PLEASE HELP ASAP! I HAVE BEEN WORKING ON THIS FOR SEVERAL DAYS AND CANNOT FIGURE THE REST OF IT OUT. DUE TOMORROW

Exercise 5-30 (Part Level Submission) Bill Thomas, Bates & Hills 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 companys balance sheet of December 31 is as follows:

Cash	$ 37,200
Accounts Receivable (net)	36,270
Finished Goods Inventory	30,380
Raw Materials Inventory	4,687
Property, Plant & Equipment	186,000
Accumulated Depreciation	(46,500	)
Total Assets	$248,037
Accounts Payable	$ 11,160
Income Tax Payable	46,661
Common Stock	62,000
Retained Earnings	128,216
Total Liabilities & Owners Equity	$248,037

Quarter
Budgeted revenue	$874,200
Selling and administrative expense	165,168
Interest expense	2,096
Cash	19,081
Cost of Goods Sold	622,089
Accounts receivable	84,630
Direct materials	3,447
Finished goods	36,589
Acounts payable	20,584
Notes payable	25,420

Additional Information:

	Bates & Hill plans to declare and pay dividends totaling $30,380 in January.
	Bates & Hill plans to purchase and pay cash for a piece of land in February at a cost of $44,640.
	Bates & Hill plans to purchase equipment in March at a cost of $37,200.
	Depreciationfor manufacturing overhead$18,600 per month andfor selling and administrative $6,200 per month.

The company expects a 19% income tax rate, and all quarterly taxes are paid in the first month of the following quarter.

(a)

	Your answer is correct.

Prepare Bates & Hills pro-forma income statement for the first quarter.

Pro-forma Income Statement
Cost of Goods SoldIncome Tax ExpenseInterest ExpenseIncome Before TaxesSelling & Administrative ExpenseSales Revenue	$
Selling & Administrative ExpenseSales RevenueCost of Goods SoldInterest ExpenseIncome Tax ExpenseIncome Before Taxes
Non-Operating ExpensesOperating Income / (Loss)Gross MarginNet Income / (Loss)Non-Operating Income / (Loss)
Interest ExpenseIncome Before TaxesIncome Tax ExpenseSelling & Administrative ExpenseSales RevenueCost of Goods Sold
Gross MarginOperating Income / (Loss)Non-Operating ExpensesNet Income / (Loss)Non-Operating Income / (Loss)
Income Tax ExpenseSales RevenueSelling & Administrative ExpenseCost of Goods SoldInterest ExpenseIncome Before Taxes
Income Tax ExpenseSelling & Administrative ExpenseCost of Goods SoldInterest ExpenseIncome Before TaxesSales Revenue
Cost of Goods SoldSales RevenueSelling & Administrative ExpenseInterest ExpenseIncome Before TaxesIncome Tax Expense
Net Income / (Loss)Non-Operating Income / (Loss)Gross MarginOperating Income / (Loss)Non-Operating Expenses	$

SHOW ANSWER

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Attempts: 2 of 4 used

(b) Prepare Bates & Hills pro-forma balance sheet as of March 31.

Pro-forma Balance Sheet
Accounts ReceivableAccumulated DepreciationDirect Materials InventoryTotal AssetsFinished Goods InventoryCashTotal Liabilities and Equities	$
Accounts ReceivableAccumulated DepreciationCashTotal Liabilities and EquitiesDirect Materials InventoryFinished Goods InventoryTotal Assets
CashFinished Goods InventoryTotal Liabilities and EquitiesTotal AssetsAccumulated DepreciationAccounts ReceivableDirect Materials Inventory
Accumulated DepreciationDirect Materials InventoryAccounts ReceivableTotal AssetsTotal Liabilities and EquitiesFinished Goods InventoryCash
Accounts ReceivableProperty, Plant & EquipmentTotal Liabilities and EquitiesAccumulated DepreciationCashTotal AssetsDirect Materials Inventory
Finished Goods InventoryCashTotal AssetsDirect Materials InventoryTotal Liabilities and EquitiesAccumulated DepreciationAccounts Receivable
Accounts ReceivableDirect Materials InventoryFinished Goods InventoryTotal AssetsCashAccumulated DepreciationTotal Liabilities and Equities	$
Accounts PayableTotal AssetsNote PayableCommon StockTaxes PayableRetained EarningsTotal Liabilities and Equities	$
Total Liabilities and EquitiesAccounts PayableNote PayableRetained EarningsTotal AssetsTaxes PayableCommon Stock
Retained EarningsAccounts PayableNote PayableTaxes PayableTotal AssetsCommon StockTotal Liabilities and Equities
Taxes PayableNote PayableCommon StockRetained EarningsTotal Liabilities and EquitiesTotal AssetsAccounts Payable
Accounts PayableTaxes PayableNote PayableCommon StockRetained EarningsTotal Liabilities and EquitiesTotal Assets
Note PayableTotal AssetsCommon StockTotal Liabilities and EquitiesRetained EarningsAccounts PayableTaxes Payable	$

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