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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.
For the Year Ending December 31, 2015
MESA PUBLISHING CO.
Budgeted Income Statement
For the Year Ending December 31, 2015
MESA PUBLISHING CO.
Problem 21(6)-5B
Name:
Section:
Budgeted Balance Sheet
0%
Score:
Key Code:
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[Key code here]
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Instructions
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
Assets
Liabilities
Stockholders' Equity
An asterisk (*) will appear to the right of an incorrect entry.
1.
Sales
456,000$
Cost of goods sold:
Supporting calculations for budgeted income statement:
Factory overhead: Office and officers salaries:
Variable overhead 18,240$ Fixed portion 7,800$
2.
MESA PUBLISHING CO.
Budgeted Income Statement
For the Year Ending December 31, 2015
Cells with non-gray backgrounds are protected and cannot be edited.
Score:
Instructions
Answers are entered in the cells with gray backgrounds.
ON
Problem 21(6)-5B
Name:
Solution
Section:
MESA PUBLISHING CO.
Current assets:
Cash 106,660$
Accounts receivable 23,800
Budgeted Balance Sheet
For the Year Ending December 31, 2015
Assets
