The results of operations for the rich Manufacturing Company for the fourth quarter of 2020 were as follows $572.000 Sales Less variable cost of sales 340,000 224,000 $ 120.000 56.000 176.000 Contribution margin Less fired production costs Lessfied selling and administrative expenses Income before taxes Les taxes on income Net Income 48.000 19.200 $28.800 Note Crich Manufacturing uses the variable costing method. Thus, only variable production costs are included in inventory and cost of goods sold. Fixed production costs are charged to expense in the period incurred. The company's balance sheet as of the end of the fourth quarter of 2020 wis as follow Assets Cash $ 164.000 224.000 404.000 792.000 460,000 Accounts receivable Inventory Total current aus Property plant and equipment Less accumulated depreciation Total assets Liabilities and owners' equity Accounts payable Common stock 112000 5.1.140.000 5 64 800 564.000 511.200 Retained earning Total abilities and owners equity 5 1.140.000 Additional information 1 3. Sales and variable costs of sales expected to increase by 12 percent in the next quarter All sales are on credit with 60 percent collected in the quarter of sale and percent collected in the following quarter Variable cost of sales consists of 40 percent materials, 40 percent direct laber, and 20 percent variable overhead. Material are purchased on credit Fifty percent are paid for in the quarter of purchase and the remaining amount is paid for in the quarter after purchase. The inventory balance not expected to change. Also, direct labor and variable overhead costs are Dalid in the quarter the expenses are incurred Fixed production costs (other than $ 9000 of depreciation expeme) are expected to increase by the percent. Feed production costs revirin payment are paid in the quarter they are incurred Fixed selling and administrative costs other than $7,000 of depreciation expense are expected to increase by two percent Fixed selling and administrative covts requiring payment are paid in the quarter they were Ted The tax rate is expected to be 20 percent. Allaves are paid in the quarter they are incurred No purchases of property, plantoriamentare expected in the first quarter of 2021 4 5 Prepare a budgeted balance sheet as of the end of the first quarter of 2021 (List assets in order of liquidity.) Cinrich Manufacturing Company Budgeted Balance Sheet For the Quarter Ended March 31, 2021 Assets $ $ Current Assets Intangible Assets Liabilities Long-term Investments Long-term Liabilities Net Income /(Loss) Property, Plant and Equipment Stockholders' Equity Total Assets Total Current Assets Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Stockholders' Equity es and Owners' Equity $ $ $ Prepare a budgeted balance sheet as of the end of the first quarter of 2021. (List assets in order of liquidity.) Cinrich Manufacturing Company Budgeted Balance Sheet For the Quarter Ended March 31.2021 Assets $ $ es and Owners' Equity $ Current Assets Intangible Assets Liabilities Long-term Investments Long-term Liabilities Net Income /(Loss) Property, Plant and Equipment Stockholders' Equity Total Assets Total Current Assets Total Intangible Assets Total Liabilities Total Liabilities and Stockholders' Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Stockholders' Equity $ Prepare a budgeted balance sheet as of the end of the first quarter of 2021. (List assets in order of liquidity) Cinrich Manufacturing Company Budgeted Balance Sheet For the Quarter Ended March 31, 2021 v Assets Liabilities and Owners' Equity $ Current Assets Intangible Assets Llabilities Long-term Investments Long-term Liabilities Net Income /(Loss) Property, plant and Equipment Stockholders' Equity Total Assets Total Current Assets Total Intangible Assets Total Liabilities Total Llabilities and Stockholders' Equity Total Long-term Investments Total Long-term Liabilities Total Property, Plant and Equipment Total Stockholders' Equity Attempts: 0 of 3 use