Accumulated Depreciation |
| $70,000 |
Accounts Payable |
| 11,600 |
Common Stock |
| 70,000 |
Retained Earnings |
| 51,600 |
Totals | $203,200 | $203,200 |
Data Table:
Budgeted total sales, all on account | $305,500 |
Budgeted direct materials to be purchased and used | 37,000 |
Budgeted direct labor cost | 10,500 |
Budgeted manufacturing overhead costs: | |
Variable manufacturing overhead | 2,500 |
Depreciation | 900 |
Insurance and property taxes | 1,250 |
Budgeted cost of goods sold | 71,300 |
Budgeted selling and administrative expenses: | |
Salaries expense | 7,000 |
Rent expense | 2,500 |
Insurance expense | 1,400 |
Depreciation expense | 600 |
Supplies expense | 9,165 |
Budgeted cash receipts from customers | 263,000 |
Budgeted income tax expense | 50,000 |
Budgeted purchase and payment for capital expenditures (additional equipment) | 34,000 |
Additional information:
a. | Direct materials purchases are paid 60% in the quarter purchased and 40% in the next quarter. |
b. | Direct labor, manufacturing overhead, selling and administrative costs, and income tax expense are paid in the quarter incurred. |
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