2. Prepare a budgeted balance sheet as of December 31, 20Y9. Current assets: Inventories: PLO Total...

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2. Prepare a budgeted balance sheet as of December 31, 20Y9. Current assets: Inventories: PLO Total current assets Property, plant, and equipment: Assets Total property, plant, and equipment Total assets Current liabilities: Liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders equity Check My Work 2 more Check My Work Regina Soap Co. Budgeted Balance Sheet December 31, 20Y9 $ Required: 1. Prepare a budgeted income statement for 20Y9. Regina Soap Co. Budgeted Income Statement For the Year Ending December 31, 20Y9 Amount Amount Line Item Description Cost of goods sold: Cost of goods sold Gross profit Operating expenses: Selling expenses: Total selling expenses Administrative expenses! M 1 4 Total administrative expenses Total operating expenses Income before income tax 10 00 2. Prepare a budgeted balance sheet as of December 31, 2012. SPOLD Cost of goods manufactured and sold: Direct materials Direct labor Factory overhead: Depreciation of plant and equipment Other factory overhead Selling expenses: Sales salaries and commissions Estimated Costs and Expenses Fixed Variable (Total for Year) (Per Unit Sold) $25,000 7,800 11 89,800 75,000 6,500 $30 9.5 5.5 15 Advertising Miscellaneous selling expense Administrative expenses: Office and officers salaries 59,000 Supplies 3,000 Miscellaneous administrative expense 1,600 Balances of accounts 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 $272,200 on 20Y9 taxable income will be paid during 20Y9. Regular quarterly cash dividends of $1 per share are expected to be declared and paid in March, June, September, and December on 30,000 shares of common stock outstanding. It is anticipated that fixed assets will be purchased for $133,000 cash in May. Required: 2.5 7.5 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.: Cash Accounts Receivable Finished Goods Work in Process Materials Prepaid Expenses Plant and Equipment Accumulated Depreciation-Plant and Equipment Accounts Payable Common Stock, $10 par Retained Earnings $109,500 194,900 40,900 27,300 44,800 3,300 493,800 $212,300 156,900 300,000 245,300 $914,500 $914,500 Factory output and sales for 20Y9 are expected to total 25,000 units of product, which are to be sold at $120 per unit. The quantities and costs of the inventories at December 31, 20Y9, 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) 2. Prepare a budgeted balance sheet as of December 31, 20Y9. Current assets: Inventories: PLO Total current assets Property, plant, and equipment: Assets Total property, plant, and equipment Total assets Current liabilities: Liabilities Stockholders' Equity Total stockholders' equity Total liabilities and stockholders equity Check My Work 2 more Check My Work Regina Soap Co. Budgeted Balance Sheet December 31, 20Y9 $ Required: 1. Prepare a budgeted income statement for 20Y9. Regina Soap Co. Budgeted Income Statement For the Year Ending December 31, 20Y9 Amount Amount Line Item Description Cost of goods sold: Cost of goods sold Gross profit Operating expenses: Selling expenses: Total selling expenses Administrative expenses! M 1 4 Total administrative expenses Total operating expenses Income before income tax 10 00 2. Prepare a budgeted balance sheet as of December 31, 2012. SPOLD Cost of goods manufactured and sold: Direct materials Direct labor Factory overhead: Depreciation of plant and equipment Other factory overhead Selling expenses: Sales salaries and commissions Estimated Costs and Expenses Fixed Variable (Total for Year) (Per Unit Sold) $25,000 7,800 11 89,800 75,000 6,500 $30 9.5 5.5 15 Advertising Miscellaneous selling expense Administrative expenses: Office and officers salaries 59,000 Supplies 3,000 Miscellaneous administrative expense 1,600 Balances of accounts 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 $272,200 on 20Y9 taxable income will be paid during 20Y9. Regular quarterly cash dividends of $1 per share are expected to be declared and paid in March, June, September, and December on 30,000 shares of common stock outstanding. It is anticipated that fixed assets will be purchased for $133,000 cash in May. Required: 2.5 7.5 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.: Cash Accounts Receivable Finished Goods Work in Process Materials Prepaid Expenses Plant and Equipment Accumulated Depreciation-Plant and Equipment Accounts Payable Common Stock, $10 par Retained Earnings $109,500 194,900 40,900 27,300 44,800 3,300 493,800 $212,300 156,900 300,000 245,300 $914,500 $914,500 Factory output and sales for 20Y9 are expected to total 25,000 units of product, which are to be sold at $120 per unit. The quantities and costs of the inventories at December 31, 20Y9, 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)

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SOLUTION To prepare the budgeted income statement for 2019 well use the provided information Heres the breakdown Regina Soap Co Budgeted Income Statem... View the full answer