I really need help with the budgeted balance sheet! I cannot figure out cash at all and I've been working on this for over 3 hours.

Please help me by providing HOW I would calculate the missing material (ESPECIALLY CASH). Please include your work, steps, or whatever. Please don't leave any details out, I have a test coming up and I really need to get this down.

(By the way, T-accounts don't really help me understand what's happening but if it is your thing and you need to use them then that's fine)

THANK YOU WHOEVER HELPS ME!

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, 2019, the following tentative trial balance as of December 31, 20Y8, is prepared by the Accounting Department of Regina Soap Co.: Cash 598,200 Accounts Receivable 172,800 Finished Goods 36,300 Work in Process 24,200 Materials 39,700 Prepaid Expenses 2,900 Plant and Equipment 492,000 Accumulated Depreciation-Plant and Equipment $211,600 Accounts Payable 118,800 Common Stock, $10 par 350,000 Retained Earnings 185,700 $856,100 $866,100 Factory output and sales for 20y9 are expected to total 23,000 units of product, which are to be sold at $120 per unit. The quantities and costs of the inventories at December 31, 2019, 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 of goods manufactured and sold: Direct materials Direct labor Factory overhead: Depreciation of plant and equipment $23,000 Other factory overhead 7,100 Selling expenses: Sales salaries and commissions 82,600 Advertising 69,000 Miscellaneous selling expense 6,000 Administrative expenses: Office and officers salaries 54,300 Supplies 2,800 Miscellaneous administrative expense 1,400 Balances 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 $250,400 on 2049 taxable income will be paid during 2019. Regular quarterly cash dividends of $1 per share are expected to be declared and paid in March, June, September, and December on 35,000 shares of common stock outstanding. It is anticipated that fixed assets will be purchased for $133,000 cash in May. 530 9.5 5.5 15 2.5 7.5 1 2 1. Prepare a budgeted income statement for 2049. Regina Soap Co. Budgeted Income Statement For the Year Ending December 31, 2049 Sales 2,760,000 690,000 218,500 156,600 1,065,100 1,694,900 Cost of goods sold: Direct materials Direct labor Factory overhead Cost of goods sold Gross profit Operating expenses: Selling expenses: Sales salaries and commissions Advertising Miscellaneous selling expense Total selling expenses Administrative expenses: Office and officers salaries Supplies Miscellaneous administrative expense 427,600 69,000 63,500 560,100 226,800 25,800 47,400 Total administrative expenses 300,000 Total operating expenses 860,100 Income before income tax 834,800 Income tax expense 250,400 Net income 584,400 2. Prepare a budgeted balance sheet as of December 31, 2019. Regina Soap Co. Budgeted Balance Sheet December 31, 2019 Assets Current assets: Cash 961,300 x 172,800 36,300 24,200 39,700 100,200 Accounts receivable Inventories: Finished goods Work in process Materials Prepaid expenses Total current assets Property, plant, and equipment: Plant and equipment Accumulated depreciation Total property, plant, and equipment 234,600 Total assets Liabilities Current liabilities: Accounts payable Stockholders' Equity Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity