The management of Zigby Manufacturing prepared the following
estimated balance sheet for March 2017:
ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2017 |
|||||||
Assets | |||||||
Cash | $ | 53,000 | |||||
Accounts receivable | 392,400 | ||||||
Raw materials inventory | 96,600 | ||||||
Finished goods inventory | 313,920 | ||||||
Total current assets | 855,920 | ||||||
Equipment, gross | 626,000 | ||||||
Accumulated depreciation | (163,000 | ) | |||||
Equipment, net | 463,000 | ||||||
Total assets | $ | 1,318,920 | |||||
Liabilities and Equity | |||||||
Accounts payable | $ | 204,800 | |||||
Short-term notes payable | 25,000 | ||||||
Total current liabilities | 229,800 | ||||||
Long-term note payable | 520,000 | ||||||
Total liabilities | 749,800 | ||||||
Common stock | 348,000 | ||||||
Retained earnings | 221,120 | ||||||
Total stockholders’ equity | 569,120 | ||||||
Total liabilities and equity | $ | 1,318,920 | |||||
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.
The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2017: ZIGBY MANUFACTURING...
The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2017: ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2017 Assets Cash 58,000 484,640 91,290 Accounts receivable Raw materials inventory Finished goods inventory 393,304 Total current assets 1,027,234 Equipment, gross Accumulated depreciation Equipment, net 636,000 168,000) 468,000 $1,495,234 Total assets Liabilities and Equity Accounts payable Short-term notes payable 206,390 30,000 Total current liabilities 236,390 Long-term note payable Total liabilities 525,000 761,390 Common stock 353,000 Retained earnings 380,844 Total...
The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2019. ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2019 Assets Cash $ 42,000 Accounts receivable 364,000 Raw materials inventory 107,200 Finished goods inventory 349,440 Total current assets 862,640 Equipment 604,000 Accumulated depreciation (152,000 ) Equipment, net 452,000 Total assets $ 1,314,640 Liabilities and Equity Accounts payable $ 211,300 Short-term notes payable 14,000 Total current liabilities 225,300 Long-term note payable 510,000 Total liabilities 735,300 Common stock 337,000 Retained...
The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2017 ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2017 Assets Cash Accounts receivable Raw materials inventory Finished goods inventory Total current assets Equipment, gross Accumulated depreciation Equipment, net Total assets 43,000 432,900 86,198 387,168 949,266 606,000 (153, 000) 453,000 $1,402,266 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 194,798 15,000 209,798 500,000...
The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2017 ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2017 Assets Cash $ 30,000 464, 100 98,505 450,840 1,043,445 620,000 (160, 000) 460,000 $1,503,445 Accounts receivable Raw materials inventory Finished goods inventory Total current assets Equipment, gross 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 206, 405 22,000 228,405 510,000 738,405 345,000...
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...
The management of Zigby Manufacturing prepared the following estimated balance sheet for March, 2015: ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2015 Assets Cash $ 30,000 Accounts receivable 464,100 Raw materials inventory 98,505 Finished goods inventory 450,840 Total current assets 1,043,445 Equipment, gross 620,000 Accumulated depreciation (160,000) Equipment, net 460,000 Total assets $ 1,503,445 Liabilities and Equity ...
The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2017 ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2017 Assets Cash Accounts receivable Raw materials inventory Finished goods inventory Total current assets Equipment, gross Accumulated depreciation Equipment, net Total assets 43,000 432,900 86,198 387,168 949,266 606,000 (153, 000) 453,000 $1,402,266 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...
The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2017: ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2817 Assets Cash Accounts receivable Raw materials inventory Finished goods inventory Total current assets Equipment, gross Accumulated depreciation Equipment, net Total assets $44,888 58e,8e 98,288 444,888 1,878,288 688,888 154,888) 454,88e $ 1,532,288 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...
The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2017 ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2017 Assets Accounts receivable Ravw materials inventory Finished goods inventory Total cument assets 438.750 Accumulated depreciation 158,000 Total assets Liabilities and Equity Short-tem notes pay able Total current liabilities Long-tem note payable Total stockholders' equity Total liabilities and equity To prepare a master budget for April, May, and June of 2017, management gathers the following information: a. Sales for...
Homework (2) The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2017: ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2017 ASsets cash Accounts receivable Raw materials inventory Finished goods inventory Total current assets Equipment, gross Accumulated depreciation Equipment, net Total assets $ 48,eee 438,750 87,900 383,760 958,410 616,eee (158,eee) 458,000 $ 1,416,410 Liabilities and Equity Accounts payable Short-term notes payable Total current liabilities Long-term note payable Total liabilities 187,200 20,eee 207,200 s08,eee 715,200 343,000 358,210 701,21e...