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Data table Budgeted total sales, all on account Budgeted direct materials to be purchased and used Budgeted direct labor cost Budgeted manufacturing overhead costs: Variable manufacturing overhead Depreciation Insurance and property taxes Budgeted cost of goods sold Budgeted selling and administrative expenses: Salaries expense Rent expense Insurance expense Depreciation expense Supplies expense Budgeted cash receipts from customers Budgeted income tax expense Budgeted purchase and payment for capital expenditures (additional equipment) Print Done $ 308,500 35,000 13,320 2,900 500 1,400 71,000 9,000 4,500 1,300 200 15,425 264,000 42,000 35,000 a. Direct materials purchases are paid 70% in the quarter purchased and 30% in the next quarter. b. Direct labor, manufacturing overhead, selling and administrative costs, and income tax expense are paid in the quarter incurred. C. Accounts payable at December 31, 2024 are paid in the first quarter of 2025. Read the requirements. Data table Irwin Company Post-Closing Trial Balance December 31, 2024 Account Cash Accounts Receivable Raw Materials Inventory Finished Goods Inventory Equipment Accumulated Depreciation Accounts Payable Common Stock Retained Earnings Totals $ $ Debit 40,000 22,800 12,000 25,600 150,000 $ 250,400 $ Credit 40,000 12,500 130,000 67,900 250,400 - X

Data table Budgeted total sales, all on account Budgeted direct materials to be purchased and used Budgeted direct labor cost Budgeted manufacturing overhead costs: Variable manufacturing overhead Depreciation Insurance and property taxes Budgeted cost of goods sold Budgeted selling and administrative expenses: Salaries expense Rent expense Insurance expense Depreciation expense Supplies expense Budgeted cash receipts from customers Budgeted income tax expense Budgeted purchase and payment for capital expenditures (additional equipment) Print Done $ 308,500 35,000 13,320 2,900 500 1,400 71,000 9,000 4,500 1,300 200 15,425 264,000 42,000 35,000 a. Direct materials purchases are paid 70% in the quarter purchased and 30% in the next quarter. b. Direct labor, manufacturing overhead, selling and administrative costs, and income tax expense are paid in the quarter incurred. C. Accounts payable at December 31, 2024 are paid in the first quarter of 2025. Read the requirements. Data table Irwin Company Post-Closing Trial Balance December 31, 2024 Account Cash Accounts Receivable Raw Materials Inventory Finished Goods Inventory Equipment Accumulated Depreciation Accounts Payable Common Stock Retained Earnings Totals $ $ Debit 40,000 22,800 12,000 25,600 150,000 $ 250,400 $ Credit 40,000 12,500 130,000 67,900 250,400 - X

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please help me solve the white squares on the Budgeted balance sheet!

 

stion Question Data table Budgeted total sales, all on account Budgeted direct materials to be purchased and used Budgeted direct labor cost Budgeted manufacturing overhead costs: Variable manufacturing overhead Depreciation Insurance and property taxes Budgeted cost of goods sold Budgeted selling and administrative expenses: Salaries expense Rent expense Insurance expense Depreciation expense Supplies expense Budgeted cash receipts from customers Budgeted income tax expense Budgeted purchase and payment for capital expenditures (additional equipment) Print Done 308,500 35,000 13,320 2,900 500 1,400 71,000 9,000 4,500 1,300 200 15,425 264,000 42,000 35,000 X C Additional information: Direct materials purchases are paid 70% in the quarter purchased and 30% in the next quarter. a. b. C. Direct labor, manufacturing overhead, selling and administrative costs, and income tax expense are paid in the quarter incurred. Accounts payable at December 31, 2024 are paid in the first quarter of 2025. Read the requirements. Data table Account Irwin Company Post-Closing Trial Balance December 31, 2024 Cash Accounts Receivable Raw Materials Inventory Finished Goods Inventory Equipment Accumulated Depreciation Accounts Payable Common Stock Retained Earnings Totals $ Debit 40,000 22,800 12,000 25,600 150,000 250,400 $ Credit 40,000 12,500 130,000 67,900 250,400 X
Transcribed Image Text:stion Question Data table Budgeted total sales, all on account Budgeted direct materials to be purchased and used Budgeted direct labor cost Budgeted manufacturing overhead costs: Variable manufacturing overhead Depreciation Insurance and property taxes Budgeted cost of goods sold Budgeted selling and administrative expenses: Salaries expense Rent expense Insurance expense Depreciation expense Supplies expense Budgeted cash receipts from customers Budgeted income tax expense Budgeted purchase and payment for capital expenditures (additional equipment) Print Done 308,500 35,000 13,320 2,900 500 1,400 71,000 9,000 4,500 1,300 200 15,425 264,000 42,000 35,000 X C Additional information: Direct materials purchases are paid 70% in the quarter purchased and 30% in the next quarter. a. b. C. Direct labor, manufacturing overhead, selling and administrative costs, and income tax expense are paid in the quarter incurred. Accounts payable at December 31, 2024 are paid in the first quarter of 2025. Read the requirements. Data table Account Irwin Company Post-Closing Trial Balance December 31, 2024 Cash Accounts Receivable Raw Materials Inventory Finished Goods Inventory Equipment Accumulated Depreciation Accounts Payable Common Stock Retained Earnings Totals $ Debit 40,000 22,800 12,000 25,600 150,000 250,400 $ Credit 40,000 12,500 130,000 67,900 250,400 X
Current Assets: Cash Accounts Receivable Raw Materials Inventory Finished Goods Inventory Total Current Assets Property, Plant, and Equipment: Equipment Less: Accumulated Depreciation Total Assets Current Liabilities: Accounts Payable Assets Common Stock Retained Earnings Liabilities Stockholders' Equity $ Total Stockholders' Equity Total Liabilities and Stockholders' Equity 150255 67,300 12,000 7,720 185,000 (40,700) 130,000 232,975 237275 144,300 374775 612050 362,975 975025
Transcribed Image Text:Current Assets: Cash Accounts Receivable Raw Materials Inventory Finished Goods Inventory Total Current Assets Property, Plant, and Equipment: Equipment Less: Accumulated Depreciation Total Assets Current Liabilities: Accounts Payable Assets Common Stock Retained Earnings Liabilities Stockholders' Equity $ Total Stockholders' Equity Total Liabilities and Stockholders' Equity 150255 67,300 12,000 7,720 185,000 (40,700) 130,000 232,975 237275 144,300 374775 612050 362,975 975025
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