Cash | $ | 99,000 | ||
Accounts receivable | 500,250 | |||
Raw materials inventory | 101,000 | |||
Finished goods inventory | 402,500 | |||
Total current assets | 1,102,750 | |||
Equipment, gross | 618,000 | |||
Accumulated depreciation | (159,000 | ) | ||
Equipment, net | 459,000 | |||
Total assets | $ | 1,561,750 | ||
Liabilities and Equity | ||||
Accounts payable | $ | 209,700 | ||
Short-term notes payable | 21,000 | |||
Total current liabilities | 230,700 | |||
Long-term note payable | 505,000 | |||
Total liabilities | 735,700 | |||
Common stock | 344,000 | |||
Retained earnings | 482,050 | |||
Total stockholders’ equity | 826,050 | |||
Total liabilities and equity | $ |
1,561,750 |
To prepare a master budget for April, May, and June of 2017,
management gathers the following information:
Required:
Prepare the following budgets and other financial information as
required. All budgets and other financial information should be
prepared for the second calendar quarter, except as otherwise noted
below. (Round calculations up to the nearest whole dollar,
except for the amount of cash sales, which should be rounded down
to the nearest whole dollar.):
1. Sales budget.
2. Production budget.
3. Raw materials budget.
4. Direct labor budget.
5. Factory overhead budget.
6. Selling expense budget.
7. General and administrative expense
budget.
8. Cash budget.
9. Budgeted income statement for the entire second
quarter (not for each month separately).
10. Budgeted balance sheet.
Particulars |
April |
May |
June |
Total |
Sales units |
23000 |
19000 |
18800 |
60800 |
Particulars |
April |
May |
June |
Total |
Sales units |
23000 |
19000 |
18800 |
60800 |
Add: Closing stock (70% of next month sales) |
13300 |
12600 |
16100 (0.7*23000) |
16100 |
Less:Opening Stock |
(16100 ) |
(13300) |
(12600) |
(16100) |
Units Produced |
20200 |
18300 |
22300 |
60800 |
Particulars |
April |
May |
June |
Total |
Raw Materials used in production |
10100 |
9150 |
11150 |
30400 |
Add: Closing stock of Raw Materials ( ) |
4575 |
5575 |
4500 |
4500 |
Less:Opening Stock of Raw Materials |
(5050) |
(4575) |
(5575) |
(5050) |
Raw Materials Purchased |
9625 |
10150 |
10075 |
29850 |
Particulars |
April |
May |
June |
Total |
Units Produced |
20200 |
18300 |
22300 |
60800 |
Direct Labor Hours(0.5 hours/unit) |
10100 |
9150 |
11150 |
30400 |
Direct Labor Cost($)( $ 24 per hour) |
242400 |
219600 |
267600 |
729600 |
Cash $ 99,000 Accounts receivable 500,250 Raw materials inventory 101,000 Finished goods inventory 402,500 Total current...
The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2017: ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2017 Assets Cash $ 99,000 Accounts receivable 500,250 Raw materials inventory 101,000 Finished goods inventory 402,500 Total current assets 1,102,750 Equipment, gross 618,000 Accumulated depreciation (159,000 ) Equipment, net 459,000 Total assets $ 1,561,750 Liabilities and Equity Accounts payable $ 209,700 Short-term notes payable 21,000 Total current liabilities 230,700 Long-term note payable 505,000 Total liabilities 735,700 Common stock 344,000...
he management of Zigby Manufacturing prepared the following estimated balance sheet for March 2017: ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2017 Assets Cash $ 99,000 Accounts receivable 500,250 Raw materials inventory 101,000 Finished goods inventory 402,500 Total current assets 1,102,750 Equipment, gross 618,000 Accumulated depreciation (159,000 ) Equipment, net 459,000 Total assets $ 1,561,750 Liabilities and Equity Accounts payable $ 209,700 Short-term notes payable 21,000 Total current liabilities 230,700 Long-term note payable 505,000 Total liabilities 735,700 Common stock 344,000...
ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2019 Assets Cash Accounts receivable Raw materials inventory Finished goods inventory Total current assets Equipment Accumulated depreciation Equipment, net Total assets Liabilities and Equity Accounts payable Short-term notes payable Total current liabilities Long-term note payable Total liabilities Common stock Retained earnings Total stockholders' equity Total liabilities and equity $ 51,000 483, 600 94,100 443,520 1,072,220 622,000 (161,000) 461,000 $1,533, 220 $ 211,400 23,000 234,400 515,000 749,400 346,000 437,820 783,820 $1,533,220 To prepare a...
The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2017: ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2017 Assets Cash $ 50,000 Accounts receivable 434,240 Raw materials inventory 84,210 Finished goods inventory 368,000 Total current assets 936,450 Equipment, gross 602,000 Accumulated depreciation (151,000 ) Equipment, net 451,000 Total assets $ 1,387,450 Liabilities and Equity Accounts payable $ 196,610 Short-term notes payable 12,000 Total current liabilities 208,610 Long-term note payable 505,000 Total liabilities 713,610 Common stock 336,000...
The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2019. ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2019 Assets Cash $ 80,000 Accounts receivable 364,000 Raw materials inventory 96,000 Finished goods inventory 364,800 Total current assets 904,800 Equipment 610,000 Accumulated depreciation (155,000 ) Equipment, net 455,000 Total assets $ 1,359,800 Liabilities and Equity Accounts payable $ 195,500 Short-term notes payable 17,000 Total current liabilities 212,500 Long-term note payable 510,000 Total liabilities 722,500 Common stock 340,000 Retained...
The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2019. ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2019 Assets Cash $ 65,000 Accounts receivable 437,760 Raw materials inventory 90,200 Finished goods inventory 308,028 Total current assets 900,988 Equipment 630,000 Accumulated depreciation (165,000 ) Equipment, net 465,000 Total assets $ 1,365,988 Liabilities and Equity Accounts payable $ 204,500 Short-term notes payable 27,000 Total current liabilities 231,500 Long-term note payable 515,000 Total liabilities 746,500 Common stock 350,000 Retained...
Problem 20-4A Manufacturing: Preparation of a complete master budget LO P1, P2, P3 The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2017: ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2017 Assets Cash $ 48,000 Accounts receivable 438,750 Raw materials inventory 87,900 Finished goods inventory 383,760 Total current assets 958,410 Equipment, gross 616,000 Accumulated depreciation (158,000 ) Equipment, net 458,000 Total assets $ 1,416,410 Liabilities and Equity Accounts payable $ 187,200 Short-term notes payable 20,000 Total...
The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2017: ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2017 Assets Cash $ 48,000 Accounts receivable 438,750 Raw materials inventory 87,900 Finished goods inventory 383,760 Total current assets 958,410 Equipment, gross 616,000 Accumulated depreciation (158,000 ) Equipment, net 458,000 Total assets $ 1,416,410 Liabilities and Equity Accounts payable $ 187,200 Short-term notes payable 20,000 Total current liabilities 207,200 Long-term note payable 508,000 Total liabilities 715,200 Common stock 343,000...
Problem 20-4A Manufacturing: Preparation of a complete master budget LO P1, P2, P3 The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2019. ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2019 Assets Cash $ 44,000 Accounts receivable 500,000 Raw materials inventory 90,200 Finished goods inventory 444,000 Total current assets 1,078,200 Equipment 608,000 Accumulated depreciation (154,000 ) Equipment, net 454,000 Total assets $ 1,532,200 Liabilities and Equity Accounts payable $ 211,300 Short-term notes payable 16,000 Total current...