Department Company Annual Budget 410,400 2,640,000 Monthly Spend (so far this month) 15,760 172,490
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- ladeo Corp. has provided a part of its budget for the second quarter Apr $43,000 Jun $42,000 Cash collections Cash payments: Purchases of direct materials Operating expenses Capital expenditures The cash balance on April 1 is $13,000. Assume that there will be no financing transactions or costs during the quarter. Calculate the projected cash balance at the end of May OA. $56,000 OB. $54,900 O C. $87,500 OD. $32,600 May $43,000 4,500 7,000 0 7,000 5,600 20,000 5,000 4,500 10,000 HELHECash budget The controller of Bridgeport Housewares Inc. instructs you to prepare a monthly cash budget for the next three months. You are presented with the following budget information: Line Item Description September October November Sales $102,000 $132,000 $174,000 Manufacturing costs 43,000 57,000 63,000 Selling and administrative expenses 36,000 40,000 66,000 Capital expenditures 42,000 The company expects to sell about 10% of its merchandise for cash. Of sales on account, 70% are expected to be collected in the month following the sale and the remainder the following month (second month following sale). Depreciation, insurance, and property tax expense represent $6,000 of the estimated monthly manufacturing costs. The annual insurance premium is paid in January, and the annual property taxes are paid in December. Of the remainder of the manufacturing costs, 80% are expected to be paid in the month in which they are incurred and the balance in the following…paid in month of purchase: 10% paid n first month following purchase: 40% Paid in second month following purchase: 50% If budgeted purchases for April, May, and june are $30,000, $45,000 and $20,000, what is the budgeted accounts payable balance on June 30? a. 32500 b. 31000 c. 35000 d. 40500
- Budgeted sales for January$206,000 and February $109,000. times Collections for sales are50% in the month of sale and 50% the next month. times Gross margin is 25% of sales. times Administrative costs are $19,000 each month. times Beginning accounts receivable is $29,000. times Beginning inventory is $14,000. times Beginning accounts payable is $74,000. (All from inventory purchases.) times Purchases are paid in full the following month. The information pertains to the January operating budget for a Corporation. Desired ending inventory is 20% of next month's cost of goods sold (COGS). At the end ofJanuary, budgeted ending inventory is what?Budgeted sales for the month at 4,600 units. Budgeted variable selling and admin expense is $7.30 per unit. Budgeted fixed selling and admin expense is $51,980 of which $6,440 is depreciation. What is the budgeted cash disbursement amount for selling and administrative expense for the month? Multiple Choice $85,560 $45,540 $79,120 $33,580COVID 19 Co has forecast purchases on account to be $318,000 in March, $370,000 in April, $421,000 in May, and $493.000 in June. Sixty five percent of purchases are paid for in the month of purchase, the remaining 35% are paid in the following month, What is the budgeted Accounts Payable balance for June 30? Select one a. $172.550 b. $320,450 C $147.350 d. $273.650
- Dec. Year Jan. Year 2 Feb. Year 2 Mar. Year 2 1 (Actual) $70,000 $20,000 (Budgeted) $165,000 $ 40,000 (Budgeted) $ 120,000 $ 22,000 (Budgeted) Credit sales $150,000 Cash sales $ 35,000 Based on the company's collection history, 42% of credit sales are collected in month of sale, and the remainder is collected in the following month. Cash collections in January from December credit sales would be: Multiple Choice $40,600. $45,500. $62,000. $60,200.Relevant data from the Poster Company’s operating budgets are: Quarter 1 Quarter 2 Sales $208,470 $211,539 Direct material purchases 115,290 120,832 Direct labor 75,205 73,299 Manufacturing overhead 25,400 25,400 Selling and administrative expenses 33,400 33,400 Depreciation included in selling and administrative 1,400 1,100 Collections from customers 215,391 240,154 Cash payments for purchases 114,300 119,253 Additional data:Capital assets were sold in January for $9,000 and $4,600 in May.Dividends of $4,400 were paid in February. The beginning cash balance was $60,359 and a required minimum cash balance is $58,000. Use this information to prepare a cash budget for the first two quarters of the year: If an amount box does not require an entry, leave it blank. The Poster Company Cash Budget For the First Two Quarters Quarter 1 Quarter 2 Beginning Cash Balance $fill in the blank 2 $fill in the blank 3 Add: Cash Receipts Collections from…n 2 Feb. NI $1,876 -.... quarter of 2018: HOLLY COMPANY Budgeted Income Statement For the Quarter Ended March 31, 2018 Total March February Net Sales Revenue January $ 11,520 $ 29,120 (20% increase per month) $ 8,000 $ 9,600 Cost of Goods Sold (40% of sales) 11,648 3,840 4,608 3,200 Gross Profit 6,912 17,472 4,800 5,760 S&A Expenses 2,960 3,152 8,912 ($2,000 + 10% of sales) 2,800 Operating Income 3,760 8,560 2,000 2,800 Income Tax Expense (30% of operating income) 2,568 600 840 1,128 Net Income $ 1,400 $ 1,960 $ 2,632 $ 5,992 Holly Company is considering two options. Option 1 is to increase advertising by $700 per month. Option 2 is to use better-quality materials in the manufacturing process. The better materials will increase the cost of goods sold to 45% but will provide a better product at the same sales price. The marketing manager projects either option will result in sales increases of 30% per month rather than 20%. Requirements 1. Prepare budgeted income statements for both…
