The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2017 ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2017 Assets Cash $ 80.000 Accounts receivable 364,000 Raw materials inventory 96,000 Finished goods inventory 364,880 Total current assets 904,800 Equipment, gross 610,000 Accumulated depreciation (155,880) Equipment, net 455,000 Total assets $1,359,800 Liabilities and Equity Accounts payable $ 195,500 Short-term notes payable 17,000 Total current liabilities 212,500 Long-term note payable 510,000 Total liabilities 722,500 Common stock 340,000 Retained earnings 297,380 Total stockholders' equity 637,380 Total liabilities and equity $1,359,880 forecast for the To prepare a master budget for April May and June of 2017, management when the following information a. Selles for March 18.000 units Forecasted sales in units are as follows: Apr, 18.00: May. 17.009 June 20.700 and July 18.000. Solo of 247.000 entire year. The producto sing prices $30.00 per unit and total product costs $24 20 per unit b. Company policy for a given montsending raw ma t ory to of the mom nts. The Mar 31 wa which complies with the policy. The expected June 30 ending raw materials inventory is 4.700 units Raw cost $20 perunt. Each fish 4300 r to .50 e. Company policy calls for a given month's ending finished goods inventory to equal 80% of the next montes expected units. The March 31 finished goods is 14.400 which complies with the policy d. Each finished unit requires 0.50 hours of direct laborate of 522 per hour Overhead is allocated based on direct labor hours. The predetermined ble overhead is $3.40 per director hour. Depreciation of $27.850 per month is tr a sed L. Sales representatives commissions are 8% of sales and are paid in the month of the sales. The sales manager's more salary is $3.700 Monthly general and administrative expenses include $19.000 administrative salaries and monthly interest on the long-term not payable h. The company expects 20% of sales to be for cash and the remaining on on credit Receiv e collected in the month following the sale on rece n te o These Al wa s purchases are on credit and no payables are from any other transactions. One months wa s purchases are fully paid in the more The minimum ending a balance for all months $55.000 , the company bong dugha w n ing a short n g o ch The Short an interest payment of 1% at each month and before any repayment), manding cash balance exceeds the minimum, the wil be applied to paying the short payable balance k Dividends of $17.000 are to be declared and paid in May. L No cash payments for income taxes are to be made during the second calendar Quarter Income tax will be set 40% in the quarter and paid in the c u re m. Equipment purchase of $137.000 are buted for the last day of June Required: Prepare the following budgets and other financial information as required. All budgets and other financial mation should be prepared for the second dara t as otherwise noted below. Round calculations up to the man who do not for the amount of cashewch should be rounded down th e whole 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 & Re Budgeted income statement for the entire second quarter (not for each month separately). (Round your nearest whole dollar.) ZIGBY MANUFACTURING Budgeted Income Statement For Three Months Ended June 30, 2017 ences Operating expenses Total operating expenses ( Required a Required 10 > Budgeted balance sheet. (Round your final answers to the nearest whole dollar.) ZIGBY MANUFACTURING Budgeted Balance Sheet June 30, 2017 Assets Total current assets Equipment, net Total assets Liabilities and Equity Liabilities Total current liabilities Stockholders' Equity Total Stockholders' Equity Total Liabilities and Equity Budgeted balance sheet. (Round your final answers to the nearest whole dollar.) ZIGBY MANUFACTURING Budgeted Balance Sheet June 30, 2017 Assets Total current assets Equipment, net Total assets Liabilities and Equity Liabilities Total current liabilities Stockholders' Equity Total Stockholders' Equity Total Liabilities and Equity