19. A listing of the estimated balances in the company's ledger accounts as of December31, 2023 is given below (as well as in your Excel template):CashAccounts receivableInventory-raw materialsInventory-finished goodsCapital assets (net)Assets$83,3651,122,90010,0009,125724,000$1,949,390Total assetsLiabilities and Shareholders' EquityAccounts payable$ 231,563Capital stock1,000,000Retained EarningsTotal liabilities and shareholders' equity717,828$1,949,390Required:1. Prepare a monthly master budget for ToyWorks for the year ended December 31,2024, including the following schedules (Use the Excel template provided!):Sales Budget & Schedule of Cash ReceiptsProduction Budget & Manufacturing Overhead BudgetDirect Materials Budget & Schedule of Cash DisbursementsDirect Labour BudgetSelling and Administrative Expense BudgetEnding Finished Goods Inventory BudgetCash Budget2. Prepare budgeted financial statements at December 31, 2024, using absorptioncosting.

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Answered: 19. A listing of the estimated balances…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter12: Intangibles

Section: Chapter Questions

Problem 10MC

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