pr 22-5a

Project Description:

i'm only missing a few fields in the template. i'm not expecting to pay more than $2.

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 160,00 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 officers salaries 58,200 0.15
supplies 4,000 0.08
miscellaneous administrative expense 3,000 0.12

balance 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.
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