Budgeted Income Statement and Balance Sheet.

Budgeted Income Statement and Balance Sheet. As a preliminary to requesting budget estimates of sales, costs, and expenses for the fiscal year beginning January 1, 2015, the following tentative trial balance as of December 31, 2014, is prepared by the Accounting Department of Regina Soap Co.: Factory output and sales for 2015 are expected to total 200,000 units of product, which are to be sold at $5.00 per unit. The quantities and costs of the inventories at December 31, 2015, are expected to remain unchanged from the balances at the beginning of the year. Budget estimates of manufacturing costs and operating expenses for the year are summarized as follows: Balances of accounts receivable, prepaid expenses, and accounts payable at the end of the year are not expected to differ significantly from the beginning balances. Federal income tax of $30,000 on 2015 taxable income will be paid during 2015. Regular quarterly cash dividends of $0.15 per share are expected to be declared and paid in March, June, September, and December on 18,000 shares of common stock outstanding. It is anticipated that fixed assets will be purchased for $75,000 cash in May. 1.    Prepare a budgeted income statement for 2015. 2.  Prepare a budgeted balance sheet as of December 31, 2015. Regina Soap Co Budgeted Income Statement        atement for 2015 For the Year 2015 Budget Figures in Dollars OPETATING REVENUE Budgeted Net Sale                         1,000,000 LESS Budgeted cost of merchandise sold                        632,100 Gross Profit on Operation                         376,900 LESS Oprating Expenses Budgeted Selling Expenses                         138,200 Budgeted Administrative Expenses                         82100 Budgeted Other Expenses                         10,800 Income from Operations                         145,800 LESS Budget Corporate Tax                         30,000 Net Income                         115,800 Regina Soap Co Budget Balance Sheet For the Year Ended Desember 31, 2015 Assets         $            Liabilities     & Equity Fixed Assets        75,000        Equity 75,000    Cash         85,000 Current Assets             Sales         1,000,000 Account Receivable         125,600            1,085,000 Finished Goods        69300 Materials         48,900        Liability Work In Progress        32,500    Account Payable         62,000 Plants and Equipment         346,400    Dividents Payable         10,800 Tax         30,000 Sales Expenses         138,200 Administration Expences         145,800 Prepaid Expenses         2,600 Total         697,700    Total         697,700 PLACE THIS ORDER OR A SIMILAR ORDER WITH US TODAY AND GET AN AMAZING DISCOUNT :)-