Matthew Young Sheffield & Gary'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 as of December 31 is as follows. Cash $ 33,000 Finished Goods Inventory 22.500 Accounts Receivable (net) 98,600 Raw Materials Inventory 49,280 Property. Plant & Equipment 300,000 Accumulated Depreciation (75,000) Total Assets $428,380 Accounts Payable $ 15,000 uipment 300,UUU Accumulated Depreciation (75,000) Total Assets $428,380 Accounts Payable $ 15,000 Income Tax Payable 26,400 4 Common Stock 100,000 Retained Earnings 286,980 Total Liabilities & Owners Equity $428,380 Selected Estimates Quarter Budgeted revenue $1,778,000 Selling and administrative expense 425,700 Interest expense 370 w Cash 50,380 Cost of Goods Sold 1,388,630 Accounts receivable (net) 174,720 Direct materials 29,160 Finished goods 104,720 Accounts payable 218,700 Additional Information: Sheffield & Gary plans to purchase and pay cash for a piece of land in FebruaryWit a cost of $90,000 Sheffield & Gary 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, Prepare Sheffield & Gary's pro-forma balance sheet as of March 31. Sheffield& Hill Balance Sheet March 31 Cash $ Accounts Payable Matthew Young Sheffield & Gary'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 as of December 31 is as follows. Cash $ 33,000 Finished Goods Inventory 22.500 Accounts Receivable (net) 98,600 Raw Materials Inventory 49,280 Property. Plant & Equipment 300,000 Accumulated Depreciation (75,000) Total Assets $428,380 Accounts Payable $ 15,000 uipment 300,UUU Accumulated Depreciation (75,000) Total Assets $428,380 Accounts Payable $ 15,000 Income Tax Payable 26,400 4 Common Stock 100,000 Retained Earnings 286,980 Total Liabilities & Owners Equity $428,380 Selected Estimates Quarter Budgeted revenue $1,778,000 Selling and administrative expense 425,700 Interest expense 370 w Cash 50,380 Cost of Goods Sold 1,388,630 Accounts receivable (net) 174,720 Direct materials 29,160 Finished goods 104,720 Accounts payable 218,700 Additional Information: Sheffield & Gary plans to purchase and pay cash for a piece of land in FebruaryWit a cost of $90,000 Sheffield & Gary 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, Prepare Sheffield & Gary's pro-forma balance sheet as of March 31. Sheffield& Hill Balance Sheet March 31 Cash $ Accounts Payable