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Could someone answer the balance sheet portion of this question? I have the majority of the values calculated but cannot get the balance sheet to balance.

ToyWorksLTD Balance Sheet Year end 30 June 2021 Assets $ $ 1,931,504.80 53,550.00 Cash Acct. receivable Raw Materials Inv. Finished Goods Inv. Capital Assets Prepaid Insurance Prepaid Tax Total Assets $ 10,500.00 $ 225,000.00 $ 16,000.00 $ 19,200.00 $ 2,220,554.80 $ $ $ $ 53,078.00 3,800.00 537,495.75 594,373.75 Liabilties and Equity Liabilities Acct. Payable Loans & Financing Income Tax Payable Total Liabilities Shareholder Equity Common Stock Dividends Retained Earnings Total Shareholder Equity Total Liabilities & Equity $ 500,000.00 $ 100,000.00 $ 2,430,494.00 $ 3,030,494.00 $ 3,624,867.75 ToyWorks Ltd Cash Budget For The Year Ending 30 June 2021 Nov Dec 47,480 $ 45,876 $ 94,275 Oct July Aug $ 22,763 $ 53,786 Sept 47,444 Jan Feb $ 1,003,671 $ 1,292,430 Apr $ 1,493,149 $ Mar $1,622,100 May June Year $1,837,903 $ 1,946,029 $ 9,506,905 $ 792,225 281.850 301,550 $ 304,613 $355,336 5 313,425 360,869 9 63,113 $ 1,010,592 1,388,363 $ 1,434,238 1,825,031 $ 1,919,306 563,063 $ 1,566,733 683,156 $ 1,975,586 227,588 $ 1,849,688 274,838 231,525 $2,112,741 $2,177,554 7,845,725 $ 17,352,630 $2,285,374 Beginning Cash Balance Add Receipts: Collections from Customers Total Cash Available before Financing Less Disbursements: Direct Materials Direct Labour Manufacturing Overhead Selling and Administrative Expenses Tax Remittance Tax Payable Prepaid Insurance Prepaid Property and Business Tax Capital Asset Purchases Dividend Payment Total Disbursements Excess (Deficiency) of Cash Available over Disbursements 60,060 78,750 56,033 51,984 4,000 84,835 78,750 56,033 51,984 4,000 178,679 143,719 83,753 56,984 4,000 285,285 324,844 161,033 103,299 4,000 21,500 297,297 423,281 203,033 124,352 4,000 164,414 356,344 174,473 145,404 4,000 75,075 74,813 54,353 43,563 4,000 84,084 122,063 74,513 68,826 4,000 105,105 98,438 64,433 43,563 4,000 82,583 177,188 98,033 85,668 4,000 40,541 39,375 39,233 43,563 4,000 55,556 66,938 50,993 43,563 4,000 16,000 1,513,512 1,984,500 1,115,920 862,751 48,000 21,500 16,000 46,000 225,000 100,000 5,933,183 11,419,447 46,000 90,000 22,500 250,827 53,786 . 365,602 10,266 112,500 25,000 604,634 - 243,765 899,961 1 10,631 1,051,963 382,275 25,000 915,636 1,003,671 274,304 1,292,430 353,486 1,622,100 25,000 356,539 1,493,149 4 47,471 1,837,903 166,712 1,946,029 25,000 246,049 1,931,505 58,000 293,000 288,000 Financing: Borrowing (at Beginning of Month) Repayments (at end of Month) Interest Expense (Paid Monthly) Total Financing Ending Cash Balance 290 57,710 $ 47,444 $ 1,755 291,245 47,480 63,000 1,755 64,755 - 45,876 $ 351,000 351,000 3,800 3,800 $ 1,931,505 288,000 94,275 53,786 $ $1,003,671 $ 1,292,430 $ 1,622,100 $ 1,493,149 $1,837,903 $ 1.946,029 $ 1,931,505 Remaining Borrowed Amt 0 58,000 351,000 288,0000 0 0 July 21,000 Year 535,500 11 Units to be Produced Raw Materials needed per unit (1 kg) Production Needs (Kg) Add: Desired Ending Inventory Total Needs (Kg) Less: Beginning Inventory Raw Materials to be purchased (kg) 11 ToyWorks Ltd Direct Materials Purchase Budget For The Year Ending 30 June 2021 Oct Nov Dec 8 6,625 112,875 95,025 11 11 11 952,875 1,241,625 1,045,275 620,813 522,638 109,725 1,573,688 1,764,263 1,155,000 476,438 6 20,813 522,638 1,097,250 1,143,450 632,363 Aug 21,000 11 231,000 210,788 441,788 115,500 326,288 231,000 115,500 346,500 115,500 231,000 Sept 38,325 11 421,575 476,438 898,013 210,788 687,225 Jan 19,950 11 219,450 179,025 398,475 109,725 288,750 Feb 32,550 11 358,050 144,375 502,425 179,025 323,400 Mar Apr 26,250 47,250 11 11 288,750 519,750 259,87557,750 548,625 577,500 144,375 259,875 404,250 317,625 May 10,500 11 115,500 98,175 213,675 57,750 155,925 June 17,850 11 196,350 115,500 311,850 98,175 213,675 5,890,500 2,910,600 8,801,100 2,910,600 5,890,500 Cost of SAA Per Kg Total cost of SAA Purchases $ 0.26 $ 0.26 $ 0.26 $ 0.26 $ 0.26 $ 0.26 $ 0.26 $ 0.26 $ 0.26 $ 0.26 $ 0.26 $ 0.26 $ 0.26 $ 60,060 $ 84,835 $ 178,679 $ 285,285 $ 297,297 % 164,414 $ 75,075 $ 84,084 $105.105 $ 82,583 $ 40,541 $ 55,556 $1,531,530 ToyWorks Ltd. is a company that