The Gilder Tire Company manufactures racing tires for bicycles. Gilder sells tires for $80 each. Gilder is planning for the next year by developing a master budget by quarters. Gilder's balance sheet for December 31, 2018, follows: (Click the icon to view the balance sheet.) Other data for Gilder Tire Company: (Click the icon to view the other data.) Read the requirements. Requirement 1. Prepare Gilder's operating budget and cash budget for 2019 by quarter. Required schedules and budgets include: sales budget, production budget, direct materials budget, direct labor budget, manufacturing overhead budget, cost of goods sold budget, selling and administrative expense budget, schedule of cash receipts, schedule of cash payments, and cash budget. Manufacturing overhead costs are allocated based on direct labor hours. Round all calculations to the nearest dollar. Begin by preparing the sales budget. Gilder Tire Company Sales Budget For the Year Ended December 31, 2019 First Second Third Fourth Requirements Quarter Quarter Quarter Quarter Total Budgeted tires to be sold Sales price per unit Total sales Prepare the production budget. 1. Prepare Gilder's operating budget and cash budget for 2019 by quarter. Required schedules and budgets include: sales budget, production budget, direct materials budget, direct labor budget, manufacturing overhead budget, cost of goods sold budget, selling and administrative expense budget, schedule of cash receipts, schedule of cash payments, and cash budget. Manufacturing overhead costs are allocated based on direct labor hours. Round all calculations to the nearest dollar. 2. Prepare Gilder's annual financial budget for 2019, including budgeted income statement and budgeted balance sheet. Review the sales budget you prepared above. Gilder Tire Company Production Budget For the Year Ended December 31, 2019 Print Done First Second Third Fourth Quarter Quarter Quarter Quarter Total Choose from any list or enter any number in the input fields and then continue to the next question. Review the sales budget you prepared above. Gilder Tire Company Production Budget For the Year Ended December 31, 2019 First Second Third Quarter Quarter Quarter Fourth Quarter Total Plus: Total tires needed Less: Budgeted tires to be produced Prepare the direct materials budget. Prepare the direct materials budgl. Review the production budget you prepared above. Gilder Tire Company Direct Materials Budget For the Year Ended December 31, 2019 First Second Quarter Quarter Data Table Fourth Third Quarter Quarter Total Direct materials per tire Direct materials needed for production Plus: Total direct materials needed Less: Budgeted purchases of direct materials Direct materials cost per pound $ 134,700 Budgeted cost of direct materials Gilder Tire Company Balance Sheet December 31, 2018 Assets Current Assets: Cash $ 71,000 Accounts Receivable 35,000 Raw Materials Inventory 11.900 16,800 Finished Goods Inventory Total Current Assets Property, Plant, and Equipment: Equipment 142.000 (77,000) Less: Accumulated Depreciation Total Assets Liabilities Current Liabilities: Accounts Payable Stockholders' Equity Common Stock, no par $ 150,000 42,200 Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity Prepare the direct labor budget. (Enter any hours per unit amounts to two decimal places, X.XX, and round all other amounts to the nearest whole number.) Review the production budget you prepared above. 65,000 $ 199,700 Gilder Tire Company Direct Labor Budget For the Year Ended December 31, 2019 First Second Third Quarter Quarter Quarter $ 7,500 Fourth Quarter Total 192,200 Direct labor hours needed for production $ 199,700 Budgeted direct labor cost Print Done Prepare the manufacturing overhead budget. (Abbreviations used: VOH = variable manufacturing overhead; FOH = fixed manufacturing overhead.) Review the production budget you prepared above. Review the direct labor budget you prepared above. Gilder Tire Company Manufacturing Overhead Budget Choose from any list or enter any number in the input fields and then continue to the next question. Prepare the manufacturing overhead budget. (Abbreviations used: VOH = variable manufacturing overhead; FOH = fixed manufacturing overhead.) Review the production budget you prepared above. Review the direct labor budget you prepared above. Gilder Tire Company Manufacturing Overhead Budget For the Year Ended December 31, 2019 First Second Third Quarter Quarter Quarter * More Info Fourth Quarter Total VOH cost per