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Please Help! the master budget is complete I need help with the budgeted balance sheet. all information to complete is provided. Please include the formula used to complete the balance sheet!

B D E My Company Budgeted Balance Sheet December 31, 2020 Assets Current assets Cash Accounts receivable 9 Finished goods inventory 10 Raw materials inventory Total current assets 12 Property, plant, and equipment Buildings and equipment Less: Accumulated depreciation 13 15 Total assets Liabilities and Stockholders Equity 17 Liabilities Accounts payable 19 Stockholders equity Production Budget DM Budget DL Budget OH Budget Selling & Admin Budget 72 Sales budget 7 Particulars 1st quarter and Outer 3rd Quarter 4th Quarter Total 1st quarter 6.100 410 4500 5.100 65 65 266,500 200.000 331,500 5.000 85 364,000 19.400 65 1.281.000 TE Budgeted Unt Sales (A) Budgeted Unt price (B) Budgeted Total Dollars (AB) Production budget Particulars Budgeted Unt Sales Add Desired Ending inventory @ 20% of next Quarter Total Etimated Units Required Less firshed Goods Beginning inventory Units to be produced 1st quarter 2nd Quarter 3rd Quarter 4th Quarter Total Ist quarter 4130 4600 5.100 19.00 6100 1120 5.000 320 4.200 5.620 920 4.700 6.220 1020 5.200 5600 1220 6820 1120 6.700 B20 18.00 1st quarter 4200 2 8400 940 9.340 840 8.500 96 97 90 90 100 101 102 2nd Quarter 3rd Quarter 4th Quarter 4700 5200 5700 2 2 2 10400 11,400 1 040 1 140 1200 10.440 11,540 12.000 1040 1140 9.500 10,500 11,460 4 4 38.000 42.000 45,840 Total 19 800 2 39,000 1200 40.800 840 39.960 4 169,840 34.000 Direct materials purchase budgets Particulars Units to be produced Per Unit Material needed in production Add Desired Ending inventory of raw Material Total Estimated material Required Less Beginning inventory of raw material Material to be purchased Cost Per Unit Cost of Material to be purchased Direct labor budget Particulars Units to be produced Labor hours required per unt of finished goods Total labor hours needed Laborrate per hour Total Direct Labor Cost Manufacturing Overhead budget Particulars 104 103 1st quarter 2nd Quarter 3rd Quarter 4th Quarter 4200 4700 5200 5.700 2 2 2 1,400 9,400 10,400 11,400 800 8 00 67 200 75.200 83.200 91.200 Total 19800 2 39,600 1.00 316,800 109 110 1st quarter 2nd Quarter 3rd Quarter 4th Quarter Total 112 113 114 115 110 112 190 9.400 10.400 325 Total direct Labor hours Variable Overhead cost (1.15+1 40+ 45.25) Budgeted Variable Overhead Budgeted Fred Overhead (18000-3000-441004-4500) Total Manufacturing Overhead Less Depreciation Cash Paid for Manufacturing Overhead Selling and administrative expense budget 128.700 27300 37125 64425 11.400 3.25 37050 37125 74,175 33 300 374125 70,925 67,675 277,200 121 122 22.15 299, DO Particulars 1st quarter 2nd Quarter 3rd Quarter 4th Quarter Total 5100 123 Units to be sold Variable Soling expenses (1) Total variable expenses 4100 3.00 12.300 4600 300 13.000 5600 3.00 16.800 19 400 22.00 58 200 15,300 131 14.000 30,000 5,600 130 Fixed Selling expenses Advertising Sales Sales Office Manager Depreciation Property Taxes Total fixed Expenses Total Selling & adminstration expenses less Depreciation Cash Paid 3.500 10 000 7500 1600 1250 23.550 35.950 1400 3.500 10.000 7500 1000 1250 23.650 37 450 1.000 36,050 3.500 10 000 7.500 1.400 1250 23.650 38.950 1.400 37.550 3,500 10000 7500 1.400 1250 23.650 40,450 1400 39,050 130 10 141 94,600 152,800 3.600 147,200 Sales Budget Expected sales volume: 4,100 units in the first quarter with 500-unit increases in each succeeding quarter. Sales price: $65 per unit. Production Budget Company can meet future sales needs with an ending inventory of 20% of next quarter's budgeted sales volume. Direct Materials Budget Company maintains an ending inventory of raw materials equal to 10% of the next quarter's production requirements. The manufacture of each unit requires 2 pounds of raw materials, and the expected cost per pound is $4. Assume that the desired ending direct materials amount is 1,200 pounds for the fourth quarter of 2020. Direct Labor Budget 1 Two hours of direct labor are required to produce each unit of finished goods. The anticipated hourly wage rate is $8. Manufacturing OH Budget Company expects variable costs to fluctuate with production volume on the basis of the following rates per direct labor hour: indirect materials $1.15, indirect labor $1.40, utilities Master Budget Assumptions Bonus.pdf (page 1 of 2) Q Search Manutacturing OH Budget Company expects variable costs to fluctuate with