manufactures and sells a single product, which they call a Toodle. For planning and control purposes they utilize a monthly master budget, which is usually developed at least six months in advance of the budget year. Their fiscal year end is June 30. During the summer of 2020, Chris Leigh, the ToyWorks controller, spent considerable time with Pat Frazer, the Manager of Marketing, putting together a sales forecast for the next budget year (July 2020 to June 2021). Unfortunately, their collaboration worked so well they eloped to Las Vegas, were married by an Elvis impersonator, and settled down somewhere in the desert. Prior to their departure they e-mailed letters of resignation and a cryptic sales forecast to the President of ToyWorks. Their sales forecast consisted of these few lines: . For the year ended June 30, 2020: 500,000 units at $10.00 each* For the year ended June 30, 2021: 525,000 units at $15.00 each For the year ended June 30, 2022: 525,000 units at $15.00 each *Expected sales for the year ended June 30, 2020 are based on actual sales to date and budgeted sales for the duration of the year. ToyWorks's President felt certain that the marriage wouldn't last, and expected Chris would be back any day. But time is passing quickly, and there is still no word from the desert. The President, desperately needing the budget completed, has approached you, a management accounting student, for help in preparing the budget for the coming fiscal year. Your conversations with the President and your investigations of the company's records have revealed the following information: 1. Peak months for sales correspond with gift-giving holidays. History shows that January, March, May and June are the slowest months with only 2% of sales for each month. Sales pick up over the summer with July, August and September each contributing 4% to the total. Valentines Day in February boosts sales to 8%, and Easter in April accounts for 12%. As Christmas shopping picks up momentum, winter sales start at 15% in October, move to 20% in November and then peak at 25% in December. This pattern of sales is not expected to change in the next two years. 2. From previous experience, management has determined that an ending inventory equal to 30% of the next month's sales is required to fit the buyer's demands. 3. Because sales are seasonal, ToyWorks must rent an additional storage facility from September to December to house the additional inventory on hand. The only related cost is a flat $5,000 per month, payable at the beginning of the month. 4. There is only one type of raw material used in the production of toodles. Space-age acrylic (SAA) is a very compact material that is purchased in powder form. Each toodle requires 11 kilograms of SAA, at a cost of $0.26 per kilogram. The supplier of SAA tends to be somewhat erratic so ToyWorks finds it necessary to maintain an inventory balance equal to 50% of the following month's production needs as a precaution against stock-outs. ToyWorks pays for 30% of a month's purchases in the month of purchase, 35% in the following month and the remaining 35% two months after the month of purchase. There is no early payment discount. 5. Beginning accounts payable will consist of $59,610 arising from the following estimated direct material purchases for May and June of 2020: SAA purchases in May, 2020: SAA purchases in June, 2020 $54,197 $58,058 6. ToyWorks's manufacturing process is highly automated, so their direct labour cost is low. Employees are paid on a per unit basis. Their total pay each month is, therefore, dependent on production volumes and averages $15.00 per hour. This rate already includes the employer's portion of employee benefits. All payroll costs are paid in the period in which they are incurred. Each unit spends a total of 15 minutes in production. 7. Due to the similarity of the equipment in each of the production stages and the company's concentration on a single product, manufacturing overhead is allocated based on volume (i.e. the units produced). The unit variable overhead manufacturing rate is $1.60, consisting of: Utilities--$0.60; Indirect Materials--$0.20; ToyWorks uses the straight line method of amortization. 