please dont give image based solution thank you The monthly marketing cost isestimated at 15% of theplanned sales value for themonth and is paid in themonth in which it occurred.As for the monthlyadministrative costs, itamounts to 46,000 riyals,including the annualdepreciation of 27,000 riyals,and is paid in the month inwhich it occurred as well.Required:Preparing the schedule ofcash receipts for themonths of March andAprilPrepare schedule of cashpayments for themonths of March andAprilPreparing the cash budgetfor the months ofMarch and April A company that sells productsby marketing one product andselling it for 35 riyals andselling it for 40 riyals. Thiscompany planned its sales asfollows:Month January February March April MaySales 33,00043,000 47,000 $1,000 48,000The cash balance at thebeginning of March included4,800 riyals.65% of purchases are paid inthe month of purchase, andthe remainder is paid in themonth following purchase.The company collects its salesas follows: 60% in the samemonth after a 4.5% discount isgranted, 23% in the followingmonth, 14% in the secondmonth after the month of sale,and 3% not collected.Purchases in February: 34,000riyals, March: 45,000 riyals,and April 50,000 riyals.

Budgets are important to help us prepare in advance for future obligations. A cash budget means…

Preparing the schedule of cash receipts for the months of March and April Prepare schedule of cash payments for the months of March and April Preparing the cash budget for the months of March and April

Preparing the schedule of cash receipts for the months of March and April Prepare schedule of cash payments for the months of March and April Preparing the cash budget for the months of March and April

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter22: Master Budget (master)

Section: Chapter Questions

Problem 1R: Ranger Industries has provided the following information at June 30: Other information: Average...

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Ranger Industries has provided the following information at June 30: Other information: Average selling price, 196 Average purchase price per unit, 110 Desired ending inventory, 40% of next months unit sales Collections from customers: In month of sale20% In month after sale50% Two months after sale30% Projected cash payments: Inventory purchases are paid for in the month following acquisition. Variable cash expenses, other than inventory, are equal to 25% of each months sales and are paid in the month of sale. Fixed cash expenses are 40,000 per month and are paid in the month incurred. Depreciation on equipment is 2,000 per month. REQUIREMENT You have been asked to prepare a master budget for the upcoming quarter (July, August, and September). The components of this budget are a monthly sales budget, a monthly purchases budget, a monthly cash budget, a forecasted income statement for the quarter, and a forecasted September 30 balance sheet. The worksheet MASTER has been provided to assist you. Ranger Industries desires to maintain a minimum cash balance of 8,000 at the end of each month. If this goal cannot be met, the company borrows the exact amount needed to reach its goal. If the company has a cash balance greater than 8,000 and also has loans payable outstanding, the amount in excess of 8,000 is paid to the bank. Annual interest of 18% is paid on a monthly basis on the outstanding balance.
Earthies Shoes has 55% of its sales in cash and the remainder on credit. Of the credit sales, 70% is collected in the month of sale, 15% is collected the month after the sale, and 10% is collected the second month after the sale. How much cash will be collected in June if sales are estimated as $75,000 in April, $65,000 in May, and $90,000 in June?
Amusement tickets estimated sales are: What are the balances in accounts receivable for April, May, and June if 60% of sales are collected in the month of sale, 30% are collected the month after the sale, and 10% are collected the second month after the sale?
Fitbands estimated sales are: What are the balances in accounts receivable for January, February, and March if 65% of sales is collected in the month of sale, 25% is collected the month after the sale, and 10% is second month after the sale?
Halifax Shoes has 30% of its sales in cash and the remainder on credit. Of the credit sales, 65% is collected in the month of sale, 25% is collected the month after the sale, and 5% is collected the second month after the sale. How much cash will be collected in August if sales are estimated as $75,000 in June, $65,000 in July, and $90,000 in August?
Langstons purchased $3,100 of merchandise during the month, and its monthly income statement shows a cost of goods sold of $3,000. What was the beginning inventory if the ending inventory was $1,250?
Johnson Corporation had beginning inventory of 20,000 at cost and 35,000 at retail. During the year, it made net purchases of 180,000 at cost and 322,000 at retail. Johnson nude sales of 300,000. Assuming a price index of 100 at the beginning of the year and 110 at the end of the year, compute Johnsons ending inventory at cost using the dollar-value LIFO retail method.
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Dominic's, Inc. had actual sales for January and February and forecasted sales for March, April, May and June as follows: Actual: January $192,000 February $218,000 Forecast: March $225,000 April $202,000 May $234,000 June $250,000 Based on company experience, it is estimated that 35 percent of a month's sales are collected in the month of sale, 48 percent in the month following the sale, and 16 percent in the second month following the sale. Calculate the estimated cash collections for March, April, and May.
Gillstrap Promotions has projected the following values for the next three months: January February March Sales $352,000 $379,000 $444,328 Purchases on Trade Credit $218,000 $240,000 $260,000 Cash Expenses $88,000 $91,000 $94,000 Taxes, interest, and dividends $18,000 $20,000 $41,000 Capital Expenditures $50,000 0 $25,000 All sales are credit sales with 40% collected in the month of sale, 50% collected the following month, and the remainder collected in the second month after the sale. Credit purchases are paid in 30 days and all other items require immediate payment. Compute the net cash inflow for March.
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