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Prepare

VinsonVinson

?Company's budgeted balance sheet as of

MarchMarch

3131?,

20172017.

?Hint: Use the budgeted statement of cash flows prepared in Requirement 3 to determine the Cash balance.

 

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Vinson Company

 

Budgeted Balance Sheet

 

March 31, 2017

 

Assets

 

Current Assets:

 

 

 

Cash

 

 

 

Accounts Receivable

 

 

 

Raw Materials Inventory

 

 

 

Finished Goods Inventory

 

 

 

Total Current Assets

 

 

 

Property, Plant, and Equipment:

 

 

 

Equipment

 

 

 

Less: Accumulated Depreciation

 

 

 

Total Assets

 

 

 

Liabilities

 

Current Liabilities:

 

 

Accounts Payable

 

 

Stockholders' Equity

 

Common Stock

 

 

 

Retained Earnings

 

 

 

Total Stockholders' Equity

 

 

 

Total Liabilities and Stockholders' Equity

 

 

 

                 

Vinson Company has the following? post-closing trial balance on   

December

31

2016:

Vinson Company

Post-Closing Trial Balance

December 31, 2016

Account

Debit

Credit

Cash

$10,000

 

Accounts Receivable

20,300

 

Raw Materials Inventory

12,000

 

Finished Goods Inventory

25,900

 

Equipment

135,000

 

Accumulated Depreciation

 

$70,000

Accounts Payable

 

11,600

Common Stock

 

70,000

Retained Earnings

 

51,600

Totals

$203,200

$203,200

Data Table:

Budgeted total sales, all on account

$305,500

Budgeted direct materials to be purchased and used

37,000

Budgeted direct labor cost

10,500

Budgeted manufacturing overhead costs:

 

Variable manufacturing overhead

2,500

Depreciation

900

Insurance and property taxes

1,250

Budgeted cost of goods sold

71,300

Budgeted selling and administrative expenses:

 

Salaries expense

7,000

Rent expense

2,500

Insurance expense

1,400

Depreciation expense

600

Supplies expense

9,165

Budgeted cash receipts from customers

263,000

Budgeted income tax expense

50,000

Budgeted purchase and payment for capital expenditures (additional equipment)

34,000

Additional? information:

a.

Direct materials purchases are paid? 60% in the quarter purchased and? 40% in the next quarter.

b.

Direct? labor, manufacturing? overhead, selling and administrative? costs, and income tax expense are paid in the quarter incurred.

 

Financial Accounting, Accounting

  • Category:- Financial Accounting
  • Reference No.:- M91595292

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