9. Selling and administrative expenses are known to be a mixed cost; however, there is a lot of uncertainty about the portion that is fixed. Previous year's experience has provided the following information: Lowest level of sales: 400,000 units Highest level of sales: 800,000 units Total Operating Expenses: $635,800 Total Operating Expenses: $915,800 It is estimated that selling and administrative expenses for the budget year will be about 10% greater than the previous average. These costs are paid in the month in which they occur, with the exception of the only non-cash item: a monthly amortization of office equipment in the amount of $900. Not included in the above expenses is bad debt expense or warehouse rental 10. Sales are on a cash and credit basis, with 75% collected during the month of the sale, 15% the following month, and 9.5% the month thereafter. 0.5% of sales are considered uncollectible (bad debt expense). 11. Sales in May and June 2020 are expected to be $180,000 and $190.000 respectively. Based on the above collection pattern this will result in Accounts Receivable of $63,650 at June 30, 2020 which will be collected in July and August, 2020. 12. During the fiscal year ended June 30, 2021 ToyWorks will be required to make monthly income tax installment payments of $4,000. Outstanding income taxes from the year ended June 30, 2020 must be paid in October 2020. Income tax expense is estimated to be 25% of net income. Income taxes for the year ended June 30, 2021, in excess of installment payments, will be paid in October 2021. 13. Prior to the busy season, ToyWorks is planning to upgrade its manufacturing equipment for which they will need to pay cash. The bid that was accepted totaled $225,000 of which 40% is to be paid in August 2020 and 50% in September 2020. The 10% holdback will be paid in January 2021, assuming everything goes as planned. Manufacturing overhead costs shown above already include the amortization on this equipment. 14. An arrangement has been made with the local bank that if ToyWorks maintains a minimum balance of $25,000 in their bank account, they will be given a line of credit at a preferred rate of 6% per annum. All borrowing is considered to happen on the first day of the month, repayments are on the last day of the month. All borrowings and repayments from the bank should be in multiples of $1,000 and interest must be paid at the end of each month. Interest is calculated on the balance at the beginning of the month, which includes any amounts borrowed that month. 5. ToyWorks Ltd. has a policy of paying dividends at the end of each quarter. The President tells you that the board of directors is planning on continuing their policy of declaring dividends of $25,000 per quarter. 16. A listing of the estimated balances in the company's ledger accounts as of June 30, 2020 is given below: Cash Accounts receivable Inventory-raw materials Inventory-finished goods Prepaid insurance Prepaid tax Capital assets (net) $ 22,763 63,650 30,030 49,455 16.000 19,200 724.000 $ 925,098 Accounts payable Income tax payable Capital stock Retained earnings $ 59,610 21,500 500,000 343,988 $ 925,098 Required: 5. ToyWorks Ltd. has a policy of paying dividends at the end of each quarter. The President tells you that the board of directors is planning on continuing their policy of declaring dividends of $25,000 per quarter. 16. A listing of the estimated balances in the company's ledger accounts as of June 30, 2020 is given below: Cash Accounts receivable Inventory-raw materials Inventory-finished goods Prepaid insurance Prepaid tax Capital assets (net) $ 22,763 63,650 30,030 49,455 16.000 19,200 724.000 $ 925,098 Accounts payable Income tax payable Capital stock Retained earnings $ 59,610 21,500 500,000 343,988 $ 925,098 Required: Required: 1. Prepare a monthly master budget for ToyWorks for the year ended June 30, 2021, including the following schedules: Sales Budget & Schedule of Cash Receipts Production Budget Direct Materials Budget & Schedule of Cash Disbursements Direct Labour Budget Manufacturing Overhead Budget Ending Finished Goods Inventory Budget Selling and Administrative Expense Budget Cash Budget 2. Prepare a budgeted income statement and a budgeted statement of retained earnings for the year ended June 30, 2021 using absorption costing. 