An asterisk (*) will appear to the right of an incorrect entry.
1.
Sales
Cost of goods sold:
Direct materials
Direct labor
Factory overhead
Cost of goods sold
Gross profit
Operating expenses:
Selling expenses:
Sales salaries and commissions
Advertising
Miscellaneous selling expense
Total selling expenses
Administrative expenses:
Office and officers salaries
Supplies
Miscellaneous admin. expenses
Total administrative expenses
Total operating expenses
Income before income tax
Income tax expense
Net income
Supporting calculations for budgeted income statement:
Factory overhead: Office and officers salaries:
Variable overhead Fixed portion
Depreciation Variable portion
Other Total
Total
Sales salaries and commissions: Supplies expense:
Fixed portion Fixed portion
Variable portion Variable portion
Total Total
Miscellaneous selling expenses: Miscellaneous administrative expenses:
Fixed portion Fixed portion
Variable portion Variable portion
Total Total
2.
0%
Score:
Key Code:
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[Key code here]
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Instructions
Problem 21(6)-5A
Name:
Section:
Budgeted Balance Sheet
For the Year Ending December 31, 2015
REGINA SOAP CO.
Budgeted Income Statement
For the Year Ending December 31, 2015
REGINA SOAP CO.
Current assets:
Cash
Accounts receivable
Inventories:
Finished goods
Work in process
Materials
Prepaid expenses
Total current assets
Property, plant, and equipment:
Plant and equipment
Less accumulated depreciation
Total assets
Current liabilities:
Accounts payable
Common stock
Retained earnings
Total stockholders’ equity
Total liabilities and stockholders’ equity
Supporting calculations for budgeted balance sheet:
Cash balance:
Balance, January 1, 2015
Plus cash from operations:
Net income (from budgeted income statement)
Depreciation (add back noncash item)
Less planned nonoperating cash outflows:
Dividends to be paid in 2015
Plant and equipment to be acquired in 2015
Balance, December 31, 2015
Retained earnings balance:
Balance, January 1, 2015
Plus expected net income for 2015
Less dividends to be paid in 2015
Balance, December 31, 2015
Stockholders’ Equity
Liabilities
Assets
An asterisk (*) will appear to the right of an incorrect entry.
1.
Sales
1,000,000$
Cost of goods sold:
Direct materials 220,000$
Supporting calculations for budgeted income statement:
Factory overhead: Office and officers salaries:
Variable overhead 80,000$ Fixed portion 72,400$
2.
Budgeted Income Statement
For the Year Ending December 31, 2015
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Problem 21-5A
Name:
Solution
Section:
Score:
Instructions
Answers are entered in the cells with gray backgrounds.
ON
REGINA SOAP CO.
REGINA SOAP CO.
Current assets:
Cash 135,800$
Accounts receivable 125,600
Budgeted Balance Sheet
For the Year Ending December 31, 2015
Assets