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please help with part 2 , preparing the budget. Thank you!

prog - dem Negative Antoine award Door > WP Schedule of Cisl Payment for a Service Company OOSTS Salamark Financial Inc. was organized on February 20 Projected and administratives for each of the month of operations are as follows: March $120.000 And 123,100 May 112200 Depreciation, insurance and property taxes et $20,000 of the estimated month The www premam paid on February, and property for the year will be made of the remainder of the dead in the month in which they are incurred with the balance to be paid in the following month Prepare a schedule indicating cath payments for saling and administrative experties for March Aprit, me SafeMark Financial Inc. Schedule of Cash Payments for Selling and Administrative Expenses For the Three Months Ending May 31 March April May Match expenses Paid in March Paid in April Aprile penet: Paid in April Pald in May SPM AI e De April 123,300 May 112,200 Depreciation, Insurance, and property taxes represent $28,000 of the estimated monthly expenses. The annual insurance premium was paid on February 28, and property taxes for the year will be paid in June. 70% of the remainder of the expenses are expected to be paid In the month in which they are incurred, with the balance to be paid in the following month Prepare a schedule indicating cash payments for selling and administrative expenses for March, April, and May. SafeMark Financial Inc. Schedule of Cash Payments for Selling and Administrative Expenses For the Three Months Ending May 31 March April May March expenses: Paid In March Paid in April April expenses: Paid in April Pald in May May expenses: Paid in May Total cash payments e g . 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, 2014, the following tentative trial balance as of December 31, 2013, is prepared by the Accounting Department of Regina Soap Co. Cash $103.800 Accounts Receivable 179,600 Finished Goods 37,700 Work in Process 25,100 Materials 41,300 3,100 Prepaid Expenses Plant and Equipment Accumulated Depreciation--Plant and Equipment 473,300 5203,500 Accounts Payable 160,100 Common Stock, $10 par 250,000 Retained Earnings 250,300 $863.900 $863,900 Factory output and sales for 2014 are expected to total 23,000 units of product, which are to be sold at $90 per unit. The quantities and costs of the inventories at December 31, 20Y4, 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: 9:16 AM 7/3/2021 D e E DOLL ner ME F presc F10 home FI end F12 - F9 FE COSSO inventores December are expected to reman unchange rom the balances the beginning of the year Budget estimates of manufacturing costs and operating expenses for the year are summarized as follows: Estimated costs and Expenses Fixed Variable (Total for Year) (Per Unit Sold) Cost of goods manufactured and sold: Direct materials Direct labor Factory overhead Depreciation of plant and equipment $23,000 Other factory overhead 7.100 Selling expenses Sales salaries and commissions 82.600 11.5 69,000 Advertising Miscellaneous selling expense Administrative expenses 6.000 office and officers salaries 54,300 5.5 2.800 1 Supplies Miscellaneous administrative expense 1.400 1.5 E e $:17 AM 7/3/2021 DOLL end +7 prise FIO TV FE home F11 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 $164,200 on 2014 taxable income will be paid during 2074. Regular quarterly cash dividends of $1 per share are expected to be declared and paid in March, June, September, and December on 25,000 shares of common stock outstanding. It is anticipated that fixed assets will be purchased for $128,000 cash in May, Required: 2,070,000 1. Prepare a budgeted income statement for 2014. Regina Soap Co. Budgeted Income Statement For the Year Ending December 31, 2014 Sales Cost of goods sold: Direct materials 529,000 Direct labor 16 1.000 Factory overhead 122,100 Cost of goods sold Gross profit Operating expenses: Selling expenses: Sales salaries and commissions 347.100 812.100 1,257.900 le 4x 9:17 AM 7/3/2021 OK E e g DOLL Negative Quick Answers Fo... Intext Citation AP Word Ascension Living PR Apollo Web Portal 69.000 52,000 468.100 180.800 Advertising Miscellaneous selling expense v Total selling expenses Administrative expenses: office and officers salaries Supplies Miscellaneous administrative expense Total administrative expenses Total operating expenses Income before income tax Income tax expense 25,800 35.900 242,500 710,600 547,300 166.200 Net income 383.100 Feedback Check My Work Use Information from the expected sales, cost of goods, and selling and administrative expenses. 