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The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2019. ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2019 Assets Cash 42,000 Accounts receivable 364,000 Raw materials inventory 107,200 Finished goods inventory 349,440 Total current assets 862, 640 Equipment 604,000 Accumulated depreciation (152,000) Equipment, net 452,000 Total assets $1,314,640 Liabilities and Equity Accounts payable $ 211,300 Short-term notes payable 14,000 Total current liabilities 225,300 Long-term note payable 510,000 Total liabilities 735,300 Common stock 337,000 Retained earnings 242, 340 Total stockholders' equity 579,340 Total liabilities and equity $1,314,640 To prepare a master budget for April, May, and June of 2019, management gathers the following information. a. Sales for March total 20,800 units. Forecasted sales in units are as follows: April, 20,800; May, 21,600: June, 20,900; and July, 20,800. Sales of 242,000 units are forecasted for the entire year. The product's selling price is $25.00 per unit and its total product cost is $21.00 per unit b. Company policy calls for a given month's ending raw materials inventory to equal 50% of the next month's materials requirements. The March 31 raw materials inventory is 5,360 units, which complies with the policy. The expected June 30 ending raw materials inventory is 4,200 units. Raw materials cost $20 per unit. Each finished unit requires 0.50 units of raw materials. C. Company policy calls for a given month's ending finished goods inventory to equal 80% of the next month's expected unit sales. The March 31 finished goods inventory is 16,640 units, which complies with the policy. d. Each finished unit requires 0.50 hours of direct labor at a rate of $17 per hour. e. Overhead is allocated based on direct labor hours. The predetermined variable overhead rate is $3.00 per direct labor hour. Depreciation of $21,100 per month is treated as fixed factory overhead. f. Sales representatives commissions are 8% of sales and are paid in the month of the sales. The sales manager's monthly salary is $3,200 9. Monthly general and administrative expenses include $14,000 administrative salaries and 0.7% monthly interest on the long-term h. The company expects 30% of sales to be for cash and the remaining 70% on credit Receivables are collected in full in the month following the sale (none are collected in the month of the sale). 1. All raw materials purchases are on credit, and no payables arise from any other transactions. One month's raw materials purchases are fully paid in the next month. j. The minimum ending cash balance for all months is $42,000. If necessary, the company borrows enough cash using a short-term note to reach the minimum. Short-term notes require an interest payment of 1% at each month-end (before any repayment). If the ending cash balance exceeds the minimum, the excess will be applied to repaying the short-term notes payable balance. k. Dividends of $12,000 are to be declared and paid in May. 1. No cash payments for income taxes are to be made during the second calendar quarter. Income tax will be assessed at 40% in the quarter and paid in the third calendar quarter. m. Equipment purchases of $132,000 are budgeted for the last day of June. Required: Prepare the following budgets and other financial information as required. All budgets and other financial information should be prepared for the second calendar quarter, except as otherwise noted below. (Round calculations up to the nearest whole dollar, except for the amount of cash sales, which should be rounded down to the nearest whole dollar.): 1. Sales budget 2. Production budget. 3. Raw materials budget. 4. Direct labor budget. 5. Factory overhead budget. 6. Selling expense budget. 7. General and administrative expense budget. 8. Cash budget 9. Budgeted income statement for the entire second quarter (not for each month separately). 10. Budgeted balance sheet. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Required 9 Required 10 Cash budget. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign.) Calculation of Cash receipts from customers: April June Total budgeted sales S 520,000 540,000 s 522,500 Cash sales 30% 156.000 162,000 156,750 Sales on credit 70% S 364.000 $ 378,000 S 365,750 May June Total cash receipts from customers April May S 156,000S 162,000 364.000 364,000 s 520,000 $ 526.000 S Current month's cash sales Collec ns of receivables Total cash receipts 156.750 378,000 $ 534,750 ZIGBY MANUFACTURING Cash Budget April, May, and June 2019 April S 42,000 S May 58,690 $ 526,000 584,690 June 89,020 534,750 623.770 520,000 562,000 212,400 182.240 32,160 209,300 178,840 31,560 188,100X 176,970 31,230 Beginning cash balance Cash receipts from customers Total cash available Cash payments for: Raw materials Direct labor Variable overhead General & administrative salaries Sales commissions Sales salaries Loan interest Dividends Long-term note interest Purchases of equipment 14,000 14,000 14,000 43,200 3.200 41,800 3,200 41,600 3,200 140 0 3,570 0 0 12.000 3,570 0 3,570 0 0 132,000 Total cash payments Preliminary cash balance Additional loan (loan repayment) Ending cash balance 590,870 32,830 489,310 72,690 (14,000) 58,690 S 495,670 89,020 X 0 9.170 X 42.000 IS 89,020 S Loan balance April May June S 14.000 S 0 S 0 Loan balance - Beginning of month Additional loan (loan repayment) Loan balance - End of month (14,000) 0 9,170 S $ 0 $ 0 S 9,170 Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Required 9 Required 10 Budgeted income statement for the entire second quarter (not for each month separately). (Round your final answers to the nearest whole dollar.) ZIGBY MANUFACTURING Budgeted Income Statement For Three Months Ended June 30, 2019 Sales s 1,582,500 1,306,100 276.400 Cost of goods sold Gross profit Operating expenses Sales commissions Sales salaries General administrative salaries Bank loan interest expense Long-term note interest $ 126,600 9,600 42,000 140 10.710 Total operating expenses 189,050 Income before taxes Income tax 87,350 34.940 Net income S 52.410 Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Required 9 Required 10 Budgeted balance sheet. (Round your final answers to the nearest whole dollar.) ZIGBY MANUFACTURING Budgeted Balance Sheet June 30, 2019 Assets Cash $ Accounts receivable Raw materials inventory Finished goods inventory Total current assets lolos 42.000 365,750 84.000 353,940 $ 845,690 0 Equipment Accumulated depreciation Equipment, net 0 Total assets ololo Liabilities and Equity Liabilities Accounts payable Bank loan payable Income taxes payable Total current liabilities Long-term note payable Stockholders' Equity Common stock Retained earnings Total Stockholders' Equity Total Liabilities and Equity > olo