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
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Budgeted Balance Sheet
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March 31, 2017
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Assets
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Current Assets:
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Cash
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Accounts Receivable
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Raw Materials Inventory
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Finished Goods Inventory
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Total Current Assets
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Property, Plant, and Equipment:
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Equipment
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Less: Accumulated Depreciation
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Total Assets
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Liabilities
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Current Liabilities:
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Accounts Payable
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Stockholders' Equity
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Common Stock
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Retained Earnings
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Total Stockholders' Equity
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Total Liabilities and Stockholders' Equity
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Vinson Company has the following? post-closing trial balance on
December
31
2016:
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Vinson Company
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Post-Closing Trial Balance
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December 31, 2016
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Account
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Debit
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Credit
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Cash
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$10,000
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Accounts Receivable
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20,300
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Raw Materials Inventory
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12,000
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Finished Goods Inventory
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25,900
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Equipment
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135,000
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Accumulated Depreciation
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$70,000
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Accounts Payable
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11,600
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Common Stock
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70,000
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Retained Earnings
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51,600
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Totals
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$203,200
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$203,200
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Data Table:
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Budgeted total sales, all on account
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$305,500
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Budgeted direct materials to be purchased and used
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37,000
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Budgeted direct labor cost
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10,500
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Budgeted manufacturing overhead costs:
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Variable manufacturing overhead
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2,500
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Depreciation
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900
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Insurance and property taxes
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1,250
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Budgeted cost of goods sold
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71,300
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Budgeted selling and administrative expenses:
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Salaries expense
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7,000
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Rent expense
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2,500
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Insurance expense
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1,400
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Depreciation expense
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600
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Supplies expense
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9,165
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Budgeted cash receipts from customers
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263,000
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Budgeted income tax expense
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50,000
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Budgeted purchase and payment for capital expenditures (additional equipment)
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34,000
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Additional? information:
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a.
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Direct materials purchases are paid? 60% in the quarter purchased and? 40% in the next quarter.
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b.
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Direct? labor, manufacturing? overhead, selling and administrative? costs, and income tax expense are paid in the quarter incurred.
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