1. Budgeted cash receipts in March 2. Budgeted accounts receivable at the end of March 3. Budgeted inventory at the end of February
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1. Budgeted cash receipts in March
2. Budgeted
3. Budgeted inventory at the end of February
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- Assets Cash Minden Company Balance Sheet April 30 Accounts receivable Inventory Buildings and equipment, net of depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Note payable Common stock Retained earnings Total liabilities and stockholders' equity $ 11, 100 72,500 37,500 238,000 $ 359,100 $ 68,000 19,400 180,000 91,700 $ 359,100 The company is in the process of preparing a budget for May and assembled the following data: a. Sales are budgeted at $255,000 for May. Of these sales, $76,500 will be for cash; the remainder will be credit sales. One-half of a month's credit sales are collected in the month the sales are made, and the remainder are collected in the following month. All of the April 30 accounts receivable will be collected in May. b. Purchases of inventory are expected to total $189,000 during May. These purchases will all be on account. Forty percent of all purchases are paid for in the month of purchase; the remainder are paid in the following…Preparing a Cash Budget La Famiglia Pizzeria provided the following information for the month of October: a. Sales are budgeted to be $163,000. About 85% of sales is cash; the remainder is on account. b. La Famiglia expects that, on average, 70% of credit sales will be paid in the month of sale, and 28% will be paid in the following month. c. Food and supplies purchases, all on account, are expected to be $103,000. La Famiglia pays 25% in the month of purchase and 75% in the month following purchase. d. Most of the work is done by the owners, who typically withdraw $6,000 a month from the business as their salary. (Note: The $6,000 is a payment in total to the two owners, not per person.) Various part-time workers cost $7,300 per month. They are paid for their work weekly, so on average 90% of their wages are paid in the month incurred and the remaining 10% in the next month. e. Utilities average $5,950 per month. Rent on the building is $4,100 per month. f. Insurance is paid…Garden Sales, Inc., sells garden supplies. Management is planning its cash needs for the second quarter. The company usually has to borrow money during this quarter to support peak sales of lawn care equipment, which occur during May. The following information has been assembled to assist in preparing a cash budget for the quarter: a. Budgeted monthly absorption costing income statements for April-July are: Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expense Administrative expense* Total selling and administrative expenses Net operating income *Includes $28,000 of depreciation each month. April May June $ 600,000 $1,100,000 $ 560,000 420,000 770,000 392,000 180,000 330,000 168,000 111,000 48,000 159,000 105,000 46,000 64,800 44,000 169,800 108,600 90,000 $ 21,000 $ 160,200 $ 59,400 $ 48,000 July $460,000 322,000 138,000 67,000 41,600 b. Sales are 20% for cash and 80% on account. c. Sales on account are collected over a three-month period with 10%…
- The controller of Ultramint Company wishes to improve the company's control system by preparing a monthly cash budget. The following information relates to the month ending July 31, 2008. June 30, 2008 cash balance ... Dividends to be declared on July 15* Cash expenditures to be paid in July for operating expenses Amortization expense.... Cash collections to be received ... $ 90,000 24,000 73,600 9,000 178,000 112,400 41,000 50,000 Merchandise purchases to be paid in cash Equipment to be purchased for cash. …….. Ulramint Company wishes to maintain a minimum cash balance of .... *Dividends are payable to shareholders of record on declaration date, 30 days after declaration. Required: Prepare a cash budget for the month ended July 31, 2008, indicating how much, if anything, Ultramint will need to borrow to meet its minimum cash requirement.Paul's Pool Service provides pool cleaning, chemical application, and pool repairs for residential customers. Clients are billed weekly for services provided and usually pay 40 percent of their fees in the month the service is provided, In the month following service, Paul collects 50 percent of service fees. The final 10 percent is collected in the second month following service. Paul purchases his supplies on credit, and pays 50 percent in the month of purchase and the remaining 50 percent in the month following purchase. Of the supplies Paul purchases, 85 percent is used in the month of purchase, and the remainder is used in the month following purchase. The following information is available for the months of June, July, and August, which are Paul's busiest months: • June 1 cash balance $14,800. • June 1 supplies on hand $4,000. • June 1 accounts receivable $8,300. • June 1 accounts payable $3,900. · Estimated sales for June, July, and August are $24,900, $37,400, and $39,900,…Minden Company Balance Sheet April 30 Assets Cash Accounts receivable Inventory Buildings and equipment, net of depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Note payable Common stock Retained earnings Total liabilities and stockholders' equity $ 12,700 66,500 48,500 229,000 $ 356,700 $ 67,500 19,100 180,000 90,100 $ 356,700 The company is in the process of preparing a budget for May and has assembled the following data: a. Sales are budgeted at $262,000 for May. Of these sales, $78,600 will be for cash; the remainder will be credit sales. One-half of a month's credit sales are collected in the month the sales are made, and the remainder is collected in the following month. All of the April 30 accounts receivable will be collected in May. b. Purchases of inventory are expected to total $196,000 during May. These purchases will all be on account. Forty percent of all purchases are paid for in the month of purchase; the remainder are paid in the…
- Budgeting-Create a forecasted balance sheet from the following information. I need an explanation on how to get the accounts receivable, ending merchandise inventory, accounts payable, and owner's equity columns for the balance sheet. Data Section: Actual and Budgeted Unit Sales: April 1,500 May 1,000 June 1,600 July 1,400 August 1,500 September 1,200 Balance Sheet, May 31, 19X5 Cash $8,000 Accounts receivable 107,800 Merchandise inventory 52,800 Fixed assets (net) 130,000 -------- Total assets $298,600 ======== Accounts payable (merchandise) $74,800 Owner's equity 223,800 -------- Total liabilities & equity $298,600 ======== Average selling price $98 Average purchase cost per unit $55 Desired ending inventory (% of next…Perez Pointers Corporation expects to begin operations on January 1, year 1; it will operate as a specialty sales company that sells laser pointers over the Internet. Perez expects sales in January year 1 to total $210,000 and to increase 20 percent per month in February and March. All sales are on account. Perez expects to collect 68 percent of accounts receivable in the month of sale, 24 percent in the month following the sale, and 8 percent in the second month following the sale. Required Prepare a sales budget for the first quarter of year 1. Determine the amount of sales revenue Perez will report on the year 1 first quarterly pro forma income statement. Prepare a cash receipts schedule for the first quarter of year 1. Determine the amount of accounts receivable as of March 31, year 1. Complete this question by entering your answers in the tabs below. Prepare a sales budget for the first quarter of year 1.A-2
- 1. Calculate the expected cash collections for July. 2. Calculate the expected cash disbursements for merchandise purchases for July. 3. Prepare a cash budget for July.Beginning cash balance as on March 1, P80,000. Cash receipts from sales P400,000 Budgeted cash disbursements for purchases 250,000. Budgeted cash disbursements for salaries 90,000. Cash repayment of bank loan 30,000. Prepare a cash budget for the month ended on March 31 for Spars Corp.The amount of prepaid expense reflected in the disbursement section of the cash budget is the same amount that is found on the monthly operating statement. True False
