This is all one question im not aure hoa you want me to divide it up. Each section is one part

More Info (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 1,800 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 200 tires at $29 each. c. Desired ending Finished Goods Inventory is 50% of the next quarter's sales, first quarter sales for 2020 are expected be 2.200 tires. FIFO inventory costing method is used. d. Raw Materials Inventory on December 31, 2018, consists of 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 $9.00 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 400 pounds; indirect materials are insignificant and not considered for budgeting purposes. g. Each tire requires 0.60 hours of direct labor, direct labor costs average $14 per hour. h. Variable manufacturing overhead is $4 per tire. i. Fixed manufacturing overhead includes $3,000 per quarter in depreciation and $47,025 per quarter for other costs, such as utilities, insurance, and property taxes. j. Fixed selling and administrative expenses include $12,000 per quarter for salaries: $4,200 per quarter for rent; $1,050 per quarter for insurance, and $1,500 per quarter for depreciation. k. Variable selling and administrative expenses include supplies at 1% of sales. 1. Capital expenditures include $20.000 for new manufacturing equipment, to be purchased and paid in the first quarter. m. Cash receipts for sales on account are 80% in the quarter of the sale and 20% 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 $4.500 per quarter and is paid in the quarter incurred. 9. Grilton desires to maintain a minimum cash balance of $65,000 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 5% per year and paid at the beginning of the quarter based on the amount outstanding from the previous quarter. Print Done Data Table X $ 103,400 Grilton Tire Company Balance Sheet December 31, 2018 Assets Current Assets: Cash 69,000 Accounts Receivable 25,000 Raw Materials Inventory 3,600 Finished Goods Inventory 5,800 Total Current Assets Property. Plant, and Equipment: Equipment 155,000 Less: Accumulated Depreciation (55,000) Total Assets Liabilities Current Liabilities: Accounts Payable Stockholders' Equity Common Stock, no par $ 170,000 Retained Earnings 21,400 Total Stockholders' Equity 100,000 203,400 $ $ 12,000 191,400 $ 203,400 Total Liabilities and Stockholders' Equity Print Done Total Begin by preparing the sales budget. Grilton Tire Company Sales Budget For the Year Ended December 31, 2019 First Second Third Fourth Quarter Quarter Quarter Quarter Budgeted tires to be sold Sales price per unit Total sales Prepare the production budget. Review the sales budget you prepared above. Grilton 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 Review the production budget you prepared above. Grilton Tire Company Direct Materials Budget For the Year Ended December 31, 2019 First Second Quarter Quarter Third Fourth 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 Budgeted cost of direct materials Review the production budget you prepared above. Grilton Tire Company Direct Labor Budget For the Year Ended December 31, 2019 First Second Third Quarter Quarter Quarter Fourth Quarter Total Direct labor hours needed for production Budgeted direct labor cost Review the production budget you prepared above. Review the direct labor budget you prepared above. Grilton Tire Company Manufacturing Overhead Budget For the Year Ended December 31, 2019 First Second Third Quarter Quarter Quarter 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 Review the sales budget you prepared above. Review the production budget you prepared above. Grilton 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. Grilton Tire Company Selling and Administrative Expense Budget For the Year Ended December 31, 2019 First Second Third Quarter Quarter Quarter Fourth Quarter Total Depreciation Expense Direct Labor Direct Materials Insurance Expense Manufacturing Overhead Rent Expense Salaries Expense Supplies Expense nput fields and then continue to the next question. Cash Receipts from Customers First Quarter Second Quarter Third Quarter Fourth Quarter Total Total sales First Quarter Second Quarter Third Quarter Fourth 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 Second First Quarter Third Quarter Fourth Quarter Quarter Total Total direct materials purchases First Quarter Second Quarter Third Quarter Fourth 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 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 Cash Budget For the Year Ended December 31, 2019 First Second Third Quarter Quarter Quarter Fourth 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 fiOnancing Minimum cash balance desired Projected cash excess (de ciency) Financing Borrowing Principal repayments Total effects of Ofinancing Ending cash balance Requirement 2. Prepare Grilton'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. Grilton 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 Grilton 