90.2K

Verified Solution

Link Copied!

factory output 2019 are 26.000 whitch are to be sold at 120$ per unit

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 , 20Y9, the following tentative trial balance as of December 31, 20Y8, is prepared by the Accounting Department of Regina Soap Co.: Balances of accounts recelvable, prepaid expenses, and accounts payable at the end of the year are not expected to differ significantly trom the beginning balances. Federal Income tax of $283,100 on-20Y9 tavable income will be paid durino 2059. Regular quarterly cash dividends of 31 per share are expected to be declared and paid in March, June, September, and December on 25,000 shares of conimont stock outstaneing. It is 10 more check ay Work uses remaining Balances of accounts recolvable, 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 $283,100 on 20y9 taxable income will be paid during 20 b. Regular quarterly cash dividends of $1 per share are expected to be declared and paid in March, June, September, and December on 25,000 shares of common stock outstanding. tt is anticipated that fixnd assets will be purchased for $146,000 cash in May. Required: 1. Prepare a budgeted income statement for 20y9. 10 more Check My Work uses remaining Budgeted Batance shent? Assets Current assets: Cash Accounts receivable Inventories: Finished goods Prepaid expenses Total current assets Property, plant, and equipment: Plant and equipment Accumulated depreciation Total property, plant, and equipment w.com/ilm/takeAssignment/takeAssignmentMain.do?invoker=\&takeAssignmentSessionLocator=8inprogress=false Foxd crent ssem Property, plant, and equipment: Plant and equipment Accumulated depreciation Total property, plant, and equipment Total assets Liabilities Current liabilities: Accounts payable Stockholders' Equity Common stock Retained eamings Total stockholders' equity Total liabilities and stockholders' equity

Answer & Explanation Solved by verified expert

See Answer