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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.

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