3. Prepare a budgeted balance sheet at June 30, 2021. ToyWorksLTD Balance Sheet Year end 30 June 2021 Assets $ $ 1,931,504.80 53,550.00 Cash Acct. receivable Raw Materials Inv. Finished Goods Inv. Capital Assets Prepaid Insurance Prepaid Tax Total Assets $ 10,500.00 $ 225,000.00 $ 16,000.00 $ 19,200.00 $ 2,220,554.80 $ $ $ $ 53,078.00 3,800.00 537,495.75 594,373.75 Liabilties and Equity Liabilities Acct. Payable Loans & Financing Income Tax Payable Total Liabilities Shareholder Equity Common Stock Dividends Retained Earnings Total Shareholder Equity Total Liabilities & Equity $ 500,000.00 $ 100,000.00 $ 2,430,494.00 $ 3,030,494.00 $ 3,624,867.75 ToyWorks Ltd Cash Budget For The Year Ending 30 June 2021 Nov Dec 47,480 $ 45,876 $ 94,275 Oct July Aug $ 22,763 $ 53,786 Sept 47,444 Jan Feb $ 1,003,671 $ 1,292,430 Apr $ 1,493,149 $ Mar $1,622,100 May June Year $1,837,903 $ 1,946,029 $ 9,506,905 $ 792,225 281.850 301,550 $ 304,613 $355,336 5 313,425 360,869 9 63,113 $ 1,010,592 1,388,363 $ 1,434,238 1,825,031 $ 1,919,306 563,063 $ 1,566,733 683,156 $ 1,975,586 227,588 $ 1,849,688 274,838 231,525 $2,112,741 $2,177,554 7,845,725 $ 17,352,630 $2,285,374 Beginning Cash Balance Add Receipts: Collections from Customers Total Cash Available before Financing Less Disbursements: Direct Materials Direct Labour Manufacturing Overhead Selling and Administrative Expenses Tax Remittance Tax Payable Prepaid Insurance Prepaid Property and Business Tax Capital Asset Purchases Dividend Payment Total Disbursements Excess (Deficiency) of Cash Available over Disbursements 60,060 78,750 56,033 51,984 4,000 84,835 78,750 56,033 51,984 4,000 178,679 143,719 83,753 56,984 4,000 285,285 324,844 161,033 103,299 4,000 21,500 297,297 423,281 203,033 124,352 4,000 164,414 356,344 174,473 145,404 4,000 75,075 74,813 54,353 43,563 4,000 84,084 122,063 74,513 68,826 4,000 105,105 98,438 64,433 43,563 4,000 82,583 177,188 98,033 85,668 4,000 40,541 39,375 39,233 43,563 4,000 55,556 66,938 50,993 43,563 4,000 16,000 1,513,512 1,984,500 1,115,920 862,751 48,000 21,500 16,000 46,000 225,000 100,000 5,933,183 11,419,447 46,000 90,000 22,500 250,827 53,786 . 365,602 10,266 112,500 25,000 604,634 - 243,765 899,961 1 10,631 1,051,963 382,275 25,000 915,636 1,003,671 274,304 1,292,430 353,486 1,622,100 25,000 356,539 1,493,149 4 47,471 1,837,903 166,712 1,946,029 25,000 246,049 1,931,505 58,000 293,000 288,000 Financing: Borrowing (at Beginning of Month) Repayments (at end of Month) Interest Expense (Paid Monthly) Total Financing Ending Cash Balance 290 57,710 $ 47,444 $ 1,755 291,245 47,480 63,000 1,755 64,755 - 45,876 $ 351,000 351,000 3,800 3,800 $ 1,931,505 288,000 94,275 53,786 $ $1,003,671 $ 1,292,430 $ 1,622,100 $ 1,493,149 $1,837,903 $ 1.946,029 $ 1,931,505 Remaining Borrowed Amt 0 58,000 351,000 288,0000 0 0 July 21,000 Year 535,500 11 Units to be Produced Raw Materials needed per unit (1 kg) Production Needs (Kg) Add: Desired Ending Inventory Total Needs (Kg) Less: Beginning Inventory Raw Materials to be purchased (kg) 11 ToyWorks Ltd Direct Materials Purchase Budget For The Year Ending 30 June 2021 Oct Nov Dec 8 6,625 112,875 95,025 11 11 11 952,875 1,241,625 1,045,275 620,813 522,638 109,725 1,573,688 1,764,263 1,155,000 476,438 6 20,813 522,638 1,097,250 1,143,450 632,363 Aug 21,000 11 231,000 210,788 441,788 115,500 326,288 231,000 115,500 346,500 115,500 231,000 Sept 38,325 11 421,575 476,438 898,013 210,788 687,225 Jan 19,950 11 219,450 179,025 398,475 109,725 288,750 Feb 32,550 11 358,050 144,375 502,425 179,025 323,400 Mar Apr 26,250 47,250 11 11 288,750 519,750 259,87557,750 548,625 577,500 144,375 259,875 404,250 317,625 May 10,500 11 115,500 98,175 213,675 57,750 155,925 June 17,850 11 196,350 115,500 311,850 98,175 213,675 5,890,500 2,910,600 8,801,100 2,910,600 5,890,500 Cost of SAA Per Kg Total cost of SAA Purchases $ 0.26 $ 0.26 $ 0.26 $ 0.26 $ 0.26 $ 0.26 $ 0.26 $ 0.26 $ 0.26 $ 0.26 $ 0.26 $ 0.26 $ 0.26 $ 60,060 $ 84,835 $ 178,679 $ 285,285 $ 297,297 % 164,414 $ 75,075 $ 84,084 $105.105 $ 82,583 $ 40,541 $ 55,556 $1,531,530 ToyWorks Ltd. is a company that manufactures and sells a single product, which they call a Toodle. For planning and control purposes they utilize a monthly master