tire Budgeted VOH Budgeted FOH Depreciation Utilities, insurance, property taxes Total budgeted FOH Budgeted manufacturing overhead costs Direct labor hours Budgeted manufacturing overhead costs Predetermined overhead allocation rate Before preparing the cost of goods sold budget, calculate the projected manufacturing cost per tire for 2019. (Round all amounts to the nearest cent.) (Unless otherwise noted, assume all of the following events occurred during 2018 and that any balances given are stated as of December 31, 2018.) a. Budgeted sales are 1,700 tires for the first quarter and expected to increase by 100 tires per quarter. Cash sales are expected to be 40% of total sales, with the remaining 60% of sales on account. b. Finished Goods Inventory on December 31, 2018 consists of 700 tires at $24 each. c. Desired ending Finished Goods Inventory is 40% of the next quarter's sales; first quarter sales for 2020 are expected be 2,100 tires. FIFO inventory costing method is used. d. Raw Materials Inventory on December 31, 2018, consists of 1,400 pounds of rubber compound used to manufacture the tires. e. Direct materials requirements are 2 pounds of a rubber compound per tire. The cost of the compound is $8.50 per pound. f. Desired ending Raw Materials Inventory is 10% of the next quarter's direct materials needed for production; desired ending inventory for December 31, 2019 is 1,400 pounds; indirect materials are insignificant and not considered for budgeting purposes. g. Each tire requires 0.80 hours of direct labor; direct labor costs average $25 per hour. h. Variable manufacturing overhead is $2 per tire. i. Fixed manufacturing overhead includes $2,500 per quarter in depreciation and $31,430 per quarter for other costs, such as utilities, insurance, and property taxes. j Fixed selling and administrative expenses include $10,000 per quarter for salaries: $3,600 per quarter for rent; $600 per quarter for insurance, and $2,000 per quarter for depreciation. k. Variable selling and administrative expenses include supplies at 1% of sales. I. Capital expenditures include $50,000 for new manufacturing equipment, to be purchased and paid in the first quarter. m. Cash receipts for sales on account are 70% in the quarter of the sale and 30% in the quarter following the sale; December 31, 2018, Accounts Receivable is received in the first quarter of 2019, uncollectible accounts are considered insignificant and not considered for budgeting purposes. n. Direct materials purchases are paid 70% in the quarter purchased and 30% in the following quarter, December 31, 2018, Accounts Payable is paid in the first quarter of 2019. o. Direct labor, manufacturing overhead, and selling and administrative costs are paid in the quarter incurred. p. Income tax expense is projected at $2,000 per quarter and is paid in the quarter incurred. 9. Gilder desires to maintain a minimum cash balance of $70,000 and borrows from the local bank as needed in increments of $1,000 at the beginning of the quarter, principal repayments are made at the beginning of the quarter when excess funds are available and in increments of $1,000; interest is 8% per year and paid at the beginning of the quarter based on the amount outstanding from the previous quarter. Total projected manufacturing cost per tire for 2019 Now prepare the cost of goods sold budget. Review the sales budget you prepared above. Review the production budget you prepared above. Gilder Tire Company Cost of Goods Sold Budget For the Year Ended December 31, 2019 First Second Third Quarter Quarter Quarter Fourth Print Done Quarter Total Before preparing the cost of goods sold budget, calculate the projected manufacturing cost per tire for 2019. (Round all amounts to the nearest cent.) Total projected manufacturing cost per tire for 2019 Now prepare the cost of goods sold budget. Review the sales budget you prepared above. Review the production budget you prepared above. Gilder Tire Company Cost of Goods Sold Budget For the Year Ended December 31, 2019 First Second Third Quarter Quarter Quarter Fourth Quarter Total Tires produced and sold in 2019 Total budgeted cost of goods sold Prepare the selling and administrative expense budget. Review the sales budget you prepared above. Gilder Tire Company Selling and Administrative Expense Budget For the Year Ended December 31, 2019 First Second Third Quarter Fourth Quarter Quarter Quarter Total Total budgeted selling and administrative expense Prepare the cash receipts budget. (If a box is not used in the table leave the box empty; do not enter a zero.) Review the sales budget you prepared above. Cash Recoints from customers Cash Receipts from Customers Second First Quarter Quarter Third Quarter Fourth Quarter Total Total sales First Second Third Fourth Quarter Quarter Quarter Quarter Total Cash Receipts from Customers: Accounts Receivable balance, December 31, 2018 1st Qtr.