Insert formulas where appropriate in the Dec 31 Balance sheet.  

Construct worksheets for: January, February and March  

 Sales Budget  

 Production Budget  

 Raw Materials Purchases  

 Cash Budget  

 Projected unit cost to produce one Gizmo (Exclusive of Depreciation)  

 Budgeted Income Statement  

 Budgeted Retained Earnings Statement  

 Budgeted Balance Sheet  

 Use one column for each month and one for the quarter total.  

 Assume FIFO for valuing inventories.  

 Round budget calcuations (excepting unit costs) to the nearest dollar (no decimal places).  

 Sales and raw materials purchases budgets should include both units and dollars.  

Place an appropriate title on each worksheet  

 Skip one row below the title and  place the name of the company. "Thorny Corp." should be changed to "YourLastName Corp." in all worksheets.

Worksheets should be organized and should have a consistent format.  

 Worksheets should be formatted to print neatly and preferably on one page. If it is necessary to print on more than one page, make sure to use "PRINT TITLES" where appropriate and set page breaks appropriately. You may need to set some worksheets to "landscape" orientation.

 Three-Month Master Budget   

Torny Corp.    

Balance Sheet, December 31    

Cash   41,700
Accounts Receivable   192,000

Raw materials   102,240

Finished Goods   64,400

Land   50,000

Plant and Equipment  500,000  

Less: accumulated depreciation  112,000 388,000

Total assets   $838,340

Accounts Payable to suppliers   40,000
Common Stock  100,000  
Retained Earnings  698,340 798,340
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