Sales Cost of Goods Sold Gross Profit Selling Expenses: Fixed Variable Administrative Expenses: Fixed Variable Total Selling and Administrative Expenses Net Profit Projected Income Statement As of December 31, 2022 25,000 Lamps @$45.00 @ $28.93 $ 1,125,000.00 723,250.00 401,750.00 23,000.00 (Commission per unit) @$3.15 78,750.00 101,750.00 @ $0.06 42,000.00 1,500.00 43,500.00 145,250.00 256,500.00 Betty's Design Projected Balance Sheet As of December 31, 2022 Current Assets Cash Accounts Receivable Inventory Raw Material Figurines Electrical Sets Work in Process Finished Goods Total Current Assets 500 @ $9.20 500 @ $1.25 0 3000 @ $28.93 Fixed Assets Equipment Accumulated Depreciation Total Fixed Assets Total Assets Current Liabilities Accounts Payable Total Liabilities Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity $ 20,000.00 6,800.00 $ 12,000.00 141,425.00 $ 34,710.00 67,500.00 4,600.00 625.00 86,790.00 $ 194,225.00 13,200.00 $ 207,425.00 $ 54,000.00 $ 54,000.00 153,425.00 $ 207,425.00 7. Budgeted Income Statement Sales Cost of Goods Sold Gross Profit Selling Expenses and Administrative Expenses Net Income $ esses es es $ $ $ $ {10.01} Cash Budget Assume actual cash receipts and disbursements will follow the pattern below: (Note: Receivables and Payables of 12/31/22 will have a cash impact in 2023). "1. 18.00% of sales for the year are made in November and December. Since our customers have 60-day terms those funds will be collected in January and February. 2. 83.00% of material purchases will be paid during the year, the remaining portion will be paid in January or February. 3. All other manufacturing and operating costs are paid for when incurred. 4. The budgeted depreciation expense is equal to 0.6% of the fixed manufacturing, selling and administrative expenses. 5. Minimum Cash Balance needed for 2023, $ 140,000. Betty's Design Projected Cash Budget For the year ending, December 31, 2023 Round Dollars to two places, $##.## Ref # $ Beginning Cash Balance Cash Inflows: Sales Collections: Account Receivable (Sales last year not collected) $ Sales made and collected in 2023 Cash Available Cash Outflows: ssssss {10.02} {10.03} {10.04} Purchases Accounts Payable (Purchases last year) Purchases made and paid for in 2023 $ {10.05} Other Manufacturing Costs Direct Labor Total Manufaturing Overhead Selling and Administrative Less: Depreciaton Total Cash Outflows Budgeted Cash Balance before financing Needed Minimum Balance Amount to be borrowed (if any) Budgeted Cash Balance ssssss $ $ $ {10.06} $ {10.07} $ es es $ {10.08} es {10.09} {10.10}