-Cash sales 1st Qtr. Credit sales, collection of Qtr. 1 sales in Qtr. 1 1st Qtr. Credit sales, collection of Qtr. 1 sales in Qtr. 2 2nd Qtr.-Cash sales 2nd Qtr. Credit sales, collection of Qtr. 2 sales in Qtr. 2 2nd Qtr. Credit sales, collection of Qtr. 2 sales in Qtr. 3 3rd Qtr.-Cash sales 3rd Qtr. Credit sales, collection of Qtr. 3 sales in Qtr. 3 3rd Qtr. Credit sales, collection of Qtr. 3 sales in Qtr. 4 4th Qtr.-Cash sales 4th Qtr. Credit sales, collection of Qtr. 4 sales in Qtr. 4 Total cash receipts from customers Accounts Receivable balance, December 31, 2019: 4th Qtr. Credit sales, collection of Qtr. 4 sales in Qtr. 1 of 2020 Prepare the cash payments budget. (Round all amounts you entered into the budget to the nearest whole dollar. If a box is not used in the table leave the box empty; do not enter a zero.) Review the direct materials budget you prepared above. Review the direct labor budget you prepared above. Review the manufacturing overhead budget you prepared above. Review the selling and administrative expense budget you prepared above. Cash Payments Second Fourth Quarter Quarter Quarter Quarter Total direct materials purchases First Third Total Choose from any list or enter any number in the input fields and then continue to the next question. Cash Payments Third First Quarter Second Quarter Fourth Quarter Quarter Total Total direct materials purchases First Second Third Fourth Quarter Quarter Quarter Quarter Total Cash Payments Direct Materials: Accounts Payable balance, December 31, 2018 1st Qtr. Qtr. 1 direct material purchases paid in Qtr. 1 1st Qtr. Qtr. 1 direct material purchases paid in Qtr. 2 2nd Qtr. Qtr. 2 direct material purchases paid in Qtr. 2 2nd Qtr. Qtr. 2 direct material purchases paid in Qtr. 3 3rd Qtr. Qtr. 3 direct material purchases paid in Qtr. 3 3rd Qtr.- Qtr. 3 direct material purchases paid in Qtr. 4 4th Qtr. Qtr. 4 direct material purchases paid in Qtr. 4 Total payments for direct materials Direct Labor: Total payments for direct labor Manufacturing Overhead: Total payments for manufacturing overhead Selling and Administrative Expenses: Total payments for Selling and Admin. expenses Income Taxes: Total payments for Selling and Admin. expenses Income Taxes: Total payments for income taxes Capital Expenditures: Total payments for capital expenditures Total cash payments (before interest) Accounts Payable balance, December 31, 2019: 4th Qtr. Qtr. 4 direct material purchases paid in Qtr. 1 of 2020 Prepare the cash budget. (Complete all input boxes. Enter a "0" for any zero balances. Round all amounts entered into the cash budget to the nearest whole dollar. Enter a Review the cash receipts budget you prepared above. Review the cash payments budget you prepared above. Gilder Tire Company Cash Budget For the Year Ended December 31, 2019 First Second Fourth Quarter Quarter Quarter Quarter Beginning cash balance Cash receipts Cash available Cash payments: Capital expenditures Purchases of direct materials Direct labor Manufacturing overhead Third Total Gilder Tire Company Cash Budget For the Year Ended December 31, 2019 First Second Third Fourth Quarter Quarter Quarter Quarter Total Beginning cash balance Cash receipts Cash available Cash payments: Capital expenditures Purchases of direct materials Direct labor Manufacturing overhead Selling and administrative expenses Income taxes Interest expense Total cash payments Ending cash balance before financing Minimum cash balance desired Projected cash excess (de ciency) Financing: Borrowing Principal repayments Total effects of financing Ending cash balance Requirement 2. Prepare Gilder's annual financial budget for 2019, including budgeted income statement, budgeted balance sheet, and budgeted statement of cash flows. Begin with the budgeted income statement. (Complete all input boxes. Enter a "0" for any zero balances.) Review the sales budget you prepared above. Review the cost of goods sold budget you prepared above. Review the selling and administrative expense budget you prepared above. Review the cash budget you prepared above. Gilder Tire Company Budgeted Income