Final Project The management of Zigby Manufacturing prepared the following estimated balance sheet for March, 2015:ZIGBY ManufacturingEstimated Balance SheetMarch 31, 2015            ASSETS                                                                                 LIABILITIES AND EQUITY Cash....................................................$  40,000                 ACCOUNTS PAYABLE....................$200,500Accounts Receivables...........................342,248          Short-Term notes payable ......................  $12,000Raw Materials...................................... 98,500          Total Current Liabilities ............................ $212,500Finished Goods Inventory....................325,540          Long-tern Notes payable..........................$500,000Total current Asset..............................806,288          Total Liabilities .......................................$712,500Equipment Gross.................................600,000            Common Stock.......................................$335,000Accumulated depreciation ................(150,000)          Retained Earnings.................................  206,788Equipment Net .................................450,000              Total Stockholders equity...................... 543,788Total Assets ...................................$1,256,288          Total liabilities and equity ....................$1,256,288To prepare a master budget for April, May, and June of 2015, management gathers the following information:Sales for March total 20,500 units. Forecasted sales in units are as follows: April, 20,500; May, 19,500; June, 20,000; and July, 20,500. Sales of 240,000 units are forecasted for the entire year. The product's selling price is $23.85 per unit and its total product cost is $19.85 per unit.Company policy calls for a given month's ending raw materials inventory to equal 50% of the next month's materials requirements. The March 31 raw materials inventory is 4,925 units, which complies with the policy. The expected June 30 ending raw materials inventory is 4,000 units. Raw materials cost $20 per unit. Each finished unit requires 0.50 units of raw materials.Company policy calls for a given month's ending finished goods inventory to equal 80% of the next month's expected unit sales. The March 31 finished goods inventory is 16,400 units, which complies with the policy.Each finished unit requires 0.50 hours of direct labor at a rate of $15 per hour.Overhead is allocated based on direct labor hours. The predetermined variable overhead rate is $2.70 per direct labor hour. Depreciation of $20,000 per month is treated as fixed factory overhead.Sales representatives' commissions are 8% of sales and are paid in the month of the sales. The sales manager's monthly salary is $3,000.Monthly general and administrative expenses include $12,000 administrative salaries and 0.9% monthly interest on the long-term note payable.The company expects 30% of sales to be for cash and the remaining 70% on credit. Receivables are collected in full in the month following the sale (none is collected in the month of the sale).All raw materials purchases are on credit, and no payables arise from any other transactions. One month's raw materials purchases are fully paid in the next month.The minimum ending cash balance for all months is $40,000. If necessary, the company borrows enough cash using a short-term note to reach the minimum. Short-term notes require an interest payment of 1% at each month-end (before any repayment). If the ending cash balance exceeds the minimum, the excess will be applied to repaying the short-term notes payable balance.Dividends of $10,000 are to be declared and paid in May.No cash payments for income taxes are to be made during the second calendar quarter. Income tax will be assessed at 35% in the quarter and paid in the third calendar quarter.Equipment purchases of $130,000 are budgeted for the last day of June.RequiredPrepare the following budgets and other financial information as required. All budgets and other financial information should be prepared for the second calendar quarter, except as otherwise noted below. Round calculations up to the nearest whole dollar, except for the amount of cash sales, which should be rounded down to the nearest whole dollar.  (Use the information in the chapter plus the Need-to-Know Comprehensive 1 example at the end of the chapter as a guide for requirements 1-10).Sales budget.Production budget.Raw materials budget.Direct labor budget.Factory overhead budget.Selling expense budget.General and administrative expense budget.Cash budget.Budgeted income statement for the entire second quarter (not for each month separately).Budgeted balance sheet as of the end of the second calendar quarter.Explain why each budget is prepared.  Why would management want to see each budget?Analyze your results.  Do the budgets look favorable?  Explain.  Check Figures(2) Units to produce: April, 19,700; May, 19,900(3) Cost of raw materials purchases, April, $198,000(5) Total overhead cost, May, $46,865(8) Ending cash balance: April, $83,346; May, $124,295(10) Budgeted total assets, June 30: $1,299,440Write a short summary for #11 and #12. 

Utilizing one of the internet search engines, find an organization that has recently implemented a new quality initiative. Discuss specifically the steps taken to implement the new process along with the expected impact to the organization and their customers. Be sure to provide any URLs you used as a reference source for your answer. The selected article must provide well-rounded information and address the topic. You must post the annotation in the reference section. Post a substantive reply to the thread of at least 2 classmates. A substantive reply analyzes the thread as well as adding to the research and concepts put forth in that thread. The goal is to create meaningful discussion. To simply restate the idea already put forth or to concur with the first reply is not adding substantial discussion. That is why it is good to do additional outside research.