2. Prepare a budgeted balance sheet as of December 31, 2014 0- ei e 9:17 AM 7/3/2021 DOLL Budgeted Balance Sheet December 31, 2014 Assets Current assets: Cash $ 179,600 Accounts receivable Inventories: Finished goods 37,700 WP Schedule of Cisl Payment for a Service Company OOSTS Salamark Financial Inc. was organized on February 20 Projected and administratives for each of the month of operations are as follows: March $120.000 And 123,100 May 112200 Depreciation, insurance and property taxes et $20,000 of the estimated month The www premam paid on February, and property for the year will be made of the remainder of the dead in the month in which they are incurred with the balance to be paid in the following month Prepare a schedule indicating cath payments for saling and administrative experties for March Aprit, me SafeMark Financial Inc. Schedule of Cash Payments for Selling and Administrative Expenses For the Three Months Ending May 31 March April May Match expenses Paid in March Paid in April Aprile penet: Paid in April Pald in May SPM AI e De April 123,300 May 112,200 Depreciation, Insurance, and property taxes represent $28,000 of the estimated monthly expenses. The annual insurance premium was paid on February 28, and property taxes for the year will be paid in June. 70% of the remainder of the expenses are expected to be paid In the month in which they are incurred, with the balance to be paid in the following month Prepare a schedule indicating cash payments for selling and administrative expenses for March, April, and May. SafeMark Financial Inc. Schedule of Cash Payments for Selling and Administrative Expenses For the Three Months Ending May 31 March April May March expenses: Paid In March Paid in April April expenses: Paid in April Pald in May May expenses: Paid in May Total cash payments e g . 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, 2014, the following tentative trial balance as of December 31, 2013, is prepared by the Accounting Department of Regina Soap Co. Cash $103.800 Accounts Receivable 179,600 Finished Goods 37,700 Work in Process 25,100 Materials 41,300 3,100 Prepaid Expenses Plant and Equipment Accumulated Depreciation--Plant and Equipment 473,300 5203,500 Accounts Payable 160,100 Common Stock, $10 par 250,000 Retained Earnings 250,300 $863.900 $863,900 Factory output and sales for 2014 are expected to total 23,000 units of product, which are to be sold at $90 per unit. The quantities and costs of the inventories at December 31, 20Y4, 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: 9:16 AM 7/3/2021 D e E DOLL ner ME F presc F10 home FI end F12 - F9 FE COSSO inventores December are expected to reman unchange rom the balances the beginning of the year Budget estimates of manufacturing costs and operating expenses for the year are summarized as follows: Estimated costs and Expenses Fixed Variable (Total for Year) (Per Unit Sold) Cost of goods manufactured and sold: Direct materials Direct labor Factory overhead Depreciation of plant and equipment $23,000 Other factory overhead 7.100 Selling expenses Sales salaries and commissions 82.600 11.5 69,000 Advertising Miscellaneous selling expense Administrative expenses 6.000 office and officers salaries 54,300 5.5 2.800 1 Supplies Miscellaneous administrative expense 1.400 1.5 E e $:17 AM 7/3/2021 DOLL end +7 prise FIO TV FE home F11 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 $164,200 on 2014 taxable income will be paid during 2074. Regular quarterly cash dividends of $1 per share are expected to be declared and paid in March, June, September, and December on 25,000 shares of common stock outstanding. It is anticipated that fixed assets will be purchased for $128,000 cash in May, Required: 2,070,000 1. Prepare a budgeted income statement for 2014. Regina Soap Co. Budgeted Income Statement For the Year Ending December 31, 2014 Sales Cost of goods sold: Direct materials 529,000 Direct labor 16 1.000 Factory overhead 122,100 Cost of goods sold Gross profit Operating expenses: Selling expenses: Sales salaries and commissions 347.100 812.100 1,257.900 le 4x 9:17 AM 7/3/2021 OK E e g DOLL Negative Quick Answers Fo... Intext Citation AP Word Ascension Living PR Apollo Web Portal 69.000 52,000 468.100 180.800 Advertising Miscellaneous selling expense v Total selling expenses Administrative expenses: office and officers salaries Supplies Miscellaneous administrative expense Total administrative expenses Total operating expenses Income before income tax Income tax expense 25,800 35.900 242,500 710,600 547,300 166.200 Net income 383.100 Feedback Check My Work Use Information from the expected sales, cost of goods, and selling and administrative expenses. 2. Prepare a budgeted balance sheet as of December 31, 2014 0- ei e 9:17 AM 7/3/2021 DOLL Budgeted Balance Sheet December 31, 2014 Assets Current assets: Cash $ 179,600 Accounts receivable Inventories: Finished goods 37,700

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