Statement Requirement 2. Prepare Gilders annual financial budget for 2019, including budgeted income statement, budgeted balance sheet, and budgeted statement of cash flows. Begin with the budgeted income statement. (Complete all input boxes. Enter a "O" for any zero balances.) Review the sales budget you prepared above. Review the cost of goods sold budget you prepared above. Review the selling and administrative expense budget you prepared above. Review the cash budget you prepared above. Gilder Tire Company Budgeted Income Statement For the Year Ended December 31, 2019 Sales Revenue Cost of Goods Sold Gross Profit Selling and Administrative Expenses Operating Income Interest Expense Income before Income Taxes Income Tax Expense Net Income Prepare the budgeted balance sheet. (Round to the nearest whole dollar.) Review the production budget you prepared above. Review the direct materials budget you prepared above. Review the selling and administrative expense budget you prepared above. Review the cash receipts budget you prepared above. Review the cash payments budget you prepared above. Review the cash budget you prepared above. Review the income statement you prepared above. Gilder Tire Company Budgeted Balance Sheet December 31, 2019 Assets Current Assets: Cash Accounts Receivable Raw Materials Inventory Finished Goods Inventory Total Current Assets Property, Plant, and Equipment: Prepare the budgeted balance sheet. (Round to the nearest whole dollar.) Review the production budget you prepared above. Review the direct materials budget you prepared above. Review the selling and administrative expense budget you prepared above. Review the cash receipts budget you prepared above. Review the cash payments budget you prepared above. Review the cash budget you prepared above. Review the income statement you prepared above. Gilder Tire Company Budgeted Balance Sheet December 31, 2019 Assets Current Assets: Cash Accounts Receivable Raw Materials Inventory Finished Goods Inventory Total Current Assets Property, Plant, and Equipment: Equipment Less: Accumulated Depreciation Total Assets Liabilities Current Liabilities: Accounts Payable Stockholders' Equity Common Stock, no par Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity I II The Gilder Tire Company manufactures racing tires for bicycles. Gilder sells tires for $80 each. Gilder is planning for the next year by developing a master budget by quarters. Gilder's balance sheet for December 31, 2018, follows: (Click the icon to view the balance sheet.) Other data for Gilder Tire Company: (Click the icon to view the other data.) Read the requirements. Requirement 1. Prepare Gilder's operating budget and cash budget for 2019 by quarter. Required schedules and budgets include: sales budget, production budget, direct materials budget, direct labor budget, manufacturing overhead budget, cost of goods sold budget, selling and administrative expense budget, schedule of cash receipts, schedule of cash payments, and cash budget. Manufacturing overhead costs are allocated based on direct labor hours. Round all calculations to the nearest dollar. Begin by preparing the sales budget. Gilder Tire Company Sales Budget For the Year Ended December 31, 2019 First Second Third Fourth Requirements Quarter Quarter Quarter Quarter Total Budgeted tires to be sold Sales price per unit Total sales Prepare the production budget. 1. Prepare Gilder's operating budget and cash budget for 2019 by quarter. Required schedules and budgets include: sales budget, production budget, direct materials budget, direct labor budget, manufacturing overhead budget, cost of goods sold budget, selling and administrative expense budget, schedule of cash receipts, schedule of cash payments, and cash budget. Manufacturing overhead costs are allocated based on direct labor hours. Round all calculations to the nearest dollar. 