See Description.... Needed ASAP
tifwil
q10.docx
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Mist Company has the following post-closing trial balance on December 31, 2016:
(See below to view the post-closing trial balance.)
The company's accounting department has gathered the following budgeting information for the first quarter of 2017:
(See below to view the budget information.)
Additional information: Rent and income tax expenses are paid as incurred. Insurance expense is an expiration of the prepaid amount.
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Requirement 1.
Prepare a budgeted income statement for the quarter ended March 31, 2017.
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Mist Company |
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Budgeted Income Statement |
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For the Quarter Ended March 31, 2017 |
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Gross Profit |
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Selling and Administrative Expenses: |
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Total Selling and Administrative Expenses |
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Operating Income (Loss) |
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Net Income (Loss) |
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Requirement 2.
Prepare a budgeted balance sheet as of March 31, 2017.
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Mist Company |
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Budgeted Balance Sheet |
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March 31, 2017 |
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Assets |
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Current Assets: |
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Total Current Assets |
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Property, Plant, and Equipment |
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Total Assets |
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Liabilities |
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Current Liabilities: |
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Total Liabilities |
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Stockholders' Equity |
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Total Stockholders' Equity |
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Total Liabilities and Stockholders' Equity |
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Requirement 3.
Prepare a budgeted statement of cash flows for the quarter ended March 31, 2017.
Complete the three sections of the budgeted statement of cash flows, then compute the net increase in cash and the balance at March 31, 2017.
(Enter a use of cash with a minus sign or parentheses. If a box is not used in the statement of cash flows leave the box empty; do not select a label or enter a zero.)
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Mist Company |
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Budgeted Statement of Cash Flows |
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For the Quarter Ended March 31, 2017 |
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Operating Activities: |
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Net cash provided by (used for) operating activities |
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Investing Activities: |
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Net cash provided by (used for) investing activities |
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Financing Activities: |
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Net cash provided by (used for) financing activities |
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Net increase in cash |
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Cash balance, January 1, 2017 |
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Cash balance, March 31, 2017 |
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0
