Submit Test Test: Chapter 22 Post-Test This Question: 1 pt 2 of 4 (2 complete) This Test: 4 pts possible i Data Table i Data Table Sharpe Company he E (Click the icon The company's ac 2019: B! (Click the icon 309,000 31,000 11,500 Credit Requirement 2. Pre Budgeted total sales, all on account Budgeted direct materials to be purchased and used Budgeted direct labor cost Budgeted manufacturing overhead costs: Variable manufacturing overhead Depreciation Insurance and property taxes Budgeted cost of goods sold Post-Closing Tnal Balance December 31, 2018 Account Debit Cash $ 20,000 Accounts Receivable 26,200 Raw Materials Inventory 16,000 Finished Goods Inventory 26,850 Equipment 150,000 Accumulated Depreciation Accounts Payable Common Stock 2,600 800 1,050 71,100 Budgeted sering and administrative expenses 60,000 16,500 130,000 32.550 Salanes expense Rent expense 5,000 4.500 1.000 400 Current Assets Cash Accounts Rece Raw Materials Finished Goods Retained Eamings Insurance expense $ 239,050 $ 239,050 Totals Depreciation extense Done Print Print Done Enter any number 0 2 :30 i Data Table 2,600 800 1,050 71,100 Variable manufacturing overhead Depreciation Insurance and property taxes Budgeted cost of goods sold Budgeted selling and administrative expenses: Salaries expense Rent expense Insurance expense Depreciation expense Supplies expense Budgeted cash receipts from customers Budgeted income tax expense Budgeted purchase and payment for capital expenditures (additional equipment) 5,000 4.500 1,000 400 12,360 262,300 43,000 35.000 Print Done Sharpe Company has the following post-closing trial balance on December 31, 2018 EClick the icon to view the post-closing trial balance.) The company's accounting department has gathered the following budgeting information for the first quarter of 2019 E: (Click the icon to view the budgeting information.) Additional information: a. Direct materials purchases are paid 70% in the quarter purchase Direct labor, manufacturing overhead, selling and administrative in the quarter incurred. c. Accounts payable at December 31, 2018 are paid in the first qua Read the requirements. Requirement 2. Prepare Sharpe Company's budgeted balance sheet as of March 31, 2019. Sharpe Company Budgeted Balance Sheet March 31, 2019 Assets Current Assets Cash Accounts Receivable Raw Materials Inventory Finished Goods Inventory Enter any number in the edit fields and then continue to the next question Sharpe Company has the following post-closing trial balance on December 31, 2018: Click the icon to view the post-closing trial balance.) The company's accounting department has gathered the following budgeting information for the first quarter of 2019: E: (Click the icon to view the budgeting information.) Additional information: a Direct materials purchases are paid 70% ir b. Direct labor, manufacturing overhead, sellir in the quarter incurred. c. Accounts payable at December 31, 2018 a Read the requirements. Cash Accounts Receivable Raw Materials Inventory Finished Goods Inventory Total Current Assets Property. Plant, and Equipment: Equipment Less: Accumulated Depreciation Total Assets Liabilities Enter any number in the edit fields and then continue to the next question. a Sharpe Company has the following post-closing trial balance on December 31, 2018 Click the icon to view the post-closing trial balance.) The company's accounting department has gathered the following budgeting information for the first quarter of 2019 (Click the icon to view the budgeting information.) Additional information: Direct materials purchases are paid 70% in the b. Direct labor, manufacturing overhead, selling ang in the quarter incurred. c. Accounts payable at December 31, 2018 are par Read the requirements. Total Assets Liabilities Current Liabilities: Accounts Payable Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity Enter any number in the edit fields and then continue to the next question Submit Test Test: Chapter 22 Post-Test This Question: 1 pt 2 of 4 (2 complete) This Test: 4 pts possible i Data Table i Data Table Sharpe Company he E (Click the icon The company's ac 2019: B! (Click the icon 309,000 31,000 11,500 Credit Requirement 2. Pre Budgeted total sales, all on account Budgeted direct materials to be purchased and used Budgeted direct labor cost Budgeted manufacturing overhead costs: Variable manufacturing overhead Depreciation Insurance and property taxes Budgeted cost of goods sold Post-Closing Tnal Balance December 31, 2018 Account Debit Cash $ 20,000 Accounts Receivable 26,200 Raw Materials Inventory 16,000 Finished Goods Inventory 26,850 Equipment 150,000 Accumulated Depreciation Accounts Payable Common Stock 2,600 800 1,050 71,100 Budgeted sering and administrative expenses 60,000 16,500 130,000 32.550 Salanes expense Rent expense 5,000 4.500 1.000 400 Current Assets Cash Accounts Rece Raw Materials Finished Goods Retained Eamings Insurance expense $ 239,050 $ 239,050 Totals Depreciation extense Done Print Print Done Enter any number 0 2 :30 i Data Table 2,600 800 1,050 71,100 Variable manufacturing overhead Depreciation Insurance and property taxes Budgeted cost of goods sold Budgeted selling and administrative expenses: Salaries expense Rent expense Insurance expense Depreciation expense Supplies expense Budgeted cash receipts from customers Budgeted income tax expense Budgeted purchase and payment for capital expenditures (additional equipment) 5,000 4.500 1,000 400 12,360 262,300 43,000 35.000 Print Done Sharpe Company has the following post-closing trial balance on December 31, 2018 EClick the icon to view the post-closing trial balance.) The company's accounting department has gathered the following budgeting information for the first quarter of 2019 E: (Click the icon to view the budgeting information.) Additional information: a. Direct materials purchases are paid 70% in the quarter purchase Direct labor, manufacturing overhead, selling and administrative in the quarter incurred. c. Accounts payable at December 31, 2018 are paid in the first qua Read the requirements. Requirement 2. Prepare Sharpe Company's budgeted balance sheet as of March 31, 2019. Sharpe Company Budgeted Balance Sheet March 31, 2019 Assets Current Assets Cash Accounts Receivable Raw Materials Inventory Finished Goods Inventory Enter any number in the edit fields and then continue to the next question Sharpe Company has the following post-closing trial balance on December 31, 2018: Click the icon to view the post-closing trial balance.) The company's accounting department has gathered the following budgeting information for the first quarter of 2019: E: (Click the icon to view the budgeting information.) Additional information: a Direct materials purchases are paid 70% ir b. Direct labor, manufacturing overhead, sellir in the quarter incurred. c. Accounts payable at December 31, 2018 a Read the requirements. Cash Accounts Receivable Raw Materials Inventory Finished Goods Inventory Total Current Assets Property. Plant, and Equipment: Equipment Less: Accumulated Depreciation Total Assets Liabilities Enter any number in the edit fields and then continue to the next question. a Sharpe Company has the following post-closing trial balance on December 31, 2018 Click the icon to view the post-closing trial balance.) The company's accounting department has gathered the following budgeting information for the first quarter of 2019 (Click the icon to view the budgeting information.) Additional information: Direct materials purchases are paid 70% in the b. Direct labor, manufacturing overhead, selling ang in the quarter incurred. c. Accounts payable at December 31, 2018 are par Read the requirements. Total Assets Liabilities Current Liabilities: Accounts Payable Stockholders' Equity Common Stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity Enter any number in the edit fields and then continue to the next