Required information Use this information for the questions IE-9 through IE-12 [The following information applies to the questions displayed below.) Endless Mountain Company manufactures a single product that is popular with outdoor recreation enthusiasts. The company sells its product to retailers throughout the northeastern quadrant of the United States. It is in the process of creating a master budget for 2017 and reports a balance sheet at December 31, 2016 as follows: Endless Mountain Company Balance Sheet December 31, 2016 Assets Current assets: Cash $ 46,200 Accounts receivable (net) 260,000 Raw materials inventory (4,500 yards) 11,250 Finished goods inventory (1,500 units) 32,250 Total current assets $ 349,700 Plant and equipment: Buildings and equipment 900,000 Accumulated depreciation (292,000) Plant and equipment, net 608,000 Total assets $957,700 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 158,000 Stockholders' equity: Common stock $ 419,800 Retained earnings 379,900 Total stockholders' equity 799,700 Total liabilities and stockholders' equity $ 957,700 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Required 9 Required 10 Prepare the quarterly sales budget including a schedule of expected cash collections. Endless Mountain Company Sales Budget For the Year Ended December 31, 2017 Quarter 1 2 3 4 Year Budgeted unit sales Selling price per unit Sales Schedule of Expected Cash Collections Beginning accounts receivable First-quarter sales Second-quarter sales Third-quarter sales Fourth-quarter sales Total cash collections $ 0 $ 0 $ 0 $ 0 $ 0 Required 1 Required 2 > Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Required 9 Required 10 Prepare the quarterly production budget. Endless Mountain Company Production Budget For the Year Ended December 31, 2017 Quarter 1 2 3 4 Year Budgeted unit sales Add desired units of ending finished goods inventory Total needs Less units of beginning finished goods inventory units of beginning finished goods inventory A A Required production in units Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Required 9 Required 10 Prepare the ending finished goods inventory budget at December 31, 2017. (Round your answers to 2 decimal places.) Endless Mountain Company Ending Finished Goods Inventory Budget (absorption costing basis) For the Year Ended December 31, 2017 Quantity Cost Item Total Production cost per unit: Direct materials Direct labor Manufacturing overhead Unit product cost yards hours hours per yard per hour per hour 0.00 Budgeted finished goods inventory: Units from prior year's production Unit product cost Cost from prior year's production Units from current year's production Unit product cost Cost from current year's production Cost of ending finished goods inventory Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Required 9 Required 10 Prepare the quarterly selling and administrative expense budget. (Round the Variable cost per unit to 2 decimal places.) 3 Year Endless Mountain Company Selling and Administrative Expense Budget For the Year Ended December 31, 2017 Quarter 1 2 Budgeted unit sales Variable selling and administrative expense per unit Sales Fixed selling and administrative expenses: Advertising Executive salaries Insurance Property taxes Depreciation Total fixed selling and administrative expenses 0 0 Total selling and administrative expenses 0 0 Less depreciation Cash disbursements for selling and administrative expenses $ 0 $ 0 $ 0 0 0 0 0 0 0 $ 0 0 Required 1 Required 2 Required 3 Required 4 Required 5 | Required 6 Required 7 Required 8 Required 9 Required 10 Prepare the income statement for the year ended December 31, 2017. (Round final answers to the nearest whole dollar value.) Endless Mountain Company Budgeted Income Statement For the Year Ended December 31, 2017 (Absorption costing basis) Required information Budgeted Balance Sheet December 31, 2017 Assets Current assets: Total current assets Plant and equipment: Plant and equipment, net Total assets Liabilities and Stockholders' Equity Current liabilities: Stockholders' equity: Total stockholders' equity Total liabilities and stockholders' equity Required information Use this information for the questions IE-9 through IE-12 [The following information applies to the questions displayed below.) Endless Mountain Company manufactures a single product that is popular with outdoor recreation enthusiasts. The company sells its product to retailers throughout the northeastern quadrant of the United States. It is in the process of creating a master budget for 2017 and reports a balance sheet at December 31, 2016 as follows: Endless Mountain Company Balance Sheet December 31, 2016 Assets Current assets: Cash $ 46,200 Accounts receivable (net) 260,000 Raw materials inventory (4,500 yards) 11,250 Finished goods inventory (1,500 units) 32,250 Total current assets $ 349,700 Plant and equipment: Buildings and equipment 900,000 Accumulated depreciation (292,000) Plant and equipment, net 608,000 Total assets $957,700 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 158,000 Stockholders' equity: Common stock $ 419,800 Retained earnings 379,900 Total stockholders' equity 799,700 Total liabilities and stockholders' equity $ 957,700 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Required 9 Required 10 Prepare the quarterly sales budget including a schedule of expected cash collections. Endless Mountain Company Sales Budget For the Year Ended December 31, 2017 Quarter 1 2 3 4 Year Budgeted unit sales Selling price per unit Sales Schedule of Expected Cash Collections Beginning accounts receivable First-quarter sales Second-quarter sales Third-quarter sales Fourth-quarter sales Total cash collections $ 0 $ 0 $ 0 $ 0 $ 0 Required 1 Required 2 > Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Required 9 Required 10 Prepare the quarterly production budget. Endless Mountain Company Production Budget For the Year Ended December 31, 2017 Quarter 1 2 3 4 Year Budgeted unit sales Add desired units of ending finished goods inventory Total needs Less units of beginning finished goods inventory units of beginning finished goods inventory A A Required production in units Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Required 9 Required 10 Prepare the ending finished goods inventory budget at December 31, 2017. (Round your answers to 2 decimal places.) Endless Mountain Company Ending Finished Goods Inventory Budget (absorption costing basis) For the Year Ended December 31, 2017 Quantity Cost Item Total Production cost per unit: Direct materials Direct labor Manufacturing overhead Unit product cost yards hours hours per yard per hour per hour 0.00 Budgeted finished goods inventory: Units from prior year's production Unit product cost Cost from prior year's production Units from current year's production Unit product cost Cost from current year's production Cost of ending finished goods inventory Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Required 9 Required 10 Prepare the quarterly selling and administrative expense budget. (Round the Variable cost per unit to 2 decimal places.) 3 Year Endless Mountain Company Selling and Administrative Expense Budget For the Year Ended December 31, 2017 Quarter 1 2 Budgeted unit sales Variable selling and administrative expense per unit Sales Fixed selling and administrative expenses: Advertising Executive salaries Insurance Property taxes Depreciation Total fixed selling and administrative expenses 0 0 Total selling and administrative expenses 0 0 Less depreciation Cash disbursements for selling and administrative expenses $ 0 $ 0 $ 0 0 0 0 0 0 0 $ 0 0 Required 1 Required 2 Required 3 Required 4 Required 5 | Required 6 Required 7 Required 8 Required 9 Required 10 Prepare the income statement for the year ended December 31, 2017. (Round final answers to the nearest whole dollar value.) Endless Mountain Company Budgeted Income Statement For the Year Ended December 31, 2017 (Absorption costing basis) Required information Budgeted Balance Sheet December 31, 2017 Assets Current assets: Total current assets Plant and equipment: Plant and equipment, net Total assets Liabilities and Stockholders' Equity Current liabilities: Stockholders' equity: Total stockholders' equity Total liabilities and stockholders' equity