There Are Two 2 Questionsquestion 1 Show All Workings Could

There Are Two 2 Questionsquestion 1 Show All Workings Could Be Do There are two (2) questions. Question 1: Show all workings. Could be done in Word or Excel format. Question 2: Answer should be in Word document format. QUESTION 1: Bill Thomas, Bates & 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 as of December 31 is as follows: - Cash…………………………………………….. $36,000 - Accounts Receivable (net) ……………………… 35,100 - Finished Goods Inventory ……………………… 29,400 - Raw Materials Inventory ……………………… 4,536 - Property, Plant & Equipment ………………… 180,000 - Accumulated Depreciation …………………… (45,000) - Total Assets …………………………………… $240,036 Liabilities and Owner’s Equity: - Accounts Payable …………………………….. $10,800 - Income Tax Payable ………………………….. 45,156 - Common Stock ……………………………….. 60,000 - Retained Earnings ……………………………. 124,080 - Total Liabilities & Owners Equity…………… $240,036 Quarter Budgeted Financials: - Revenue: $846,000 - Selling and Administrative Expense: $159,840 - Interest Expense: $2,028 - Cost of Goods Sold: $602,022