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Category > Accounting Posted 17 Aug 2017 My Price 11.00

Video Company, Inc

Budgeted Income statement and Budgeted Balance sheet

P9. Video Company, Inc., produces and markets two popular video games, High Ranger and Star Bounder. The closing account balances on the company’s balance sheet for last year are as follows: Cash, $18,735; Accounts Receivable, $19,900; Materials Inventory,

$18,510; Work in Process Inventory, $24,680; Finished Goods Inventory, $21,940; Prepaid Expenses, $3,420; Plant and Equipment, $262,800; Accumulated Depre- ciation—Plant  and  Equipment,  $55,845;  Other  Assets,  $9,480;  Accounts Payable,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$52,640; Mortgage Payable, $70,000; Common Stock, $90,000; and Retained Earn- ings,  $107,804.

Operating budgets for the first quarter of the coming year show the following esti- mated costs: direct materials purchases, $58,100; direct materials usage, $62,400; direct labor expense, $42,880; overhead, $51,910; selling expenses, $35,820; general and administrative expenses, $60,240; cost of goods manufactured, $163,990; and cost of goods sold, $165,440. Estimated ending cash balances are as follows: January, $34,610; February, $60,190; and March, $51,626. The company will have no capital expendi- tures during the quarter.

Sales are projected to be $125,200 in January, $105,100 in February, and $112,600 in March. Accounts receivable are expected to double during the quarter, and accounts payable are expected to decrease by 20 percent. Mortgage payments for the quarter will total $6,000, of which $2,000 will be interest expense. Prepaid expenses are expected to go up by $20,000, and other assets are projected to increase by 50 percent over the budget period. Depreciation for plant and equipment (already included in the overhead budget) averages 5 percent of total plant and equipment per year. Federal income taxes (30 percent of profits) are payable in April. The company pays no dividends.

reQUIreD

1.    Determine the March 31 ending balances for Materials Inventory, Work in Process Inventory, and Finished Goods Inventory.

2.    Prepare a budgeted income statement for the quarter ended March 31.

3.    Prepare a budgeted balance sheet as of March 31.

Answers

Maurice Tutor
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Status NEW Posted 17 Aug 2017 05:08 PM My Price 11.00

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