production volume on the basis of the following rates per direct labor hour: indirect materials $1.15, indirect labor $1.40, utilities $0.45, and maintenance $0.25. Supervisory salaries are $18,000 per quarter. Depreciation is $3,600 per quarter. Property taxes for the year are $44,100, paid evenly over each quarter. Flat maintenance fee of $4,500 is paid each quarter. Selling and Admin Expense Budget Variable expense rates per unit of sales are sales commissions $2 and freight-out $1. Variable expenses per quarter are based on the unit sales from the sales budget. Advertising expense for the year is $14,000 paid evenly each quarter. Sales salaries are $10,000 each quarter The office manager is paid a salary of $7,500 each quarter. Depreciation for office equipment is $1,400 each quarter. 1 Property taxes are $5,000 for the year, paid evenly each quarter. Budgeted Income Statement Additional items: Interest expense is expected to be $150 Income taxes are estimated to be $10,000 Cash Budget Assumptions 1. The January 1, 2020, cash balance is expected to be $32,000. The Company wishes to maintain a balance of at least $15,000. 2. Sales: 60% are collected in the quarter sold and 40% are collected in the following quarter. Accounts receivable of $70,000 at December 31, 2019, are expected to be collected in full in the first quarter of 2020. 3. Short-term investments are expected to be sold for $2,500 cash in the first quarter. 4. Direct materials: 50% are paid in the quarter purchased and 50% are paid in the following quarter. Accounts payable of $11,700 at December 31, 2019, are expected to be paid in full in the first quarter of 2020. 5. Direct labor: 100% is paid in the quarter incurred. 6. Manufacturing overhead and selling and administrative expenses: All items except depreciation are paid in the quarter incurred. 7. Management plans to purchase equipment in the third quarter for $7,000 cash. 8. The Company makes equal quarterly payments of its estimated annual income taxes. 9. Loans are repaid in the earliest quarter in which there is sufficient cash (that is, when the cash on hand exceeds the $15,000 minimum required balance). Budgeted Balance Sheet Pertinent data from the budgeted balance sheet at December 31, 2019, are as follows. Buildings and equipment $182,000 Accumulated depreciation 28,800 Common stock 215,000 Retained earnings 65,670 B D E My Company Budgeted Balance Sheet December 31, 2020 Assets Current assets Cash Accounts receivable 9 Finished goods inventory 10 Raw materials inventory Total current assets 12 Property, plant, and equipment Buildings and equipment Less: Accumulated depreciation 13 15 Total assets Liabilities and Stockholders Equity 17 Liabilities Accounts payable 19 Stockholders equity Production Budget DM Budget DL Budget OH Budget Selling & Admin Budget 72 Sales budget 7 Particulars 1st quarter and Outer 3rd Quarter 4th Quarter Total 1st quarter 6.100 410 4500 5.100 65 65 266,500 200.000 331,500 5.000 85 364,000 19.400 65 1.281.000 TE Budgeted Unt Sales (A) Budgeted Unt price (B) Budgeted Total Dollars (AB) Production budget Particulars Budgeted Unt Sales Add Desired Ending inventory @ 20% of next Quarter Total Etimated Units Required Less firshed Goods Beginning inventory Units to be produced 1st quarter 2nd Quarter 3rd Quarter 4th Quarter Total Ist quarter 4130 4600 5.100 19.00 6100 1120 5.000 320 4.200 5.620 920 4.700 6.220 1020 5.200 5600 1220 6820 1120 6.700 B20 18.00 1st quarter 4200 2 8400 940 9.340 840 8.500 96 97 90 90 100 101 102 2nd Quarter 3rd Quarter 4th Quarter 4700 5200 5700 2 2 2 10400 11,400 1 040 1 140 1200 10.440 11,540 12.000 1040 1140 9.500 10,500 11,460 4 4 38.000 42.000 45,840 Total 19 800 2 39,000 1200 40.800 840 39.960 4 169,840 34.000 Direct materials purchase budgets Particulars Units to be produced Per Unit Material needed in production Add Desired Ending inventory of raw Material Total Estimated material Required Less Beginning inventory of raw material Material to be purchased Cost Per Unit Cost of Material to be purchased Direct labor budget Particulars Units to be produced Labor hours required per unt of finished goods Total labor hours needed Laborrate per hour Total Direct Labor Cost Manufacturing Overhead budget Particulars 104 103 1st quarter 2nd Quarter 3rd Quarter 4th Quarter 4200 4700 5200 5.700 2 2 2 1,400 9,400 10,400 11,400 800 8 00 67 200 75.200 83.200 91.200 Total 19800 2 39,600 1.00 316,800 109 110 1st quarter 2nd Quarter 3rd Quarter 4th Quarter Total 112 113 114 115 110 112 190 9.400 10.400 325 Total direct Labor hours