George Robinson, Marigold & Kenneth’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 as of December 31 is as follows: Cash   $ 32,200   Finished Goods Inventory   22,500   Accounts Receivable (net)   98,500   Raw Materials Inventory   49,280   Property, Plant & Equipment   300,000   Accumulated Depreciation   (75,000)            Total Assets   $427,480   Accounts Payable   $ 18,000   Income Tax Payable   26,400   Common Stock   100,000   Retained Earnings   283,080            Total Liabilities & Owners Equity   $427,480   Selected Estimates   Quarter   Budgeted revenue   $1,779,900   Selling and administrative expense   428,700   Interest expense   370   Cash   50,380   Cost of Goods Sold   1,385,630   Accounts receivable (net)   174,720   Direct materials   29,160   Finished goods   104,720   Accounts payable   218,700   Notes payable   5,000   Additional Information: Marigold & Kenneth plans to purchase and pay cash for a piece of land in February at a cost of $90,000. Marigold & Kenneth plans to purchase equipment in March at a cost of $30,000. Depreciation for manufacturing overhead $42,000 per quarter and for selling and administrative $30,000 per month. The company expects a 30% income tax rate, and all quarterly taxes are paid in the first month of the following quarter. (a)     Prepare Marigold & Kenneth’s pro-forma income statement for the first quarter. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Marigold& Hill Income Statement First Quarter select an income statemet item                                                                          $enter a dollar amount  select an income statemet item                                                                          enter a dollar amount select a summarizing line for the first part                                                                          enter a total amount for the first part select an income statemet item                                                                          enter a dollar amount select a summarizing line for the second part                                                                          enter a total amount for the second part select an income statemet item                                                                          enter a dollar amount select a summarizing line for the third part                                                                          enter a total amount for the third part select an income statemet item                                                                          enter a dollar amount select a closing name for this statement                                                                          $enter a total net income or loss amount

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Hillyard Company, an office supplies specialty store, prepares its master budget on a quarterly basis. The following data have been assembled to assist in preparing the master budget for the first quarter:   As of December 31 (the end of the prior quarter), the company’s general ledger showed the following account balances:   Cash $ 40,000   Accounts receivable 200,000   Inventory 57,750   Buildings and equipment (net) 350,000   Accounts payable   $ 85,125 Common stock   500,000 Retained earnings   62,625   $ 647,750 $ 647,750   Actual sales for December and budgeted sales for the next four months are as follows:   December(actual) $ 250,000 January $ 385,000 February $ 582,000 March $ 296,000 April $ 193,000   Sales are 20% for cash and 80% on credit. All payments on credit sales are collected in the month following sale. The accounts receivable at December 31 are a result of December credit sales. The company’s gross margin is…

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