In: Accounting
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 | ||||||
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.):
9. Budgeted income statement for the entire second
quarter (not for each month separately).
10. Budgeted balance sheet.