Michael Jones. Concord & William's controller, has received all the budgets prepared by the various operating units and is ready to compile the proforma financial statements for the first quarter. The company's balance sheet as of December 31 is as follows Cash $32.600 Finished Goods Inventory 22.500 Accounts Receivable fnet) 98.800 Raw Materials Inventory 49,280 300.000 175.000 Property. Plant & Equipment Accumulated Depreciation Total Accounts Payable $428.180 $ 18,000 Income Tax Payable 26,400 Common Stock 100,000 Retained Earnings 282.780 Total Liabilities & Owners Equity S428180 Quarter 51779,200 427.700 370 Selected Estimates Budgeted revenue Selling and administrative opense Interest expense Cash Cost of Goods Sold Accounts receivable Inet) Direct materials 50,380 1.385.630 174.720 29.160 104.720 Finished good Accounts payable Notes payable 218.700 4.000 Additional Information Concord Willam plans to purchase and pay cash for a piece of land in February at a cost of $20,000. Concorde William plans to purchase equipment in March at a cost of $30,000 Depreciation for manufacturing overhead $42.000 per quarter and for selling and devientrative $30.000 per month The company expects o income tax rate and a quarterly are paid in the first month of the following quarter Prepare Concord & William's pro-forma balance sheet as of March 31. Concord& Hill Balance Sheet March 31 Cash 50380 Property, Plant & Equipment Raw Materials Inventory Accounts Receivable 174720 Accumulated Depreciation 75000 Finished Goods inventory v Total Assets Note Payable Retained Earnings boldt Common Stock Accounts Payable Total Liabilities and Equities e Textbook and Media Save for Later Attempts: unlim