Question: Can I recieve help with this? Robert Williams, Marigold & Michael's controller, has received all the budgets prepared by the various operating units and is



Can I recieve help with this?
Robert Williams, Marigold & Michael's controller, has received all the budgets prepared by the various operating units and is ready to compile the pro-forma financial statements for the first quarter. The company's balance sheet of December 31 is as follows: Cash Accounts Receivable (net) Finished Goods Inventory Raw Materials Inventory Property, Plant & Equipment Accumulated Depreciation Total Assets Accounts Payable Income Tax Payable Common Stock Retained Earnings Total Liabilities & Owners Equity $32,300 22,500 98,900 49,280 300,000 (75,000) $427.980 $ 18,000 26,400 100,000 283,580 $427.980 Selected Estimates Budgeted revenue Selling and administrative expense Interest expense Cash Cost of Goods Sold Accounts receivable (net) Direct materials Finished goods Accounts payable Notes payable Quarter $1,780,400 425,700 370 50,380 1,389,630 174.720 29,160 104,720 218,700 5,000 Additional Information: Marigold & Michael plans to purchase and pay cash for a piece of land in February at a cost of $90,000. Marigold & Michael plans to purchase equipment in March at a cost of $30,000 Depreciation for manufacturing overhead $42,000 per quarter and for selling and administrative $30,000 per month. . The company expects a 30% income tax rate, and all quarterly taxes are paid in the first month of the following quarter. (a) Prepare Marigold & Michael's pro forma income statement for the first quarter. (Enter negative amounts using either a negati sign preceding the numberes-45 or parentheses ey. (45).) Marigold& Hill Income Statement First Quarter Sales Revenue Cost of Goods Sold Gross Margin Selling & Administrative Expense Non-Operating Income/(Loss) Interest Expense Income Before Taxes Prepare Marigold & Michael's pro forma income statement for the first quarter. (Enter negative amounts using either a negative sign preceding the number eg. 45 or parentheses es.(45)) Marigold& Hill Income Statement First Quarter Sales Revenue Cost of Goods Sold Gross Margin Selling & Administrative Expense Non-Operating Income/(Loss) Interest Expense Income Before Taxes Income Tax Expense Net Income/(Loss! $
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