Problem 8-19 (Algo) Cash Budget; Income Statement; Balance Sheet (LO8-2, LO8-4, LO8-8, LO8-9, LO8-10]Minden Company Is a wholesale distributor of premlum European chocolates. The company's balance sheet as of April 30 is grvenbelow:Minden CompanyBalance SheetApril 30AssetsCashAccounts receivableInventoryBuildings and equipment, net of depreciation18, e0076, 00032,508243,e00Total assets$ 369, 500Liabilities and Stockholders' EquityAccounts payableNote payableComon stockRetained earningsS 80, 25013, 200188, eee96,850$369, seeTotal liabilities and stockholders ecuityThe company Is In the process of preparing a budget for May and has assemblec the following data:a. Sales are budgeted at $238,000 for May. Of these sales, $71.400 will be for cash; the remalnder will be credit sales. One-half of amonth's credit sales are collected in the month the sales are made, and the remalnder is collected in the following month. All of theApril 30 accounts recelvable will be collected in May.b. Purchases of Inventory are expected to total $124,000 during May. These purchases wil all be on account. Forty percent of allpurchases are pald for In the month of purchase; the remalnder are paid in the following month. All of the April 30 accounts payableto suppliers wlil be pald during May.c. The May 31 Inventory balance is budgeted at $24,000.d. Selling and administrative expenses for May are budgeted at $86.100, exclusive of depreclation. These expenses will be pald incash. Depreciation is budgeted at $4,450 for the monthe. The note payable on the April 30 balance sheet will be pald during May, with $400 in Interest. (All of the interest relates to May)1. New refrigerating equipment costing $15.100 will be purchased for cash during May.g. During May, the company will borrow $23,800 from Its bank by glving a new note payable to the bank for that amount The newnote will be due in one year.Required:1. Calculate the expected cash collections from customers for May2 Calculate the expected cash disbursements for merchandise purchases for May3. Prepare a cash budget for May.4. Prepare a budgeted Income statement for May.5. Prepare a budgeted balance sheet as of May 31.Complete this question by entering your answers in the tabs below.Reg 1 arnd 2Req 3Reg 4Reg 51. Calculate the expected cash collections from customers for May.2. Calculate the expected cash disbursements for merchandise purchases for MayTotal cash collectionsTotal cash disbursements

expected cash collections for the month includes Accounts receivable in the previous period, Cash…

em 8-19 (Algo) Cash Budget; Income Statement; Balance Sheet (LO8-2, LO8-4, LO8-8, LO8-9, LC Company Is a wholesale distributor of premlum European chocolates. The company's balance sheet as of April 30 is given Minden Company Balance Sheet April 30 ts receivable pry ngs and equi pment, net of depreciation 18, e00 76, 000 32, 508 243,e06 $ 369, 500 assets ities and Stockholders' Equity Is payable eyable stock 80, 250 13. 200 180, eee 96,050 ed earnings Habilities and stockholders equity $ 369, see pany Is in the process of prenartna

em 8-19 (Algo) Cash Budget; Income Statement; Balance Sheet (LO8-2, LO8-4, LO8-8, LO8-9, LC Company Is a wholesale distributor of premlum European chocolates. The company's balance sheet as of April 30 is given Minden Company Balance Sheet April 30 ts receivable pry ngs and equi pment, net of depreciation 18, e00 76, 000 32, 508 243,e06 $ 369, 500 assets ities and Stockholders' Equity Is payable eyable stock 80, 250 13. 200 180, eee 96,050 ed earnings Habilities and stockholders equity $ 369, see pany Is in the process of prenartna