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 More Info (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 1,800 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 200 tires at $29 each. c. Desired ending Finished Goods Inventory is 50% of the next quarter's sales, first quarter sales for 2020 are expected be 2.200 tires. FIFO inventory costing method is used. d. Raw Materials Inventory on December 31, 2018, consists of 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 $9.00 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 400 pounds; indirect materials are insignificant and not considered for budgeting purposes. g. Each tire requires 0.60 hours of direct labor, direct labor costs average $14 per hour. h. Variable manufacturing overhead is $4 per tire. i. Fixed manufacturing overhead includes $3,000 per quarter in depreciation and $47,025 per quarter for other costs, such as utilities, insurance, and property taxes. j. Fixed selling and administrative expenses include $12,000 per quarter for salaries: $4,200 per quarter for rent; $1,050 per quarter for insurance, and $1,500 per quarter for depreciation. k. Variable selling and administrative expenses include supplies at 1% of sales. 1. Capital expenditures include $20.000 for new manufacturing equipment, to be purchased and paid in the first quarter. m. Cash receipts for sales on account are 80% in the quarter of the sale and 20% 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 $4.500 per quarter and is paid in the quarter incurred. 9. Grilton desires to maintain a minimum cash balance of $65,000 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 5% per year and paid at the beginning of the quarter based on the amount outstanding from the previous quarter. Print Done Data Table X $ 103,400 Grilton Tire Company Balance Sheet December 31, 2018 Assets Current Assets: Cash 69,000 Accounts Receivable 25,000 Raw Materials Inventory 3,600 Finished Goods Inventory 5,800 Total Current Assets Property. Plant, and Equipment: Equipment 155,000 Less: Accumulated Depreciation (55,000) Total Assets Liabilities Current Liabilities: Accounts Payable Stockholders' Equity Common Stock, no par $ 170,000 Retained Earnings 21,400 Total Stockholders' Equity 100,000 203,400 $ $ 12,000 191,400 $ 203,400 Total Liabilities and Stockholders' Equity Print Done Total Begin by preparing the sales budget. Grilton Tire Company Sales Budget For the Year Ended December 31, 2019 First Second Third Fourth Quarter Quarter Quarter Quarter Budgeted tires to be sold Sales price per unit Total sales Prepare the production budget. Review the sales budget you prepared above. Grilton 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 Review the production budget you prepared above. Grilton Tire Company Direct Materials Budget For the Year Ended December 31, 2019 First Second Quarter Quarter Third Fourth 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 Budgeted cost of direct materials Review the production budget you prepared above. Grilton Tire Company Direct Labor Budget For the Year Ended December 31, 2019 First Second Third Quarter Quarter Quarter Fourth Quarter Total Direct labor hours needed for production Budgeted direct labor cost Review the production budget you prepared above. Review the direct labor budget you prepared above. Grilton Tire Company Manufacturing Overhead Budget For the Year Ended December 31, 2019 First Second Third Quarter Quarter Quarter 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 Review the sales budget you prepared above. Review the production budget you prepared above. Grilton 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. Grilton Tire Company Selling and Administrative Expense Budget For the Year Ended December 31, 2019 First Second Third Quarter Quarter Quarter Fourth Quarter Total Depreciation Expense Direct Labor Direct Materials Insurance Expense Manufacturing Overhead Rent Expense Salaries Expense Supplies Expense nput fields and then continue to the next question. Cash Receipts from Customers First Quarter Second Quarter Third Quarter Fourth Quarter Total Total sales First Quarter Second Quarter Third Quarter Fourth 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 Second First Quarter Third Quarter Fourth Quarter Quarter Total Total direct materials purchases First Quarter Second Quarter Third Quarter Fourth 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 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 Cash Budget For the Year Ended December 31, 2019 First Second Third Quarter Quarter Quarter Fourth 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 fiOnancing Minimum cash balance desired Projected cash excess (de ciency) Financing Borrowing Principal repayments Total effects of Ofinancing Ending cash balance Requirement 2. Prepare Grilton'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. Grilton 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 Grilton 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