Variable Overhead cost (1.15+1 40+ 45.25) Budgeted Variable Overhead Budgeted Fred Overhead (18000-3000-441004-4500) Total Manufacturing Overhead Less Depreciation Cash Paid for Manufacturing Overhead Selling and administrative expense budget 128.700 27300 37125 64425 11.400 3.25 37050 37125 74,175 33 300 374125 70,925 67,675 277,200 121 122 22.15 299, DO Particulars 1st quarter 2nd Quarter 3rd Quarter 4th Quarter Total 5100 123 Units to be sold Variable Soling expenses (1) Total variable expenses 4100 3.00 12.300 4600 300 13.000 5600 3.00 16.800 19 400 22.00 58 200 15,300 131 14.000 30,000 5,600 130 Fixed Selling expenses Advertising Sales Sales Office Manager Depreciation Property Taxes Total fixed Expenses Total Selling & adminstration expenses less Depreciation Cash Paid 3.500 10 000 7500 1600 1250 23.550 35.950 1400 3.500 10.000 7500 1000 1250 23.650 37 450 1.000 36,050 3.500 10 000 7.500 1.400 1250 23.650 38.950 1.400 37.550 3,500 10000 7500 1.400 1250 23.650 40,450 1400 39,050 130 10 141 94,600 152,800 3.600 147,200 Sales Budget Expected sales volume: 4,100 units in the first quarter with 500-unit increases in each succeeding quarter. Sales price: $65 per unit. Production Budget Company can meet future sales needs with an ending inventory of 20% of next quarter's budgeted sales volume. Direct Materials Budget Company maintains an ending inventory of raw materials equal to 10% of the next quarter's production requirements. The manufacture of each unit requires 2 pounds of raw materials, and the expected cost per pound is $4. Assume that the desired ending direct materials amount is 1,200 pounds for the fourth quarter of 2020. Direct Labor Budget 1 Two hours of direct labor are required to produce each unit of finished goods. The anticipated hourly wage rate is $8. Manufacturing OH Budget Company expects variable costs to fluctuate with production volume on the basis of the following rates per direct labor hour: indirect materials $1.15, indirect labor $1.40, utilities Master Budget Assumptions Bonus.pdf (page 1 of 2) Q Search Manutacturing OH Budget Company expects variable costs to fluctuate with production volume on the basis of the following rates per direct labor hour: indirect materials $1.15, indirect labor $1.40, utilities $0.45, and maintenance $0.25. Supervisory salaries are $18,000 per quarter. Depreciation is $3,600 per quarter. Property taxes for the year are $44,100, paid evenly over each quarter. Flat maintenance fee of $4,500 is paid each quarter. Selling and Admin Expense Budget Variable expense rates per unit of sales are sales commissions $2 and freight-out $1. Variable expenses per quarter are based on the unit sales from the sales budget. Advertising expense for the year is $14,000 paid evenly each quarter. Sales salaries are $10,000 each quarter The office manager is paid a salary of $7,500 each quarter. Depreciation for office equipment is $1,400 each quarter. 1 Property taxes are $5,000 for the year, paid evenly each quarter. Budgeted Income Statement Additional items: Interest expense is expected to be $150 Income taxes are estimated to be $10,000 Cash Budget Assumptions 1. The January 1, 2020, cash balance is expected to be $32,000. The Company wishes to maintain a balance of at least $15,000. 2. Sales: 60% are collected in the quarter sold and 40% are collected in the following quarter. Accounts receivable of $70,000 at December 31, 2019, are expected to be collected in full in the first quarter of 2020. 3. Short-term investments are expected to be sold for $2,500 cash in the first quarter. 4. Direct materials: 50% are paid in the quarter purchased and 50% are paid in the following quarter. Accounts payable of $11,700 at December 31, 2019, are expected to be paid in full in the first quarter of 2020. 5. Direct labor: 100% is paid in the quarter incurred. 6. Manufacturing overhead and selling and administrative expenses: All items except depreciation are paid in the quarter incurred. 7. Management plans to purchase equipment in the third quarter for $7,000 cash. 8. The Company makes equal quarterly payments of its estimated annual income taxes. 9. Loans are repaid in the earliest quarter in which there is sufficient cash (that is, when the cash on hand exceeds the $15,000 minimum required balance). Budgeted Balance Sheet Pertinent data from the budgeted balance sheet at December 31, 2019, are as follows. Buildings and equipment $182,000 Accumulated depreciation 28,800 Common stock 215,000 Retained earnings 65,670

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