My Apologies Please answer RED only Bill Thomas Marigold Hi

My Apologies! Please answer RED only

Bill Thomas, Marigold & Hill\'s controller, has received all the budgets prepared by the various operating units and is ready to compile the pro-forma financial statements for the first quarter. The company\'s balance sheet of December 31 is as follows: Cash Accounts Receivable (net Finished Goods Invento Raw Materials Inventory Property, Plant & Equipment Accumulated Depreciation 37,200 36,270 30,380 4,687 186,000 46,500 $248,037 $11,160 46,661 62,000 128,216 Total Assets Accounts Payable Income Tax Payable Common Stock Retained Earnings Total Liabilities & Owners Equity $248,037 Selected Estimates Budgeted revenue Selling and administrative expense165,168 Interest expense Cash Cost of Goods Sold Accounts receivable (net Direct materials Finished goods Acounts payable Notes payable Quarter $874,200 2,096 19,081 622,089 84,630 3,447 36,589 20,584 25,420 Additional Information: Bates & Hill plans to declare and pay dividends totaling $30,380 in January. .Bates & Hill plans to purchase and pay cash for a piece of land in February at a cost of $44,640 Bates & Hill plans to purchase equipment in March at a cost of $37,200 Depreciation for manufacturing overhead $18,600 per month and for selling and administrative $6,200 per month The company expects a 19% income tax rate, and all quarterly taxes are paid in the first month of the following quarter.

Solution

Income Tax expense = 84847*19 % = $ 16,121

Net Income / Loss = 84847 - 16,121 = $68,721

Cash = $19,081

Accounts Receivable = $84,630

Finished Goods Inventory = $ 36,589

Property ,Plant and Equipment = 186,000 + 44640+37200 = $267,840

Direct Materials Inventory = $3,447

Accumulated depreciation = (46500+18600+6200) = $(71300)

Total Assets = 19,081 + 84,630 + 36,589 +267,840+3,447 + (71300)

= $ 340,287

Accounts Payable = 20,584

Taxes Payable = 16,121

Retained Earnings = 128216 + 68,721 = $196,937

Common Stock = 62,000

Dividends Payable = 30,380