Even complicated and confusing topics will be easily developed and covered if you request our help writing an essay. Place an order today!

 

" Budgeted income statement and balance sheet

As a preliminary to requesting budget estimates of sales, costs, and expenses for the fiscal year beginning January 1, 2013, the following tentative trial balance as of December 31, 2012, is prepared by the Accounting Department of Tahiti Blossom Soap Co.:
Cash                                                    $100,000
Accounts Receivable                             112,300
Finished Goods                                        76,700
Work in Process                                       24,300
Materials                                                  54,100
Prepaid Expenses                                       3,400
Plant and Equipment                             295,000
Accumulated Depreciation-Plant and Equipment                  $140,400
accounts payable                                                                         59,000
Common Stock, $10 par                                                           210,000
Retained Earnings                                                                     256,400
                                                              $665,800                   $665,800


Factory output and sales for 2013 are expected to total 160,000 units of product, which are to be sold at $4.50 per unit. The quantities and costs of the inventories at December 31, 2013, are expected to remain unchanged from the balances at the beginning of the year.

Budget estimates of manufacturing costs and operating expenses for the year are summarized as follows:
                                                                                            Estimated Costs and Expenses
                                                                                                Fixed                  Variable
                                                                                         (Total for year)       (per unit sold)
Cost goods manufactured and sold:
Direct materials                                                                                                           $0.90
Direct labor                                                                                                                   0.55
Factory overhead:
Depreciation of plant and equipment                                     $45,000

Other factory overhead                                                               8,000                         0.35
Selling expenses:
Sales salaries and commissions                                                 37,000                         0.40
Advertising                                                                               55,000
Miscellaneous selling expense                                                     5,000                          0.20
Administrative expenses:
Office and officer’s salaries                                                      58,200                          0.15
Supplies                                                                                       4,000                          0.08
Miscellaneous administrative expense                                        3,000                          0.12

Balances of accounts receivable, prepaid expenses, and accounts payable at the end of the year are not expected to differ significantly from the beginning balances. Federal income tax of $20,000 on 2013 taxable income will be paid during 2013. Regular quarterly cash dividends of $0.10 per share are expected to be declared and paid in March, June, September, and December on 21,000 shares of common stock outstanding. It is anticipated that fixed assets will be purchased for $60,000 cash in May.

 

 

Prepare a budgeted income statement for 2013 and Balance Sheet as on December 31, 2013.

testimonials icon
please I need this homework to be done as same as the attachment. My majore is computer networking information technolog. ...
testimonials icon
Discussion 1 1/2 ParagraphsUse the Internet to research a global business or an organization of your choice. Do...
testimonials icon
Obesity in Children and Adolescents» Essay Paper This article discusses obesity rate, causes of obesity, and its m...
testimonials icon
Please review attachment, each question needs an answer of 200 words or more and needs to answer all components of the question...
testimonials icon
This is a discussion post, about 250 WORDS, tittle page...
testimonials icon
Benchmark – Policy Brief The benchmark assesses the following competencies: 1.4 Participat...
testimonials icon
Assignment status: Already Solved By Our Experts (USA, AUS, UK & CA PhD. Writers)...
testimonials icon
put everything together and proofread...
testimonials icon
/*! elementor - v3.6.5 - 27-04-2022 */ .elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading...
testimonials icon
Interpret the significant impact of New Public Management on Non-Profit Reform. Next, infer two (2) challenges that are associated with implem...
testimonials icon
Research the process of system development life cycle. Discuss some of the problems of the SDLC and how agile development intends to address these...
testimonials icon
Discussion Prompt 2: Many resources are spent on recruiting foreign nurses. It is a fast-growing private...

Other samples, services and questions:

Calculate Price

When you use PaperHelp, you save one valuable — TIME

You can spend it for more important things than paper writing.

Approx. price
$65
Order a paper. Study better. Sleep tight. Calculate Price!
Created with Sketch.
Calculate Price
Approx. price
$65