Problem 20-4A Manufacturing: Preparation of a complete master budget LO P1, P2,

Question

Problem 20-4A Manufacturing: Preparation of a complete master budget LO P1, P2, P3

The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2017

I need help answering the requirement 10 for the problem

ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2017 Assets Cash Accounts receivable Raw materials inventory Finished goods inventory Total current assets Equipment, gross Accumulated depreciation Equipment, net Total assets $ 57,000 464,000 91,600 380,480 993,080 634,000 (167,000) 467,000 $1,460,080 Liabilities and Equity Accounts payable Short-term notes payable Total current liabilities Long-term note payable Total liabilities Common stock Retained earnings Total stockholders' equity Total liabilities and eqquity $ 206, 300 29,000 235,300 520,000 755, 300 352,000 352,780 704,780 $1,460,080

Explanation / Answer

Calculations:

ZIGBY MANUFACTURING Budgeted Balance Sheet June 30, 2017 Assets Cash 99000 Accounts receivable 438000 Raw materials inventory 114000 Finished goods inventory 380480 Total current assets 1031480 Equipment, gross 781000 Less: Accumulated depreciation -278960 Equipment, net 502040 Total assets 1533520 Liabilities and Equity Accounts payable 228700 Bank loan payable 18760 Income taxes payable 35312 Total current liabilities 282772 Long-term note payable 520000 Stockholders' Equity Common stock 352000 Retained earnings 378748 Total stockholders' equity 730748 Total liabilities and equity 1533520

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