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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:
Post-Closing Trial Balance
December 31, 2016
Account
Debit
Credit
$10,000
20,300
12,000
25,900
135,000
Accumulated Depreciation
$70,000
11,600
70,000
51,600
Totals
$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
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.
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