Sales, Production, Direct Materials Purchases, and Direct Labor Cost Budgets The budget director of Gourmet Grill Company requests estimates of sales, production, and other operating data from the various administrative units every month. Selected information concerning sales and production for March is summarized as follows: a. Estimated sales for March by sales territory: b. Estimated inventories at March 17 Balances of accounts recelvable, prepaid expenses, and accounts payable at the end of the year are not expected to differ significantly from the beginning balances. Federal income tax of $199,900 on 20 Y 4 taxable income will be paid during 20y4. Regular quarterly cash dividends of $1 per share are expected to be declared and paid In March, June, September, and December on 35,000 shares of common stock outstanding. It is anticipated that fixed assets will be purchased for $152,000 cash in May. Required: 1. Prepare a budgeted income statement for 20y4. 1 2. Prepare a budgeted balance sheet as of December 31, z0Y4. Regina Soap Co. Budgeted Balance Sheet December 31, 20Y4 Assets Current assets: Inventories: Total current assets Property, plant, and equigment: Total assets Liabilities Current liabilities: Stockholders' Equity Ifyentoriest Total current assets Property, piant, and equipment: Cicrent liabilities: Liabl1ities Total stockholders' equity Total liabilities and thockholders' equity' Budgeted Income Statement and Balance Sheet As a preliminary to requesting buidget estimates of sales, costs, and expenses for the fiscal year beginning January 1,20 ra, the following tentative trial balance as of December 31, 20Y3, is prepared by the Accounting Department of Regina Soap Co.: Budges tstimates of manufocturing costs and operating expenses for the ywar are sumimarized as followa: baiences of accounts receivibie, prepald expenses, and accounts poyable at the end of the vear are not expected to differ significantiy from the beginning balances. Federal income tak of 3199,900 on 20 y taxable income will be paid during 20Y4, fegular quarterfy cash dividends of $1 per share are expected to be decared and jaid in March, June, 5eptember, and December on 35,000 shares of common stock outstanding- it is anticipated that fived assets wail be purchased for 3152,000 casti in May. Required: Sales, Production, Direct Materials Purchases, and Direct Labor Cost Budgets The budget director of Gourmet Grill Company requests estimates of sales, production, and other operating data from the various administrative units every month. Selected information concerning sales and production for March is summarized as follows: a. Estimated sales for March by sales territory: b. Estimated inventories at March 17 Balances of accounts recelvable, prepaid expenses, and accounts payable at the end of the year are not expected to differ significantly from the beginning balances. Federal income tax of $199,900 on 20 Y 4 taxable income will be paid during 20y4. Regular quarterly cash dividends of $1 per share are expected to be declared and paid In March, June, September, and December on 35,000 shares of common stock outstanding. It is anticipated that fixed assets will be purchased for $152,000 cash in May. Required: 1. Prepare a budgeted income statement for 20y4. 1 2. Prepare a budgeted balance sheet as of December 31, z0Y4. Regina Soap Co. Budgeted Balance Sheet December 31, 20Y4 Assets Current assets: Inventories: Total current assets Property, plant, and equigment: Total assets Liabilities Current liabilities: Stockholders' Equity Ifyentoriest Total current assets Property, piant, and equipment: Cicrent liabilities: Liabl1ities Total stockholders' equity Total liabilities and thockholders' equity' Budgeted Income Statement and Balance Sheet As a preliminary to requesting buidget estimates of sales, costs, and expenses for the fiscal year beginning January 1,20 ra, the following tentative trial balance as of December 31, 20Y3, is prepared by the Accounting Department of Regina Soap Co.: Budges tstimates of manufocturing costs and operating expenses for the ywar are sumimarized as followa: baiences of accounts receivibie, prepald expenses, and accounts poyable at the end of the vear are not expected to differ significantiy from the beginning balances. Federal income tak of 3199,900 on 20 y taxable income will be paid during 20Y4, fegular quarterfy cash dividends of $1 per share are expected to be decared and jaid in March, June, 5eptember, and December on 35,000 shares of common stock outstanding- it is anticipated that fived assets wail be purchased for 3152,000 casti in May. Required
