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37 Additional details: 38 Below you will see yellow data boxes labeled with the letters A through M. Your instructor will provide your group with 39 the data to enter into these boxes. This data set is unique to your group, so make sure you enter the data correctly. 40 41 $575 1,200 bicycles in Bike Inventory at the end of 2021 with a value of $280,000 Average estimated selling price per electric bike i There are 42 43 44 45 • For each quarter, it is estimated that 75% of sales will be cash and 46 of the credit sales, 80% pay in the quarter of the sale and 20% pay in the following quarter. Credit sales from Q4 2021 were 47 $430,000 48 49 50 51 52 At the end of each quarter, CBH Company wishes to have units in Bike Inventory. At the end of 2022 assum 60% of next quarters estimated sales 2,000 bikes are required in ending inventory 25% will be credit sales. Assume operating expenses occur evenly throughout the year and are all paid in cash. For each quarter, 70% of Bike purchases are paid for in cash in the quarter of 30% are paid in the following quarter. Total bike purchases in $510,000 The expected average purchase price of a bike in 2022 is $60,000 in dividends in Q4 2022. the purchase and Q4 2021 were CBH Company will pay 53. The cash balance in the bank at the end of 2021 S 10,000. CBH Company wishes to maintain a 54 minimum cash balance of $10,000 in the bank for each quarter. 55 • Budgeted 2022 sales volumes in units for each quarter are: 56 Q1 2000 Q2 2450 Q3 57 58 4100 Selling and Administration expenses for the budgeted year are as follows: Sales Wages: Q4 233 buying price 3300 $ 375

37 Additional details: 38 Below you will see yellow data boxes labeled with the letters A through M. Your instructor will provide your group with 39 the data to enter into these boxes. This data set is unique to your group, so make sure you enter the data correctly. 40 41 $575 1,200 bicycles in Bike Inventory at the end of 2021 with a value of $280,000 Average estimated selling price per electric bike i There are 42 43 44 45 • For each quarter, it is estimated that 75% of sales will be cash and 46 of the credit sales, 80% pay in the quarter of the sale and 20% pay in the following quarter. Credit sales from Q4 2021 were 47 $430,000 48 49 50 51 52 At the end of each quarter, CBH Company wishes to have units in Bike Inventory. At the end of 2022 assum 60% of next quarters estimated sales 2,000 bikes are required in ending inventory 25% will be credit sales. Assume operating expenses occur evenly throughout the year and are all paid in cash. For each quarter, 70% of Bike purchases are paid for in cash in the quarter of 30% are paid in the following quarter. Total bike purchases in $510,000 The expected average purchase price of a bike in 2022 is $60,000 in dividends in Q4 2022. the purchase and Q4 2021 were CBH Company will pay 53. The cash balance in the bank at the end of 2021 S 10,000. CBH Company wishes to maintain a 54 minimum cash balance of $10,000 in the bank for each quarter. 55 • Budgeted 2022 sales volumes in units for each quarter are: 56 Q1 2000 Q2 2450 Q3 57 58 4100 Selling and Administration expenses for the budgeted year are as follows: Sales Wages: Q4 233 buying price 3300 $ 375

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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B C 37 Additional details: 38 Below you will see yellow data boxes labeled with the letters A through M. Your instructor will provide your group with 39 the data to enter into these boxes. This data set is unique to your group, so make sure you enter the data correctly. 40 45 46 54 55 56 A $575 41 Average estimated selling price per electric bike is 42. There are 43 1,200 bicycles in Bike Inventory at the end of 2021 with a value of $ 280,000 At the end of each quarter, CBH Company wishes to have units in Bike Inventory. At the end of 2022 assum 61 62 63 64 65 66 67 68 69 70 71 72 73 For each quarter, it is estimated that Of the credit sales, 80% pay in the quarter of the sale and 20% pay in the following quarter. 47 Credit sales from Q4 2021 were $430,000 74 75 76 77 78 79 80 D 48. Assume operating expenses occur evenly throughout the year and are all paid in cash. 49 For each quarter, 70% of Bike purchases are paid for in cash in the quarter of 50 the purchase and 51 Q4 2021 were 30% are paid in the following quarter. Total bike purchases in $510,000 The expected average purchase price of a bike in 2022 is $ $60,000 in dividends in Q4 2022. 52 CBH Company will pay 53. The cash balance in the bank at the end of 2021 i S 10,000. CBH Company wishes to maintain a minimum cash balance of $10,000 in the bank for each quarter. 4100 57. Selling and Administration expenses for the budgeted year are as follows; 58 Sales Wages: 59 60 E Fixed Costs: F Budgeted 2022 sales volumes in units for each quarter are: 01 2000 Q2 2450 Q3 Advertising Computer costs Depreciation Office Supplies Printing Insurance Property taxes Rent Utilities Total Fixed Costs 2021 2020 2019 2018 60% of next quarters estimated sales 2,000 bikes are required in ending inventory 75% of sales will be cash and Accounting & professional services Administrative Salaries $ 12585 145130 12905 164975 11385 174225 8175 137145 H Sales wages are a mixed cost (salary and commissions). CBH Company plans on estimating these casts for 2022 based on actual historical data using the high-low method. Here are the total sales in units and the total sales wages expense for the last 4 years. Units sold $ 1800 77000 9000 I 4200 35000 2300 1400 1200 500 25% will be credit sales. 20000 3000 155400 Q4 3300 233 buying price Cost difference Units difference 375 K 27830 4730 L M N 0