budget, which is usually developed at least six months in advance of the budget year. Their fiscal year end is June 30. During the summer of 2020, Chris Leigh, the ToyWorks controller, spent considerable time with Pat Frazer, the Manager of Marketing, putting together a sales forecast for the next budget year (July 2020 to June 2021). Unfortunately, their collaboration worked so well they eloped to Las Vegas, were married by an Elvis impersonator, and settled down somewhere in the desert. Prior to their departure they e-mailed letters of resignation and a cryptic sales forecast to the President of ToyWorks. Their sales forecast consisted of these few lines: . For the year ended June 30, 2020: 500,000 units at $10.00 each* For the year ended June 30, 2021: 525,000 units at $15.00 each For the year ended June 30, 2022: 525,000 units at $15.00 each *Expected sales for the year ended June 30, 2020 are based on actual sales to date and budgeted sales for the duration of the year. ToyWorks's President felt certain that the marriage wouldn't last, and expected Chris would be back any day. But time is passing quickly, and there is still no word from the desert. The President, desperately needing the budget completed, has approached you, a management accounting student, for help in preparing the budget for the coming fiscal year. Your conversations with the President and your investigations of the company's records have revealed the following information: 1. Peak months for sales correspond with gift-giving holidays. History shows that January, March, May and June are the slowest months with only 2% of sales for each month. Sales pick up over the summer with July, August and September each contributing 4% to the total. Valentines Day in February boosts sales to 8%, and Easter in April accounts for 12%. As Christmas shopping picks up momentum, winter sales start at 15% in October, move to 20% in November and then peak at 25% in December. This pattern of sales is not expected to change in the next two years. 2. From previous experience, management has determined that an ending inventory equal to 30% of the next month's sales is required to fit the buyer's demands. 3. Because sales are seasonal, ToyWorks must rent an additional storage facility from September to December to house the additional inventory on hand. The only related cost is a flat $5,000 per month, payable at the beginning of the month. 4. There is only one type of raw material used in the production of toodles. Space-age acrylic (SAA) is a very compact material that is purchased in powder form. Each toodle requires 11 kilograms of SAA, at a cost of $0.26 per kilogram. The supplier of SAA tends to be somewhat erratic so ToyWorks finds it necessary to maintain an inventory balance equal to 50% of the following month's production needs as a precaution against stock-outs. ToyWorks pays for 30% of a month's purchases in the month of purchase, 35% in the following month and the remaining 35% two months after the month of purchase. There is no early payment discount. 5. Beginning accounts payable will consist of $59,610 arising from the following estimated direct material purchases for May and June of 2020: SAA purchases in May, 2020: SAA purchases in June, 2020 $54,197 $58,058 6. ToyWorks's manufacturing process is highly automated, so their direct labour cost is low. Employees are paid on a per unit basis. Their total pay each month is, therefore, dependent on production volumes and averages $15.00 per hour. This rate already includes the employer's portion of employee benefits. All payroll costs are paid in the period in which they are incurred. Each unit spends a total of 15 minutes in production. 7. Due to the similarity of the equipment in each of the production stages and the company's concentration on a single product, manufacturing overhead is allocated based on volume (i.e. the units produced). The unit variable overhead manufacturing rate is $1.60, consisting of: Utilities--$0.60; Indirect Materials--$0.20; ToyWorks uses the straight line method of amortization. 