C - BALANCE SHEET

NOTE: If you cannot get your balance sheet to balance, add a line item in the appropriate section titled Plug for the amount needed.

Presented on the template provided is Crossleys projected balance sheet at 12/31/18. Prepare a budgeted balance sheet at 12/31/19 next to it, then answer the following questions in the space below your balance sheets. Label your answers, but the amounts themselves should be calculated by formulas that include cell references:

• What is the budgeted return on investment (round your answer to the nearest one percent)?
• If the company has established a minimum required rate of return of 22% for Crossley, what is budgeted residual income (round your answer to the nearest dollar)?
• If the CEO of Crossley has set a target ROI of 28%, how many units would the company have to sell for the year (round your answer to the nearest whole unit)?
• Please show your work and formulas in excel.

Operating expenses.

C D CROSSLEY COMPANY BALANCE SHEET AT DECEMBER 31 2019 2018 ASSETS 1625000 3069360 Cash Accounts receivable Inventory Raw materials Finished goods Property, plant and equipment, net Total Assets 275000 481600 756600 2939555 8390515 18 19 LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable Commissions payable Note payable Common stock, no par Retained earnings Total Liabilities and Stockholders' Equity 2600000 187425 1500000 2450000 1653090 8390515 Operating Budgets Income Statement Balance Sheet Cash Budget 2 BIU - A S Merge & Center $ nat Painter Alignment Font - X fx C D CROSSLET COMPANY BALANCE SHEET AT DECEMBER 31 2019 ASSETS 1035035 2249100 Cash Account Receivable Inventory Raw Material Finished Goods Property, Plant and equipment Total Assests 385560 3306560 3684555 10660810 LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable Commissions payable Note payable Common stock, no par Retained earning 3104370 524790 1100000 2450000 3481650 Sheet1 Type here to search Orte - 9 L Search Help AutoSave O 2 File Home Insert 8 CROSSLEY BUDGET PRO Draw Page Layout Formulas Data Calibri 1 A A == BIU B OA General Wrap Text Merge & Center $ % 98 Poste Copy Format Painter Number 24 Total foet needed 25 -B1 26 Total feet to be purchased CDEFG 528130 723180 721854 401472 2131672 55000 93330 100980 48854 55000 473130 629850 620874 352818 2070672 5 5 5 5 5 2305650 31492503104370 1764090 10383360 27 $50 28 Total cost of purchases 43480 6222067320 32436 205456 30 DIRECT LABOR BUDGET 31 Production 32 Sid hours per unit 33 Total labor hours needed 34 $9.00/DLH 35 Total cost of direct labor 260880 373320 403920 194616 1232736 23479203359880 3635280 1751544 11094624 37 OVERHEAD BUDGET: 38 Total labor hours needed 39 $600/DLH 40 Total variable overhead 41 Fred overhead depreciation 42 Foed overhead-other 13 Total budgeted overhead 260880373320 403920 B 6 6 1565280 2239920 2423520 90000 30000 122500 524000 24000 524000 2179280 2853920 3070020 194616 1232736 6 6 1167696 7396416 122500 425000 524000 2096000 1814196 9917416 45 SELLING & ADMIN BUDGET 46 Variable soling commissions 3.50% 299800 449820 524790 224910 1499400 47 Fored song 850000 850000 850000 850000 3400000 48 Fixed admin 980000 900000 980000 980000 3920000 49 Depreciation-seling 75000 75000 75000 75000 300000 50 Depreciation-admin 120000 120000 120000 120000 480000 51 Total budgeted selling & admin cost 2324880 2474820 25497902249910 9599400 Operating Budgets Income Statement Cash Budget Balance Sheet Type here to search C D CROSSLEY COMPANY BALANCE SHEET AT DECEMBER 31 2019 2018 ASSETS 1625000 3069360 Cash Accounts receivable Inventory Raw materials Finished goods Property, plant and equipment, net Total Assets 275000 481600 756600 2939555 8390515 18 19 LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable Commissions payable Note payable Common stock, no par Retained earnings Total Liabilities and Stockholders' Equity 2600000 187425 1500000 2450000 1653090 8390515 Operating Budgets Income Statement Balance Sheet Cash Budget 2 BIU - A S Merge & Center $ nat Painter Alignment Font - X fx C D CROSSLET COMPANY BALANCE SHEET AT DECEMBER 31 2019 ASSETS 1035035 2249100 Cash Account Receivable Inventory Raw Material Finished Goods Property, Plant and equipment Total Assests 385560 3306560 3684555 10660810 LIABILITIES AND STOCKHOLDERS' EQUITY Accounts payable Commissions payable Note payable Common stock, no par Retained earning 3104370 524790 1100000 2450000 3481650 Sheet1 Type here to search Orte - 9 L Search Help AutoSave O 2 File Home Insert 8 CROSSLEY BUDGET PRO Draw Page Layout Formulas Data Calibri 1 A A == BIU B OA General Wrap Text Merge & Center $ % 98 Poste Copy Format Painter Number 24 Total foet needed 25 -B1 26 Total feet to be purchased CDEFG 528130 723180 721854 401472 2131672 55000 93330 100980 48854 55000 473130 629850 620874 352818 2070672 5 5 5 5 5 2305650 31492503104370 1764090 10383360 27 $50 28 Total cost of purchases 43480 6222067320 32436 205456 30 DIRECT LABOR BUDGET 31 Production 32 Sid hours per unit 33 Total labor hours needed 34 $9.00/DLH 35 Total cost of direct labor 260880 373320 403920 194616 1232736 23479203359880 3635280 1751544 11094624 37 OVERHEAD BUDGET: 38 Total labor hours needed 39 $600/DLH 40 Total variable overhead 41 Fred overhead depreciation 42 Foed overhead-other 13 Total budgeted overhead 260880373320 403920 B 6 6 1565280 2239920 2423520 90000 30000 122500 524000 24000 524000 2179280 2853920 3070020 194616 1232736 6 6 1167696 7396416 122500 425000 524000 2096000 1814196 9917416 45 SELLING & ADMIN BUDGET 46 Variable soling commissions 3.50% 299800 449820 524790 224910 1499400 47 Fored song 850000 850000 850000 850000 3400000 48 Fixed admin 980000 900000 980000 980000 3920000 49 Depreciation-seling 75000 75000 75000 75000 300000 50 Depreciation-admin 120000 120000 120000 120000 480000 51 Total budgeted selling & admin cost 2324880 2474820 25497902249910 9599400 Operating Budgets Income Statement Cash Budget Balance Sheet Type here to search