WileyPLus reer Op.. ◇ New Administration, Old Ap.-@Get started Google,e blank Kimmel, Survey of Accounting, 1e with Job Order Costing Grace Period

WileyPLus reer Op.. ◇ New Administration, Old Ap.-@Get started Google,e blank Kimmel, Survey of Accounting, 1e with Job Order Costing Grace Period: 1 days left I Registe ment Exercise 188 The Sunstate Bank has asked Dell Printing Co. for a budgeted ba 1. The cash budget shows an expected cash balance of $75,000 at December 31, 2016. 2. The 2016 sales budget shows total annual sales of $000,000. All sales are made on account and accounts receivable at December 31, 2016 are expected to be 3. The merchandise purchases budget shows budgeted cost of goods sold for 2016 of $600,000 and ending merchandise Inventory of $95,000, 20% of the end! lance sheet for the year anded December 31, 2016. The following information is available: 10% of annual sales. ng 4. The December 31, 2015 balance sheet includes the following balances: Equipment $294,000, Accumulated Depreciation $122,000, Common Stock $270,ooo, S. The budgeted income statement for 2016 includes the following: depreciation on equipment $15,000, federal income taxes $21,000, and net income $49,000 6. In 2016, management does not expect to purchase additional equipment or to declare any dividends. It does expect to pay all operating expenses, other than Prepare an unclassified budgeted balance sheet at December 31, 2016. (List Assets in order of liquidity.) inventory is expected to have not yet been paid at December 31, 2016 and Retained Earnings $48,000. The income taxes wil not be paid until 2016. depreciation, in cash. DELL PRINTING CO. Budgeted Balance Sheet December 31, 2016 Assets 8:34
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WileyPLus reer Op.. ◇ New Administration, Old Ap.-@Get started Google,e blank Kimmel, Survey of Accounting, 1e with Job Order Costing Grace Period: 1 days left I Registe ment Exercise 188 The Sunstate Bank has asked Dell Printing Co. for a budgeted ba 1. The cash budget shows an expected cash balance of $75,000 at December 31, 2016. 2. The 2016 sales budget shows total annual sales of $000,000. All sales are made on account and accounts receivable at December 31, 2016 are expected to be 3. The merchandise purchases budget shows budgeted cost of goods sold for 2016 of $600,000 and ending merchandise Inventory of $95,000, 20% of the end! lance sheet for the year anded December 31, 2016. The following information is available: 10% of annual sales. ng 4. The December 31, 2015 balance sheet includes the following balances: Equipment $294,000, Accumulated Depreciation $122,000, Common Stock $270,ooo, S. The budgeted income statement for 2016 includes the following: depreciation on equipment $15,000, federal income taxes $21,000, and net income $49,000 6. In 2016, management does not expect to purchase additional equipment or to declare any dividends. It does expect to pay all operating expenses, other than Prepare an unclassified budgeted balance sheet at December 31, 2016. (List Assets in order of liquidity.) inventory is expected to have not yet been paid at December 31, 2016 and Retained Earnings $48,000. The income taxes wil not be paid until 2016. depreciation, in cash. DELL PRINTING CO. Budgeted Balance Sheet December 31, 2016 Assets 8:34

Expert Answer

 

BalANCE Sheet as on Dec 31 2016
Assets
Cash $75,000
Accounts Receivable (800000*10%) 80000
Inventory $95,000
Property< plant & Equipment 294000
Less: Accumulated Depreciation (122000+15000) 137000 157000
Total assets $407,000
Liabilities & Stockholder equity
Accounts payable (95000*20%) 19000
Income tax payable 21000
Common Stock 270000
Retained earnings (48000+49000) 97000
TotalLiabilities & Stockholder Equity 407000
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