2024 – Haney Company has the following post closing trial balance on December 31 2016 Haney Company Post Closing Trial Balance

 

Haney Company has the following post-closing trial balance on December 31, 2016:

Haney Company

Post-Closing Trial Balance

December 31, 2016

Account

Debit

Credit

Cash                                               $30,000

Accounts Receivable                      21,600

Raw Materials Inventory                16,000

Finished Goods Inventory             25,900

Equipment                                     125,000

Accumulated Depreciation            $60,000

Accounts Payable                          14,500

Common Stock                              70,000

Retained Earnings                         74,000

Totals                                        $218,500

$218,500

The company’s accounting department has gathered the following budgeting information for the first quarter of 2017:

Budgeted total sales, all on account                             $305,500

Budgeted direct materials to be purchased and used     30,000

Budgeted direct labor cost                                             10,000

 

Budgeted manufacturing overhead costs:

Variable manufacturing overhead                                2,100

Depreciation                                                                1,100

Insurance and property taxes                                      1,050

Budgeted cost of goods sold                                     71,800

 

Budgeted selling and administrative expenses:

Salaries expense                                                         13,000

Rent expense                                                               3,500

Insurance expense                                                        1,100

Depreciation expense                                                    300

Supplies expense                                                      12,220

Budgeted cash receipts from customers                  264,000

Budgeted income tax expense                                  42,000

Budgeted purchase and payment for capital expenditures (additional equipment)

40,000

 

Please prepare Haney Company’s budgeted income statement for the first quarter of 2017.

Haney Company

Budgeted Income Statement

For the Quarter Ended March 31, 2017

Sales Revenue

Cost of Goods Sold

Gross Profit

Selling and Administrative Expenses

Income before Income Taxes

Income Tax Expense

Net Income

Please, prepare Haney Company’s budgeted statement of cash flows for the first quarter of 2017.

Haney Batting Company

Budgeted Statement of Cash Flows

For the Quarter Ended March 31, 2017

Operating Activities:

Cash receipts from customers ?

Cash payments for operating expenses (?)

Cash payments for income taxes (?)

Net cash provided by (used for) operating activities ?

Investing Activities:

Cash payments for equipment purchases (?)

Net cash used for investing activities (?)

Financing Activities:

Net cash provided by (used for) financing activities 0

Net increase (decrease) in cash ?

Cash balance, January 1, 2017 ?

Cash balance, March 31, 2017 ?

Please prepare Haney Company’s budgeted balance sheet as of March 31,2017.

Haney Company

Budgeted Balance Sheet

March 31, 2017

Assets

Current Assets:

Cash:

Accounts Receivable

Raw Materials Inventory

Finished Goods Inventory

Total Current Assets

Property, Plant, and Equipment:

Equipment

Less: Accumulated Depreciation (?)

Total Assets

Liabilities

Current Liabilities:

Accounts Payable

Stockholders’ Equity

Common Stock

Retained Earnings

Total Stockholders’ Equity

Total Liabilities and Stockholders’ Equity