Budgeted statement of cash flows

Assignment Help Financial Accounting

Reference no: EM13922403

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

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.

Reference no: EM13922403

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