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Budgeted Income Statement and Balance Sheet As a preliminary to requesting budget estimates of sales,...

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Accounting

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, 20Y9, the following tentative trial balance as of December 31, 20Y8, is prepared by the Accounting Department of Regina Soap Co.:

Cash $107,200
Accounts Receivable 199,400
Finished Goods 41,900
Work in Process 27,900
Materials 45,900
Prepaid Expenses 3,400
Plant and Equipment 537,100
Accumulated DepreciationPlant and Equipment $231,000
Accounts Payable 168,400
Common Stock, $10 par 300,000
Retained Earnings 263,400
$962,800 $962,800

Factory output and sales for 20Y9 are expected to total 26,000 units of product, which are to be sold at $110 per unit. The quantities and costs of the inventories at December 31, 20Y9, 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:

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