9. Selling and administrative expenses are known to be a mixed cost; however, there is a lot of uncertainty about the portion that is fixed. Previous year's experience has provided the following information: Lowest level of sales: 400,000 units Highest level of sales: 800,000 units Total Operating Expenses: $635,800 Total Operating Expenses: $915,800 It is estimated that selling and administrative expenses for the budget year will be about 10% greater than the previous average. These costs are paid in the month in which they occur, with the exception of the only non-cash item: a monthly amortization of office equipment in the amount of $900. Not included in the above expenses is bad debt expense or warehouse rental 10. Sales are on a cash and credit basis, with 75% collected during the month of the sale, 15% the following month, and 9.5% the month thereafter. 0.5% of sales are considered uncollectible (bad debt expense). 11. Sales in May and June 2020 are expected to be $180,000 and $190.000 respectively. Based on the above collection pattern this will result in Accounts Receivable of $63,650 at June 30, 2020 which will be collected in July and August, 2020. 12. During the fiscal year ended June 30, 2021 ToyWorks will be required to make monthly income tax installment payments of $4,000. Outstanding income taxes from the year ended June 30, 2020 must be paid in October 2020. Income tax expense is estimated to be 25% of net income. Income taxes for the year ended June 30, 2021, in excess of installment payments, will be paid in October 2021. 13. Prior to the busy season, ToyWorks is planning to upgrade its manufacturing equipment for which they will need to pay cash. The bid that was accepted totaled $225,000 of which 40% is to be paid in August 2020 and 50% in September 2020. The 10% holdback will be paid in January 2021, assuming everything goes as planned. Manufacturing overhead costs shown above already include the amortization on this equipment. 14. An arrangement has been made with the local bank that if ToyWorks maintains a minimum balance of $25,000 in their bank account, they will be given a line of credit at a preferred rate of 6% per annum. All borrowing is considered to happen on the first day of the month, repayments are on the last day of the month. All borrowings and repayments from the bank should be in multiples of $1,000 and interest must be paid at the end of each month. Interest is calculated on the balance at the beginning of the month, which includes any amounts borrowed that month. 5. ToyWorks Ltd. has a policy of paying dividends at the end of each quarter. The President tells you that the board of directors is planning on continuing their policy of declaring dividends of $25,000 per quarter. 16. A listing of the estimated balances in the company's ledger accounts as of June 30, 2020 is given below: Cash Accounts receivable Inventory-raw materials Inventory-finished goods Prepaid insurance Prepaid tax Capital assets (net) $ 22,763 63,650 30,030 49,455 16.000 19,200 724.000 $ 925,098 Accounts payable Income tax payable Capital stock Retained earnings $ 59,610 21,500 500,000 343,988 $ 925,098 Required: 5. ToyWorks Ltd. has a policy of paying dividends at the end of each quarter. The President tells you that the board of directors is planning on continuing their policy of declaring dividends of $25,000 per quarter. 16. A listing of the estimated balances in the company's ledger accounts as of June 30, 2020 is given below: Cash Accounts receivable Inventory-raw materials Inventory-finished goods Prepaid insurance Prepaid tax Capital assets (net) $ 22,763 63,650 30,030 49,455 16.000 19,200 724.000 $ 925,098 Accounts payable Income tax payable Capital stock Retained earnings $ 59,610 21,500 500,000 343,988 $ 925,098 Required: Required: 1. Prepare a monthly master budget for ToyWorks for the year ended June 30, 2021, including the following schedules: Sales Budget & Schedule of Cash Receipts Production Budget Direct Materials Budget & Schedule of Cash Disbursements Direct Labour Budget Manufacturing Overhead Budget Ending Finished Goods Inventory Budget Selling and Administrative Expense Budget Cash Budget 2. Prepare a budgeted income statement and a budgeted statement of retained earnings for the year ended June 30, 2021 using absorption costing. 3. Prepare a budgeted balance sheet at June 30, 2021

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