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Check my work work ZIGBY MANUFACTURING Balance Sheet March 31 Assets Liabilities and Equity Cash $ 160,000 Liabilities Accounts receivable 1,377,600 Accounts payable Raw materials inventory 394,000 Loan payable Finished goods inventory 1,302,160 Long-tern note payable Equipment $ 2,400,000 Equity Less: Accumulated depreciation 600,000 1,800,000 Comon stock Retained earnings Total assets $5,033,768 Total liabilities and equity To prepare a master budget for April, May, and June, management gathers the following information. ol $ 804,000 12,000 2,000,000 $2,816,000 1,340,000 877,760 2,217,760 35,032.760 a. Soles for Morch total 82.000 units. Budgeted sales in units follow. April, 82,000: May, 78,000; June, 80,000; and July, 82,000. The product's selling price is $24.00 per unit and its total product cost is $19.85 per unit b. Raw materials inventory consists solely of direct materials that cost $20 per pound Company policy calls for a given month's ending materials inventory to equal 50% of the next month's direct materials requirements. The March 31 raw materials inventory is 19.700 pounds. The budgeted June 30 ending raw materials inventory is 16,000 pounds. Each finished unit requires 0.50 pound of direct materials c. Company policy calls for a given month's ending finished goods inventory to equal 80% of the next month's budgeted unit sales, The March 31 finished goods Inventory is 65,600 units. d. Each finished unit requires 0.50 hour of direct labor at a rate of $15 per hour e. The predetermined varlable overhead rate is $2.70 per direct labor hour. Depreciation of $80,000 per month is the only fixed factory overhead item. f. Sales commissions of 8% of sales are paid in the month of the sales. The sales manager's monthly salary is $12,000. 9. Monthly general and administrative expenses include $48,000 for administrative salaries and 0.9% monthly interest on the long- term note payable. h. The company budgets 30% of sales to be for cash and the remaining 70% on credit. Credit sales are collected in full in the month following the sale (no credit sales are collected in the month of sale) om Check my work 9. Monthly general and administrative expenses include $48,000 for administrative salaries and 0.9% monthly interest on the long- term note payable. h. The company budgets 30% of sales to be for cash and the remaining 70% on credit. Credit sales are collected in full in the month following the sale (no credit sales are collected in the month of sale) I. All raw materials purchases are on credit, and accounts payable are solely tied to raw materials purchases. Raw materials purchases are fully paid in the next month (none are paid in the month of purchase). 1. The minimum ending cash balance for all months is $160,000. If necessary, the company borrows enough cash using a loan to reach the minimum. Loans require an interest payment of 1% at each month-end (before any repayment). If the month-end preliminary cash balance exceeds the minimum, the excess will be used to repay any loans. k. Dividends of $40,000 are budgeted to be declared and paid in May. 1. No cash payments for income taxes are budgeted in the second calendar quarter. Income tax will be assessed at 35% in the quarter and budgeted to be paid in the third calendar quarter. m. Equipment purchases of $400,000 are budgeted for the last day of June. OOM ences Required: Prepare the following budgets for the months of April, May, and June 1. Sales budget 2. Production budget. 3. Direct materials budget. 4. Direct labor budget. 5. Factory overhead budget. 6. Selling expense budget. 7. General and administrative expense budget. 8. Schedule of cash receipts 9. Schedule of cash payments for direct materials. 10. Cash budget 11. Budgeted income statement for entire second quarter (not monthly) 12. Budgeted balance sheet at June 30, Check my work ZIBGY MANUFACTURING Schedule of Cash Receipts April May Jung $ 1.968,000 $1.872.000 $ 1.920,000 Sales Cash receipts from Cash sales Collections of prior period sales Total cash receipts 590,400 561,600 1.377,600 1.377,600 $ 1.968,000 5 1,930,200 $ 576.000 1,310,400 1,886,400 ce Schedule of Cash Payments for Direct Materials April May June Materials purchases $ 792.000 5 808,000 728.000 Cash payment for Current period purchases $ of s ors 0 Prior period purchases 792.000 805,000 Total cash payments 0 $ 702 000 $ 800.000 180 BY May June Cash Budget April $ 160,000 1.968.000 2,128.000 1.939,200 Beginning cash balance Add Cash receipts from sales Total cash available Loss: Cash payments for ninant material 1,886,400 . Or 799 nr A nds. Prev 1 of 1 Next Check my wou 1 May June Lan buages April s 160,000 1.968,000 2,128,000 1,939,200 1,886,400 10 points Book Beginning cash balance Add: Cash receipts from sales Total cash available Less: Cash payments for: Direct material Direct labor Variable overhead Sales commissions Sales salaries General and administrative salaries Long-term note interest Dividendo Loan interest Purchases of equipment Print 591,000 108,380 157 440 12.000 48.000 18.000 0 792,000 597,0001 107.4601 149,760 12.000 48.000 18,000 40.0001 806,000 612,000 110.100 153,000 12.000 48,000 18,000 0 References 932.820 1.764.220 1,750,760 Total cash payments Preliminary cash balance Additional loan loan repayment) Ending cash balance Loan balance April May June References Loan balance April May June Loan balance - Beginning of month Additional loan (loan repayment) Loan balance - End of month $ 0 vuuyUUUUULULICI I JUU YUUILLE VULTIVIILIT ( HTM ZIGBY MANUFACTURING Budgeted Income Statement For Three Months Ended June 30 Sales ok Cost of goods sold Gross profit Selling, general and administrative expenses Sales commissions expense Sales salaries expense General administrative salaries expense Loan interest expense nt nces Total operating expenses 0 0 $ $ 0 Net income Budgeted Balance Sheet June 30 Assets Total current assets $ 0 es 0 Equipment, net Total assets Liabilities and Equity Liabilities Bank loan payable 0 Total current liabilities Equity Prev 1 of 1 Next mens Equipment, net 0 Total assets Liabilities and Equity Liabilities Bank loan payable 0 Total current liabilities Equity Total Equity Total Liabilities and Equity