2. Prepare Gilder's annual financial budget for 2019, including budgeted income statement and budgeted balance sheet. Review the sales budget you prepared above. Gilder Tire Company Production Budget For the Year Ended December 31, 2019 Print Done First Second Third Fourth Quarter Quarter Quarter Quarter Total Choose from any list or enter any number in the input fields and then continue to the next question. Review the sales budget you prepared above. Gilder Tire Company Production Budget For the Year Ended December 31, 2019 First Second Third Quarter Quarter Quarter Fourth Quarter Total Plus: Total tires needed Less: Budgeted tires to be produced Prepare the direct materials budget. Prepare the direct materials budgl. Review the production budget you prepared above. Gilder Tire Company Direct Materials Budget For the Year Ended December 31, 2019 First Second Quarter Quarter Data Table Fourth Third Quarter Quarter Total Direct materials per tire Direct materials needed for production Plus: Total direct materials needed Less: Budgeted purchases of direct materials Direct materials cost per pound $ 134,700 Budgeted cost of direct materials Gilder Tire Company Balance Sheet December 31, 2018 Assets Current Assets: Cash $ 71,000 Accounts Receivable 35,000 Raw Materials Inventory 11.900 16,800 Finished Goods Inventory Total Current Assets Property, Plant, and Equipment: Equipment 142.000 (77,000) Less: Accumulated Depreciation Total Assets Liabilities Current Liabilities: Accounts Payable Stockholders' Equity Common Stock, no par $ 150,000 42,200 Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity Prepare the direct labor budget. (Enter any hours per unit amounts to two decimal places, X.XX, and round all other amounts to the nearest whole number.) Review the production budget you prepared above. 65,000 $ 199,700 Gilder Tire Company Direct Labor Budget For the Year Ended December 31, 2019 First Second Third Quarter Quarter Quarter $ 7,500 Fourth Quarter Total 192,200 Direct labor hours needed for production $ 199,700 Budgeted direct labor cost Print Done Prepare the manufacturing overhead budget. (Abbreviations used: VOH = variable manufacturing overhead; FOH = fixed manufacturing overhead.) Review the production budget you prepared above. Review the direct labor budget you prepared above. Gilder Tire Company Manufacturing Overhead Budget Choose from any list or enter any number in the input fields and then continue to the next question. Prepare the manufacturing overhead budget. (Abbreviations used: VOH = variable manufacturing overhead; FOH = fixed manufacturing overhead.) Review the production budget you prepared above. Review the direct labor budget you prepared above. Gilder Tire Company Manufacturing Overhead Budget For the Year Ended December 31, 2019 First Second Third Quarter Quarter Quarter * More Info Fourth Quarter Total VOH cost per tire Budgeted VOH Budgeted FOH Depreciation Utilities, insurance, property taxes Total budgeted FOH Budgeted manufacturing overhead costs Direct labor hours Budgeted manufacturing overhead costs Predetermined overhead allocation rate Before preparing the cost of goods sold budget, calculate the projected manufacturing cost per tire for 2019. (Round all amounts to the nearest cent.) (Unless otherwise noted, assume all of the following events occurred during 2018 and that any balances given are stated as of December 31, 2018.) a. Budgeted sales are 1,700 tires for the first quarter and expected to increase by 100 tires per quarter. Cash sales are expected to be 40% of total sales, with the remaining 60% of sales on account. b. Finished Goods Inventory on December 31, 2018 consists of 700 tires at $24 each. c. Desired ending Finished Goods Inventory is 40% of the next quarter's sales; first quarter sales for 2020 are expected be 2,100 tires. FIFO inventory costing method is used. d. Raw Materials Inventory on December 31, 2018, consists of 1,400 pounds of rubber compound used to manufacture the tires. e. Direct materials requirements are 2 pounds of a rubber compound per tire. The cost of the compound is $8.50 per pound. f. Desired ending Raw Materials Inventory is 10% of the next quarter's direct materials needed for production; desired ending inventory for December 31, 2019 is 1,400 pounds; indirect materials are insignificant and not considered for budgeting purposes. g. Each tire requires 0.80 hours of direct labor; direct labor costs average $25 per hour. h. Variable manufacturing overhead is $2 per tire. i. Fixed manufacturing overhead includes $2,500 per quarter in depreciation and $31,430 per quarter for other costs, such as utilities, insurance, and property taxes. j Fixed selling and administrative expenses include $10,000 per quarter for salaries: $3,600 per quarter for rent; $600 per quarter for insurance, and $2,000 per quarter for depreciation. k. Variable selling and administrative expenses include supplies at 1% of sales. I. Capital expenditures include $50,000 for new manufacturing equipment, to be purchased and paid in the first quarter. m. Cash receipts for sales on account are 70% in the quarter of the sale and 30% in the quarter following the sale; December 31, 2018, Accounts Receivable is received in the first quarter of 2019, uncollectible accounts are considered insignificant and not considered for budgeting purposes. n. Direct materials purchases are paid 70% in the quarter purchased and 30% in the following quarter, December 31, 2018, Accounts Payable is paid in the first quarter of 2019. o. Direct labor, manufacturing overhead, and selling and administrative costs are paid in the quarter incurred. p. Income tax expense is projected at $2,000 per quarter and is paid in the quarter incurred. 