More of the Basics and Beyond

HW 2022.1.3. The Sunstate Bank has asked Dell Printing Co. for a budgeted balance sheet for the year ended December 31, 2022. The following information is available: 1.+The cash budget shows an expected cash balance of $75,000 at December 31, 2022. 2- The 2022 sales budget shows total annual sales of $800,000. All sales are made on account and accounts receivable at December 31, 2022 are expected to be 10% of annual sales. 3.+ The merchandise purchases budget shows budgeted cost of goods sold for 2022 of $600,000 and ending merchandise inventory of $95,000. 20% of the ending inventory is expected to have not yet been paid at December 31, 2022. 4.-The December 31, 2021 balance sheet includes the following balances: Equipment $294,000, Accumulated Depreciation $122,000, Common Stock $270,000, and Retained Earnings $48,000. 5.+ The budgeted income statement for 2022 includes the following: depreciation on equipment $15,000, federal income taxes $21,000, and net income $49,000. The income…

REQUIRED Use the information provided below to prepare the following for March and April 2024: 4.1 Debtors Collection Schedule 4.2 Cash Budget INFORMATION The following information was provided by BN Traders: 1. The bank balance on 28 February 2024 is expected to be R100 000 (unfavourable). The sales figures for the first four months of 2024 are expected to be as follows: 2 January March R1 500 000 R1 000 000 3. 4. 4.1 4.2 5. 6. 7. 8. 9. February R1 100 000 Cash sales usually make up 30% of the total sales. The balance of the sales is on credit. (Separate entries are required for cash sales and collections from credit sales.) Credit sales are normally collected as follows: 30% in the month of the sale, and these debtors are entitled to a 3% discount 65% in the month after the sale The rest is usually written off as bad debts. Purchases from February to April 2024 are expected to be as follows: February March R320 000 R350 000 Cash purchases Credit purchases April R1 200 000 R360 000…

solve please with clear and proper explanation , calculation for each part and steps answer in text form underline explanation , computation for all

Data Year 2 Quarter Year 3 Quarter 1 2 3 4 1 2 Budgeted unit sales 40,000 60,000 100,000 50,000 70,000 80,000 • Selling price per unit • Accounts receivable, beginning balance • Sales collected in the quarter sales are made • Sales collected in the quarter after sales are made • Desired ending finished goods inventory is • Finished goods inventory, beginning • Raw materials required to produce one unit • Desired ending inventory of raw materials is • Raw materials inventory, beginning • Raw material costs • Raw materials purchases are paid and • Accounts payable for raw materials, beginning balance $12 per unit $65,000 75% 25% 30% of the budgeted unit sales of the next quarter 12,000 units 5 pounds 10% of the next quarter's production needs 23,000 pounds $0.80 per pound 60% in the quarter the purchases are made 40% in the quarter following purchase $81,500 •Direct labor cost per hour •Direct labor hour per unit $15 per hour 0.2 hour per unit $2 per hour $60,000 •Variable MOH rate…

Prepare Cash Budget

QUESTION 3 REQUIRED Use the information provided below to prepare the following for Mustang Enterprises for January and February 2024. 3.1 Debtors Collection Schedule 3.2 Cash Budget. INFORMATION The following information was supplied by Mustang Enterprises: 1. Mustang Enterprises expects to have an unfavourable bank balance of R40 000 on 31 December 2023.   2. The monthly sales were projected as follows: 2023 Units November 44 000 December 53 000 2024 Units January 47 000 February 31 000 3. The selling price is R20 per unit (excluding any discounts). All the goods produced each month are expected to be sold in the same month. Sixty percent (60%) of the sales is expected to be on credit and the balance is for cash. Thirty percent (30%) of the cash sales is subject to a discount of 10%. 4. Credit sales are usually collected as follows: 20% in the month of sale, and these debtors receive a 5% discount. 75% in the month after the sale, and the rest is usually written off as bad debts. 5.…

Question-4 REQUIRED Use the information provided by Empire Traders to prepare the following for March and April 2024: 4.1 Debtors Collection Schedule 4.2 Cash Budget. INFORMATION The following information was provided by Empire Traders: 1. Empire Traders expects to have a favourable bank balance of R60 000 on 28 February 2024. 2. Budgeted sales figures for 2024 are as follows: 3. 4. 5. 6. 7. Cash sales Credit sales 9. January R320 000 R370 000 Total purchases February R370 000 R390 000 March R310 000 R320 000 Thirty percent (30%) of the cash sales is to informal traders who are entitled to a discount of 10%. Collections from debtors are usually as follows: • 80% is collected in the month after the sale. 20% is collected two months after the sale. Purchases of inventory are expected to be as follows: January February R410 000 R460 000 April R250 000 R300 000 March R400 000 April R380 000 Sixty percent (60%) of the purchases is for cash to take advantage of a discount of 15%. The balance…

You are required to prepare the cash budget for the two months of January and February 2021.  The following is the projected information:   December 2020 January 2021 February 2021 Cash sales R221,866 R239,058 R249,441 Receivables collection R188,565 R194,354 R206,276 Cash purchases R8,949 R10,443 R13,354 Operating expenses R47,858 R54,026 R66,970 Credit purchases R76,504 R82,520 R94,445   Operating expenses are paid in the month they are incurred and credit purchases are paid within 30 days of purchase (ie. in the following month). The bank balance on 1 January 2021 is expected to be R62,819 favourable. Equipment to the value of R239,357 is to be purchased on credit in January 2021 and will be paid for in 8 equal instalments, commencing on 1 February 2021.   The expected payments total for February 2021 will be:

Preparing an operating budget Clipboard Office Supply's March 31, 2020, balance sheet follows: CLIPBOARD OFFICE SUPPLY Balance Sheet March 31, 2020 Assets Current Assets: Cash $ 28,000 Accounts Receivable 11,500 Merchandise Inventory 15,000 Prepaid Insurance 1,000 Total Current Assets $ 55,500 Property, Plant, and Equipment: Equipment and Fixtures 55,000 Less: Accumulated Depreciation (20,000) 35,000 Total Assets $ 90,500 Liabilities Current Liabilities: Accounts Payable $ 10,500 Salaries and Commissions Payable 1,200 Total Liabilities $ 11,700 Stockholders' Equity Common Stock 25,000 Retained Earnings 53,800 Total Stockholders' Equity 78,800 Total Liabilities and Stockholders' Equity $ 90,500

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