Question

The management of Zigby Manufacturing prepared the following estimated balance sheet for March, 2015: ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2015 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 $ 1387.450 Liabilities and Equity Accounts payable Short-term notes payable 196,610 12,000 Total current liabilities S 208.610 505,000 Long-term note payable Total liabilities Common stock Retained earnings 713,610 335,000 337,840 Total stockholders' equity 673.840 Total liabilities and equity $ 1387.450
please organize exactly as seen, thank you

Answer 1

ZIGBY MANUFACTURING Sales Budget April, May, and June 2015 Budaeted Unit Sales Budgeted Unit Price Budgeted Total Dollars | 23000 23.6 542800 15300 23.6 361080 20400 23.6 481440) 58700 1385320 April 2015 May 2015 June 2015 Totals for the quarter May June Next month's budgeted sales (units) Ratio of inventory to future sales Budgeted ending inventory (units) Budgeted units sales for month Required units of available production Beginning inventory (units) Units to be produced Production Budget April, May, and June 2015 April 15300 80% 122401 23000 352401 18400 168401 20400 80% 16320 15300 31620 12240 19380 Total 23000 80% 18400 20400 38800 16320 22480 58700 June Production budget (units) Materials requirements per unit Materials needed for production Budgeted ending inventory Total materials requirements (units) Beginning inventory Materials to be purchased Material price per unit Total cost of direct material purchases Raw Materials Budget April, May, and June 2015 April May 16840 19380 0.5 0.5 84201 9690 48451 56201 13265 15310 4210 4845 9055 10465 20 1811001 209300 Total 22480 0.5 11240 4100 153401 5620 9720 20 194400 584800 20

June Direct Labor Budget April, May, and June 2015 April May 168401 0.51 84201 19380 0.5 Budgeted production (units) Labor requirements per unit (hours) Total labor hours needed Labor rate (per hour) Labor dollars Total 22480 0.5 11240 29350 15 15 168600 440250 9690 15 151 1263001 145350 June Labor hours needed Variable factory overhead rate Budgeted variable overhead Budgeted fixed overhead Budgeted total overhead Factory Overhead Budget April, May, and June 2015 April May 84201 2.81 23576 21520 45096 9690 28 27132 21520 48652 Total 112401 2.8 31472 82180 21520 64560 52992 146740 June Budgeted sales Sales commission percent Sales commissions Sales salaries Total selling expenses Selling Expense Budget April, May, and June 2015 April May 542800 10% 542801 31001 57380 361080 10% 36108 3100 39208 Total 481440 10% 48144 138532 3100 9300 51244 147832 May June General and Administrative Expense Budgets April, May, and June 2015 April Salaries 13000 13000 Interest on long-term note (500000*0.5%) 2,525 2.525 Total expenses 15,525 15,525 Total 13000 39000 2.525 7575 15,525 46575 Calculation of Cash receipts from customers: May Total budgeted sales Cash sales Sales on credit April 542800 108560 434240 June 361080 481440 72216 96288 288864 385152 20% 80% May Current month's cash sales Collections of receivables Total cash receipts Total cash receipts from customers April 108560 434240 542800 June 72216 96288 434240 288864 506456 385152

Cash Budget April, May, and June 2015 April May June Beginning cash balance 50000 161289248430 Cash receipts from customers 542800 506456 385152 Total cash available 592800 667745 633582 Cash disbursements: Payments for raw materials 196610 181100209300 Payments for direct labor 126300 145350 168600 Payments for variable overhead | 23576 27132 31472 Sales commissions 54280 36108 48144 Sales salaries 31001 3100 3100 General & administrative salaries 13000 13000 13000 Dividends 11000 Loan interest (12000*1%) 1201 이 이 Long-term note interest 25252525 2525 Purchases of equipment 131000 Taxes paid 0 0 Total cash disbursements 419511 419315 607141 Preliminary cash balance 173289 248430 26441 Additional loan (loan repayment) -12000 0 14559 Ending cash balance 161289 248430 41000 Loan balance June Loan balance - Beginning of month Additional loan (loan repayment) Loan balance - End of month April 12000 - 12000 May ol 0 0 14559 14559

1385320 1174000 211320 Budgeted Income statement For the three month ended June 30,2015 sales cost of goods sold (58700*20) Gross margin Operating expense: Sales commissions Sales salaries General administrative salaries Long term note interest Bank loan interest Total operating expense Income before taxes Income tax at 40% Net income 138532 9300 39000 7575 1200 194527 16793 6717 10076)

Budgeted Balance sheet June 30, 2015 Current Assets Cash Account Receivable Finished goods inventory (18400*20) Raw material inventory (4100*20) Total Current Assets Equipment, Gross (602000+ 131000) accumulated depreciation (151000+64560) Equipment, net Total Assets 41000 385152 368000 82000 876152 733000 -215560 5174401 1393592 194400 14559 6717 Liabilities and Equity Liabilities Account Payable Bank loan payable Income tax payable Total current liabilities Long term note payable stockholder Equity: Common Stock Retained Earnings: (337840+10076-11000) Total stockholder equity Total Liability and Equity 215676 505000 336000 336916 672916 1393592