9. Gilder desires to maintain a minimum cash balance of $70,000 and borrows from the local bank as needed in increments of $1,000 at the beginning of the quarter, principal repayments are made at the beginning of the quarter when excess funds are available and in increments of $1,000; interest is 8% per year and paid at the beginning of the quarter based on the amount outstanding from the previous quarter. Total projected manufacturing cost per tire for 2019 Now prepare the cost of goods sold budget. Review the sales budget you prepared above. Review the production budget you prepared above. Gilder Tire Company Cost of Goods Sold Budget For the Year Ended December 31, 2019 First Second Third Quarter Quarter Quarter Fourth Print Done Quarter Total Before preparing the cost of goods sold budget, calculate the projected manufacturing cost per tire for 2019. (Round all amounts to the nearest cent.) Total projected manufacturing cost per tire for 2019 Now prepare the cost of goods sold budget. Review the sales budget you prepared above. Review the production budget you prepared above. Gilder Tire Company Cost of Goods Sold Budget For the Year Ended December 31, 2019 First Second Third Quarter Quarter Quarter Fourth Quarter Total Tires produced and sold in 2019 Total budgeted cost of goods sold Prepare the selling and administrative expense budget. Review the sales budget you prepared above. Gilder Tire Company Selling and Administrative Expense Budget For the Year Ended December 31, 2019 First Second Third Quarter Fourth Quarter Quarter Quarter Total Total budgeted selling and administrative expense Prepare the cash receipts budget. (If a box is not used in the table leave the box empty; do not enter a zero.) Review the sales budget you prepared above. Cash Recoints from customers Cash Receipts from Customers Second First Quarter Quarter Third Quarter Fourth Quarter Total Total sales First Second Third Fourth Quarter Quarter Quarter Quarter Total Cash Receipts from Customers: Accounts Receivable balance, December 31, 2018 1st Qtr.-Cash sales 1st Qtr. Credit sales, collection of Qtr. 1 sales in Qtr. 1 1st Qtr. Credit sales, collection of Qtr. 1 sales in Qtr. 2 2nd Qtr.-Cash sales 2nd Qtr. Credit sales, collection of Qtr. 2 sales in Qtr. 2 2nd Qtr. Credit sales, collection of Qtr. 2 sales in Qtr. 3 3rd Qtr.-Cash sales 3rd Qtr. Credit sales, collection of Qtr. 3 sales in Qtr. 3 3rd Qtr. Credit sales, collection of Qtr. 3 sales in Qtr. 4 4th Qtr.-Cash sales 4th Qtr. Credit sales, collection of Qtr. 4 sales in Qtr. 4 Total cash receipts from customers Accounts Receivable balance, December 31, 2019: 4th Qtr. Credit sales, collection of Qtr. 4 sales in Qtr. 1 of 2020 Prepare the cash payments budget. (Round all amounts you entered into the budget to the nearest whole dollar. If a box is not used in the table leave the box empty; do not enter a zero.) Review the direct materials budget you prepared above. Review the direct labor budget you prepared above. Review the manufacturing overhead budget you prepared above. Review the selling and administrative expense budget you prepared above. Cash Payments Second Fourth Quarter Quarter Quarter Quarter Total direct materials purchases First Third Total Choose from any list or enter any number in the input fields and then continue to the next question. Cash Payments Third First Quarter Second Quarter Fourth Quarter Quarter Total Total direct materials purchases First Second Third Fourth Quarter Quarter Quarter Quarter Total Cash Payments Direct Materials: Accounts Payable balance, December 31, 2018 1st Qtr. Qtr. 1 direct material purchases paid in Qtr. 1 1st Qtr. Qtr. 1 direct material purchases paid in Qtr. 2 2nd Qtr. Qtr. 2 direct material purchases paid in Qtr. 2 2nd Qtr. Qtr. 2 direct material purchases paid in Qtr. 3 3rd Qtr. Qtr. 3 direct material purchases paid in Qtr. 3 3rd Qtr.