Vaughn & Hill Pro-Forma Financial Statments Accounting Exercise

Exercise 5-30
Bill Thomas, Vaughn & Hill s controller, has received all the budgets prepared by the various operating units and is ready to compile the pro-forma financial statements for the first quarter. The company s balance sheet of December 31 is as follows:
Cash$ 49,200Accounts Receivable (net)47,970Finished Goods Inventory40,180Raw Materials Inventory6,199Property, Plant & Equipment246,000Accumulated Depreciation(61,500) Total Assets$328,049Accounts Payable$ 14,760Income Tax Payable61,713Common Stock82,000Retained Earnings169,576 Total Liabilities & Owners Equity$328,049Selected EstimatesQuarterBudgeted revenue$1,156,200Selling and administrative expense218,448Interest expense2,772Cash25,236Cost of Goods Sold822,763Accounts receivable (net)111,930Direct materials4,559Finished goods 48,392Acounts payable27,224Notes payable33,620Additional Information: Bates & Hill plans to declare and pay dividends totaling $40,180 in January. Bates & Hill plans to purchase and pay cash for a piece of land in February at a cost of $59,040. Bates & Hill plans to purchase equipment in March at a cost of $49,200. Depreciation for manufacturing overhead $24,600 per month and for selling and administrative $8,200 per month.The company expects a 25% income tax rate, and all quarterly taxes are paid in the first month of the following quarter.

Related Posts

Quality Writing Features

Price Start $10
  • 24/7 Customer Support
  • All Subject Areas
  • Money-Back Guarantee
  • Timely Delivery
  • Originality report
  • Confidentiality guaranteed

Ordering Homework Writing Service

You can get our ideal online homework help services with four easy steps. All you have to do is inform us of your requirements. Immediately we will match with a specialist in your academic discipline. After that, we will track your order, review it to ensure it meets your requirements, and submit it to your email.


Submit Requirements

Fill in your assignment instructions on the order form


Writer match

Immediately you contact us for homework help; we will assign your assignment to an academic expert.


Quality review

We have a team of editors, who will thoroughly review your assignment, ensuring there are no errors before submission


Get Your Completed Paper

Once we have completed the assignment, we will deliver it to your account. Additionally, we will send a notification to your email.



Budget-friendly writing services



We don’t share our client’s information with a third party



We write every assignment from scratch

Amazing Homework Writing Features

Once you consult us for homework help online services, you will attest to why we are among the USA's best essay writing services.

Read on and find out some of the features that make our services superlative.

Free Homework Writing Services

Free plagiarism checker

You can confirm that the content you get is original for free using our plagiarism checker.

Free samples

We offer unlimited access to our essay homework samples.

Free title page and bibliography

Once you place an order, we format it accordingly without demanding additional charges.

Free unlimited revisions

We offer free unlimited revisions until your assignment is of your desired quality..

Free editing and proofreading

We have a team of specialized editors who review your assignment before submission.

Free customer support

You can track the progress of your homework for free.

Request for Homework Writing Service Today!

We have over 500 homework writing experts, ready and waiting to help you improve your writing skills