If the excel spreadsheet looked like this how would you set it up? 3. Selling5. Budgeted Balance SheetSelling and Administrative Expense BudgetWilliams CompanyFirst QuarterBudgeted Balance SheetWilliams CompanyFirst QuarterEnd of January End of Febraury End of March Quarter 1JanuaryFebruaryMarchQuarter 1AssetsVariable expensesCashAccounts receivableSalesFinished goods inventoryRaw materials inventorySelling and adminstrative expense percentageRAW PVCTotal variable selling and administrative expenseFixed expensesFixed selling and administrative expenseTotal selling and administrative expenseRESINLandBuilding and equipmentLess: Accummulated depreciationTotal assetsLiabilities & Stockholders' EquityAccounts payableCommon Stock4. CashRetained earningsCash BudgetTotal liabilities & Stockholders' Equity$0$0$0Williams CompanyFirst QuarterJanuaryFebruary6. Budgeted Income StatementMarchBeginning cash balanceAdd: ReceiptsCash sales to customersBudgeted Income StatementCash collected from accounts receivableWilliams CompanyTotal available cashFirst QuarterLess: DisursementsRaw materials cash purchasesJanuaryFebruaryMarchQuarter 1SalesRaw materials accounts payable purchasesCost of goods sold (units sold*unit cost)Gross profitDirect laborFactory overheadSelling and administrative expenseSelling and administration expensesIncome from operationsInterest expenseIncome tax expenseIncome before income taxesTotal disbursementsIncome tax expenseExcess (deficiency) of available cash$- $Net income$0$0$0$0over cash disbursementsNotes: 1. 1400 finished PVC in inventory 12/31balance sheet value of $64,400. Unitcost for these units $64,400/1400=$46.2. COGS in January calculated 1400*$46plus (7000-1400)*$46.4

Budgeted Income Statement The purpose of preparing the budgeted income statement which knows the…

Answered: If the excel spreadsheet looked like…

Business

Accounting

If the excel spreadsheet looked like this how would you set it up?

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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