- Qtr. 3 direct material purchases paid in Qtr. 4 4th Qtr. Qtr. 4 direct material purchases paid in Qtr. 4 Total payments for direct materials Direct Labor: Total payments for direct labor Manufacturing Overhead: Total payments for manufacturing overhead Selling and Administrative Expenses: Total payments for Selling and Admin. expenses Income Taxes: Total payments for Selling and Admin. expenses Income Taxes: Total payments for income taxes Capital Expenditures: Total payments for capital expenditures Total cash payments (before interest) Accounts Payable balance, December 31, 2019: 4th Qtr. Qtr. 4 direct material purchases paid in Qtr. 1 of 2020 Prepare the cash budget. (Complete all input boxes. Enter a "0" for any zero balances. Round all amounts entered into the cash budget to the nearest whole dollar. Enter a Review the cash receipts budget you prepared above. Review the cash payments budget you prepared above. Gilder Tire Company Cash Budget For the Year Ended December 31, 2019 First Second Fourth Quarter Quarter Quarter Quarter Beginning cash balance Cash receipts Cash available Cash payments: Capital expenditures Purchases of direct materials Direct labor Manufacturing overhead Third Total Gilder Tire Company Cash Budget For the Year Ended December 31, 2019 First Second Third Fourth Quarter Quarter Quarter Quarter Total Beginning cash balance Cash receipts Cash available Cash payments: Capital expenditures Purchases of direct materials Direct labor Manufacturing overhead Selling and administrative expenses Income taxes Interest expense Total cash payments Ending cash balance before financing Minimum cash balance desired Projected cash excess (de ciency) Financing: Borrowing Principal repayments Total effects of financing Ending cash balance Requirement 2. Prepare Gilder's annual financial budget for 2019, including budgeted income statement, budgeted balance sheet, and budgeted statement of cash flows. Begin with the budgeted income statement. (Complete all input boxes. Enter a "0" for any zero balances.) Review the sales budget you prepared above. Review the cost of goods sold budget you prepared above. Review the selling and administrative expense budget you prepared above. Review the cash budget you prepared above. Gilder Tire Company Budgeted Income Statement Requirement 2. Prepare Gilders annual financial budget for 2019, including budgeted income statement, budgeted balance sheet, and budgeted statement of cash flows. Begin with the budgeted income statement. (Complete all input boxes. Enter a "O" for any zero balances.) Review the sales budget you prepared above. Review the cost of goods sold budget you prepared above. Review the selling and administrative expense budget you prepared above. Review the cash budget you prepared above. Gilder Tire Company Budgeted Income Statement For the Year Ended December 31, 2019 Sales Revenue Cost of Goods Sold Gross Profit Selling and Administrative Expenses Operating Income Interest Expense Income before Income Taxes Income Tax Expense Net Income Prepare the budgeted balance sheet. (Round to the nearest whole dollar.) Review the production budget you prepared above. Review the direct materials budget you prepared above. Review the selling and administrative expense budget you prepared above. Review the cash receipts budget you prepared above. Review the cash payments budget you prepared above. Review the cash budget you prepared above. Review the income statement you prepared above. Gilder Tire Company Budgeted Balance Sheet December 31, 2019 Assets Current Assets: Cash Accounts Receivable Raw Materials Inventory Finished Goods Inventory Total Current Assets Property, Plant, and Equipment: Prepare the budgeted balance sheet. (Round to the nearest whole dollar.) Review the production budget you prepared above. Review the direct materials budget you prepared above. Review the selling and administrative expense budget you prepared above. Review the cash receipts budget you prepared above. Review the cash payments budget you prepared above. Review the cash budget you prepared above. Review the income statement you prepared above. Gilder Tire Company Budgeted Balance Sheet December 31, 2019 Assets Current Assets: Cash Accounts Receivable Raw Materials Inventory Finished Goods Inventory Total Current Assets Property, Plant, and Equipment: Equipment Less: Accumulated Depreciation Total Assets Liabilities Current Liabilities: Accounts Payable Stockholders' Equity Common Stock, no par Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity