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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Instructions
Problem 22-5A
Name:
Section:
REGINA SOAP CO.
Budgeted Income Statement
For the Year Ending December 31, 2015
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
Budgeted Balance Sheet
For the Year Ending December 31, 2015
Assets
REGINA SOAP CO.
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 22-5A
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