Transcribed Image Text:B C 37 Additional details: 38 Below you will see yellow data boxes labeled with the letters A through M. Your instructor will provide your group with 39 the data to enter into these boxes. This data set is unique to your group, so make sure you enter the data correctly. 40 45 46 54 55 56 A $575 41 Average estimated selling price per electric bike is 42. There are 43 1,200 bicycles in Bike Inventory at the end of 2021 with a value of $ 280,000 At the end of each quarter, CBH Company wishes to have units in Bike Inventory. At the end of 2022 assum 61 62 63 64 65 66 67 68 69 70 71 72 73 For each quarter, it is estimated that Of the credit sales, 80% pay in the quarter of the sale and 20% pay in the following quarter. 47 Credit sales from Q4 2021 were $430,000 74 75 76 77 78 79 80 D 48. Assume operating expenses occur evenly throughout the year and are all paid in cash. 49 For each quarter, 70% of Bike purchases are paid for in cash in the quarter of 50 the purchase and 51 Q4 2021 were 30% are paid in the following quarter. Total bike purchases in $510,000 The expected average purchase price of a bike in 2022 is $ $60,000 in dividends in Q4 2022. 52 CBH Company will pay 53. The cash balance in the bank at the end of 2021 i S 10,000. CBH Company wishes to maintain a minimum cash balance of $10,000 in the bank for each quarter. 4100 57. Selling and Administration expenses for the budgeted year are as follows; 58 Sales Wages: 59 60 E Fixed Costs: F Budgeted 2022 sales volumes in units for each quarter are: 01 2000 Q2 2450 Q3 Advertising Computer costs Depreciation Office Supplies Printing Insurance Property taxes Rent Utilities Total Fixed Costs 2021 2020 2019 2018 60% of next quarters estimated sales 2,000 bikes are required in ending inventory 75% of sales will be cash and Accounting & professional services Administrative Salaries $ 12585 145130 12905 164975 11385 174225 8175 137145 H Sales wages are a mixed cost (salary and commissions). CBH Company plans on estimating these casts for 2022 based on actual historical data using the high-low method. Here are the total sales in units and the total sales wages expense for the last 4 years. Units sold $ 1800 77000 9000 I 4200 35000 2300 1400 1200 500 25% will be credit sales. 20000 3000 155400 Q4 3300 233 buying price Cost difference Units difference 375 K 27830 4730 L M N 0
3 4 5 6 7 A Beginning cash balance Add: Receipts 8 9 Collections from Customers 10 Total receipts: 11 Total available cash: 12 Less: Disbursements 13 Bike Purchases 14 Selling and Administrative expenses 15 Purchase of new store 16 Income Tax expense 17 Dividends 18 Total disbursements: < Excess (deficiency) of available cash over cash disbursements 19 20 Financing 21 Previous period borrowings 22 Interest Costs 23 Excess (deficiency) after interest payment 24 Amount available to pay down loan 25 Add: Current period borrowings 26 Less: Repayments 27 Ending cash balance 28 CASH BUDGET for the year ending 31st December 2022 1 2 10,000 $ $ $ B > Eget Purchases Budget 78,000 975 Cost of Sales D 3 E 4 F Year G H I J without considering $10,000 minumum considering $10,000 minimum balance. Selling & Admin. budget Income Statement CVP Income Statement K L M N Cash Budget Worksheets O P CVP Analysis
Transcribed Image Text:3 4 5 6 7 A Beginning cash balance Add: Receipts 8 9 Collections from Customers 10 Total receipts: 11 Total available cash: 12 Less: Disbursements 13 Bike Purchases 14 Selling and Administrative expenses 15 Purchase of new store 16 Income Tax expense 17 Dividends 18 Total disbursements: < Excess (deficiency) of available cash over cash disbursements 19 20 Financing 21 Previous period borrowings 22 Interest Costs 23 Excess (deficiency) after interest payment 24 Amount available to pay down loan 25 Add: Current period borrowings 26 Less: Repayments 27 Ending cash balance 28 CASH BUDGET for the year ending 31st December 2022 1 2 10,000 $ $ $ B > Eget Purchases Budget 78,000 975 Cost of Sales D 3 E 4 F Year G H I J without considering $10,000 minumum considering $10,000 minimum balance. Selling & Admin. budget Income Statement CVP Income Statement K L M N Cash Budget Worksheets O P CVP Analysis
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