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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K L C D E Statement of Financial Postionas at December 31 (in millions of Canadian dollars) A В G H J P Q R V Y AA AB AC AD AE AF AG AH Statement ofComprhensive Income for Year Ended Dec. 31 (in millions of Canadian dollars) 20x3 20x2 20x1 20x3 20x2 20x1 7 Cash and cash equivalents 293 398 762 Totalnet sales 4360 4346 2715 Accounts receivable e Inventory O Prepaid Expenses Total Operating expenses Operating costs Distribution costs 572 522 309 493 699 312 1682 1754 942 85 27 17 403 402 318 1400 Royalty costs Depreciation Totaloperating costs (COGS) Profit from mining operations Other expenses General and Administrative 1443 1646 265 291 232 2 Property, plant and equipment 3 Mineral property costs 4 Total Assets 5 Liabilities 6 Accounts payable and accrued liabilities 7 Taxes payable 8 Total Current Liabilities 9 Long-term debt 0 Deferred income taxes E1 Asset retirement obligations 2 Totalliabiltiies Shareholders Equity 4 Share capital -5 Retained Earnings -6 Total shareholder's equity…
work i Propiem IU-ZDA (Aigo) Service versus manufacturing companies LU 10-4 [The following information applies to the questions displayed below.] Baird Company began operations on January 1, Year 1, by issuing common stock for $34,000 cash. During Year 1, Baird received $53,100 cash from revenue and incurred costs that required $38,100 of cash payments. Problem 10-26A (Algo) Part c Prepare a GAAP-based income statement and balance sheet for Baird Company for Year 1, under the following independent scenario: c. Baird is a manufacturing company. The $38,100 was paid to purchase the following items: (1) Paid $3,900 cash to purchase materials that were used to make products during the year. (2) Paid $1,300 cash for wages of factory workers who made products during the year. (3) Paid $18,600 cash for salaries of sales and administrative employees. (4) Paid $14,300 cash to purchase manufacturing equipment. The equipment was used solely to make products. It had a three-year life and a $2,300…
es Cash and marketable securities Accounts and notes receivable Direct materials inventory (April 30) Work-in-process inventory (April 30) Finished goods inventory (April 30) Property, plant, and equipment (net) Accounts, notes, and taxes payable Bonds payable Paid-in capital Retained earnings NORTON INDUSTRIES Preclosing Account Balances May 31 ($000 omitted) Sales Sales discounts Other revenue Purchases of direct materials Direct labor Indirect factory labor Office salaries Sales salaries Utilities Rent Property tax Insurance Depreciation Interest expense Freight-in for materials purchases $ 55 210 48 190 307 1,290 80 520 90 900 1,932 30 2 610 380 130 162 82 195 29 100 25 58 13 35 Required: 1. Prepare a statement of cost of goods manufactured for Norton Industries for May. 2. Prepare an income statement for Norton Industries for May.
The following is selected information relating to the operations of Ramblewood Plc a wholesaledistributer.Current Assets as at 31 MarchCash 8 000Accounts receivable 20 000Inventory 36 000Plant and Equipment net 120 000Accounts Payable 21 750Capital Stock 150 000Retained earnings 12 250a.) Gross profit is 25% of salesb.) Actual and budgeted sales data:March (actual) 50 000April 60 000May 72 000June 90 000July 48 000 c.) Sales are 60% for cash and 40% on credit. Credit sales are collected in the monthfollowing the sale. The account receivables at March 31 are a result of March credit sales.d.) At the end of each month , inventory is to be on hand equal to 80% of the followingmonths sales needs, stated at cost.e.) One half of a month’s inventory purchases is paid for in the following month. Theaccounts payable at March 31 are a result of March purchases of inventory.f.) Monthly expenses are as follows: salaries and wages, 12% of sales; rent, $2500 permonth; other expenses (excluding…
Schedule of Cash Payments Tadpole Learning Systems Inc. was organized on February 28. Projected selling and administrative expenses for each of the first three months of operations are as follows: Schedule of Cash Payments Tadpole Learning Systems Inc. was organized on February 28. Projected selling and administrative expenses for each of the first three months of operations are as follows: March $157,600 April 148,100 May 134,800 Depreciation, insurance, and property taxes represent $34,000 of the estimated monthly expenses. The annual insurance premium was paid on February 28, and property taxes for the year will be paid in November. 62% of the remainder of the expenses are expected to be paid in the month in which they are incurred, with the balance to be paid in the following month. Prepare a schedule indicating cash payments for selling and administrative expenses for March, April, and May. Enter all amounts as positive numbers. TADPOLE LEARNING SYSTEMS INC. Schedule of Cash…
Subject: acounting
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Problem 1 LAKELAND Company has Sales of $2,250,000. The cost of goods sold for the year were 65% of Sales and Company's year-end balance sheets is shown below : Assets LAKELAND Company Balance Sheet 2021 Cash Accounts receivable Marketable securities Inventories Plant and Equipment Total Assets (100%)... $1,000,000 For the year ended December 31, 2021, assume all sales are on credit, and 360 days per year. Required to Compute the following Ratio: 5% 27% 8% 25% 35% Required: 1. Current ratio. 2. Quick ratio. 3. Debt-to-total assets ratio. 4. Assets turnover. 5. Inventory turnover. Liabilities and Stockholders' Equity Accounts payable Accrued taxes = 23% 8% 12% 12% 20% 25% Bond payable (long term) Common Stock Paid- in- Capital Retained Earning Total Liabilities and SOE (100%)... $1,000,000 Problem 2 Assume that you need to borrow $180,000 from local bank to invested on the department store and consider a 2 years loan with Semiannual payment with the interest rate 8% per year. a. What is…
Question 12 The following data pertain to Gliezel company on December 31, 20B: Trade accounts payable, including cost of goods received on consignment of P180,000 is 1,620,000; Accrued taxes payable, 150,000; Customers' deposit, 120,000; Cherry company as guarantor, 240,000; Bank overdraft, 66,000; Accrued electric and power bills, 72,000; Reserve for contingencies, 180,000. How much should be shown as total current liabilities? CHOICES 2,208,000 2,088,000 1,980,000 1,848,000
None
A Company shows the following balances on its comparative financial statements: 2021 2020 Inventory $10,000 $11,000 Accounts Receivable $5,300 $5,000 Accounts Payable $6,600 $6,200 The Company generates Net Sales of $100,000 of which 85% are on credit. Cost of goods sold is $60,000. Calculate the operating and cash cycles. (Use 365 days a year. Do not round intermediate calculations. Round the final answers to 2 decimal places. Do not enter the word "days" but just the numerical answer.) Inventory turnover in days (round to 2 decimals) Receivable period in days (round to 2 decimals) Operating cycles in days (round to 2 decimals) Payables turnover in days (round to 2 decimals) The firm is financing its inventory for approximately days. (round to 2 decimals)