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Moontrust bank has asked the president of Wishware products, inc., for a budgeted income statement and budgeted balance sheet for the quarter ended june 30

Moontrust bank has asked the president of Wishware products, inc., for a budgeted income statement and budgeted balance sheet for the quarter ended june 30
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Moontrust bank has asked the president of Wishware products, inc., for a budgeted income statement and budgeted balance sheet for the quarter ended june 30. These pro forma statements are needed to support Wishware products\\\\\\\' request for a loan. Wishware products routinely prepares a quarterly master budget. The operating budgets prepared for the quarter ending june 30 have provided the following information: Projected sales for april are $220,400; for May, $164,220; and for June, $165,980. Direct materials purchased for the period are estimated at $96,840; direct materials usage, at $102,710; direct labor expenses, at $71,460; overhead, at $79,940; selling and administrative expenses, at $143,740; capital expenditures, at $125,000 ( to be spent on june29); cost of goods manufactured, at $252,880; and cost of goods sold, at $251,700. Balance sheet account balances at march 31 were as follows: Accounts Receivable, $26,500; Materials Inventory, $23,910; Work in process inventory, $31, 620; Finished goods inventory, $36,220; Prepaid expenses, $7200; Plant, furniture, and fixtures, $498,600; Accumulated Depreciation, Plant, furniture and fixtures, $141,162; Patents, $90,600; Accounts payable, $ 39,600; Notes payable, $150,500; Common stock, $250,000; and Retained earnings, $207,158. Projected monthly cash balances for the second quarter are as follows: April 30, $20,490; May 31, $35,610; and june 30, $45,400. During the quarter, accounts receivable are expected to increase by 30 percent, patents to go up by $6500, prepaid expenses to remain constant, and accounts payable to go down by 10 percent ( Wishware products will make a $50,000 payment on a note payable, $41,000 of which is principal reduction). The federal income tax rate is 34 percent, and the second quarters tax is paid in july. Depreciation for the quarter will be $6420, which is included in the overhead budget. The company will pay no dividends. Required 1. prepare a budgeted income statement for the quarter ended june 30. Round answers to the nearest dollar. 2. Prepare a budgeted balance sheet as of june 30. NOTE: This question is NOT our property; we are only suggesting solution of this question.

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