4. The Income and Expense details of L & M Co. Are given below. Prepare theBusiness Budget for the year ended December 2020.Operating IncomeQ1 salesQ2 SalesQ3 SalesTotal Operating IncomeNon-Operating IncomeTotal Non-OperatingExpensesMiscellenousRentWaterElectricityInsuranceDepreciationTelephoneOffice SuppliesTotal Operating ExpensesTotal ExpensesNet IncomeActualP 37,50045,00040,00010,0005,00025,0003,5008,00012,00025,00012,0005,000Budget37,00040,00038,0008,0004,50023,0003,0006,00010,00021,80010,0004,500Differences

A business budget refers to the estimation of amounts related to the sales and expenses of a…

Answered: 4. The Income and Expense details of L…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Given the following information, prepare an annual income statement budget for the Great Student Corporation as of 12/31/2018. 1. Sales: 1000 Units; Price $1,000 per Unit 2. Cost of Goods Sold (COGS): 60% of Sales 3. Wages: 15 Employees; Average Cost per Employee $15000 4. SGA Expenses: 12% of Sales 5. Depreciation: Straight Line $4000 per year 6. Interest Expense: 1% of Sales What was the company's budgeted gross profit? O A. $403,000 O B. $400,000 O C. $41,000 O D. $359,000
QOPPC company chief accountant has provided you with the following information relating to the next budget period. Expenses: (in GH¢) October November December Selling & distribution 20,000 30,000 34,000 General & administration 15,000 18,000 12,000 Bad debts 21,000 15,000 20,000 Rate 8,000 6,000 10,000 Interest charges 1,600 2,000 2,400 Depreciation expenses 30,000 10,000 10,000 Expenses are payable in the month of incurrence. 2. A contingent liability of GH¢10,000 is expected to mature in November 3. Estimated cash balance at the end of September will be GH¢5000. Cash balances should not be less than GH¢10,000. Cash can be borrowed in multiples of GH¢10,000 to finance any deficit at an interest rate of 15% per annum. 4. The sales manager's salary, which is GH¢ 7000 per month is expected to increase by GH¢1,000 every month after June 5. Motor vehicle will be purchased in November at GH¢240,000.…
The following information pertains to Direct Projects Ltd for the three months ended 31 December 2020. Actual October Budgeted November Budgeted December Revenue (20% for cash and 80% on credit) 360 000,00 380 000,00 400 000,00 Purchases (10% for cash 90% on credit) 240 000,00 280 000,00 320 000,00 Salaries and wages paid 40 000,00 60 000,00 60 000,00 Cash expenses 24 000,00 28 000,00 32 000,00 Depreciation 2 000,00 2 000,00 2 000,00 Additional information: It is expected that debtors will settle their accounts as follows: 20% in the month of invoice 70% in the month after the month of invoice, and 5% in the second month after the month of invoice. The remaining 5% is usually written off as bad debts. Trade creditors are paid in the month after the purchases at a discount of 5%. 50% of the salaries and wages are weekly wages. Because wages…
Tyler Sheen is the owner of Stopby Inn. He provided the selected opening balances as at June 1, 2020 and the budgeted information for June and July 2020. Selected Opening Balances as of June 1, 2020 Cash $108,700 Accounts Receivable 45,000 Inventory 235,000 Long-term Assets 648,000 Accounts Payable 48,400 Shareholder's Equity 928,000 Budgeted Amounts For the month of June: Total Revenue $349,000 Total General and Administration Costs 185,000 Total Capital Expenditures 193,000 For the month of July: Total Revenue 359,200 Total General and Administration Costs 203,000 Total Capital Expenditures 222,000 Do not enter dollar signs or commas in the input boxes. Round your answer to the nearest dollar The company’s monthly depreciation represents 20% of general and administration costs. 70% percent of the general and administration costs (excluding depreciation) are paid in the month in which they are incurred, and the rest is recorded in accounts payable to be paid in the next month. Of the…
only need total budgeted assets
The following information pertains to Omega Projects Ltd for the three months ended 31 December 2020. Actual Budgeted October November December R R R Revenue (20% for cash and 80% on credit) 360 000 380 000 400 000 Purchases (10% for cash 90% on credit) 240 000 280 000 320 000 Salaries and wages paid 40 000 60 000 60 000 Cash expenses 24 000 28 000 32 000 Depreciation 2 000 2 000 2 000 Additional information: It is expected that debtors will settle their accounts as follows: 20% in the month of invoice 70% in the month after the month of invoice, and 5% in the second month after the month of The remaining 5% is usually written off as bad Trade creditors are paid in the month after the purchases at a discount of 5%. 50% of the salaries and wages are weekly wages. Because wages are paid weekly, usually 10% of the wages are paid in the month following the month in which they were…
None
Here are some important figures from the budget of Cornell, Inc., for the second quarter of 2020: April May June Credit sales $ 312,000 $ 292,000 $ 352,000 Credit purchases 120,000 143,000 168,000 Cash disbursements Wages, taxes, and expenses 43,200 10,700 62,200 Interest 10,200 10,200 10,200 Equipment purchases 72,000 134,000 0 The company predicts that 5 percent of its credit sales will never be collected, 40 percent of its sales will be collected in the month of the sale, and the remaining 55 percent will be collected in the following month. Credit purchases will be paid in the month following the purchase. In March 2020, credit sales were $182,000, and credit purchases were $122,000. Using this information, complete the following cash budget. (Do not round intermediate calculations.)
Please help me with show all calculation thanku
LB Enterprises (LB) is preparing its budget for the first quarter of 2019. LB's balance sheet as of December 31, 2018 is as follows: Assets Liabilities Cash $5,000 Accounts Payable $9500 Accounts Recievable 28,000 Inventories Direct Materials 8,100 Finished Goods (500 Units) 16,870 Stockholders Equity Equipment - gross 45,000 Accumulated depreciation 15.000 Common Stock $15,000 Net Equipment 30,000 Retained Earnings 63,470 Total Assets $87,970 Total Liabilities and $87,960 Equity LB sells one product for $45/unit. The Company forecasts that it will sell 2,000; 1,500; 1,600; and 1,700 units in January, February, March and April, respectively. • Sales to customers are all on credit. 40% of the cash for these sales is collected in the month of the sale and the remaining 60% is collected in the following month. LB wants finished goods inventory equal to 25% of the next month's sales on hand at the end of each month. LB wants direct materials equal to 75% of the current month's production…

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