Required information [The following information applies to the questions displayed below.] Lamonte Company reports the following budgeted December 31 adjusted trial balance. Debit Credit $ 52,200 122, 200 66,200 127, 200 Cash Accounts receivable Merchandise inventory Equipment Accumulated depreciation-Equipment Accounts payable Loan payable Common stock Retained earnings (beginning year balance) Sales Cost of goods sold Loan interest expense Depreciation expense Salaries expense Totals 362,200 10, 200 12,200 124, 200 $ 876,600 $ 27,200 36,200 24,200 205,500 61,300 522, 200 $ 876,600

Required information [The following information applies to the questions displayed below.] Lamonte Company reports the following budgeted December 31 adjusted trial balance. Debit Credit $ 52,200 122, 200 66,200 127, 200 Cash Accounts receivable Merchandise inventory Equipment Accumulated depreciation-Equipment Accounts payable Loan payable Common stock Retained earnings (beginning year balance) Sales Cost of goods sold Loan interest expense Depreciation expense Salaries expense Totals 362,200 10, 200 12,200 124, 200 $ 876,600 $ 27,200 36,200 24,200 205,500 61,300 522, 200 $ 876,600

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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Required information Skip to question [The following information applies to the questions displayed below.] Beech Corporation is a merchandising company that is preparing a master budget for the third quarter of the calendar year. The company’s balance sheet as of June 30th is shown below: Beech Corporation Balance Sheet June 30 Assets Cash $ 76,000 Accounts receivable 137,000 Inventory 86,100 Plant and equipment, net of depreciation 230,000 Total assets $ 529,100 Liabilities and Stockholders’ Equity Accounts payable $91,000 Common stock 312,000 Retained earnings 126,100 Total liabilities and stockholders’ equity $ 529,100 Beech’s managers have made the following additional assumptions and estimates: Estimated sales for July, August, September, and October will be $410,000, $430,000, $420,000, and $440,000, respectively. All sales are on credit and all credit sales are collected. Each month’s credit sales are collected 35% in the…
Required Information TES-417 Inc. is a retailer. Its accountants are preparing the company's 2nd quarter master budget. The company has the following balance sheet as of March 31. TES-417 Inc. Balance Sheet March 31 Assets Cash $ 82,000 Accounts receivable Inventory 52,500 Plant and equipment, net of depreciation 217,880 Total assets $ 488.500 Liabilities and Stockholders' Equity Accounts payable $ 78,000 Common stock 347,880 55,580 Retained earnings Total liabilities and stockholders' equity $ 480,500 TES-417 accountants have made the following estimates: 1. Sales for April, May, June, and July will be $280,000, $300,000, $290,000, and $310,000, respectively. 2. All sales are on credit. Each month's credit sales are collected 35% in the month of sale and 65% in the month following the sale. All of the accounts receivable at March 31 will be collected in April. 3. Each month's ending inventory must equal 25% of next month's cost of goods sold. The cost of goods sold is 75% of sales.…
please help with this genernal and admin expense budget
Required Information TES-417 Inc. is a retaller. Its accountants are preparing the company's 2nd quarter master budget. The company has the following balance sheet as of March 31. TES-417 Inc. Balance Sheet March 31 Assets Accounts receivable Inventory 129,880 52, see 217,000 Plant and equipment, net of depreciation. Total assets $ 480.500 Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings 55, see Total liabilities and stockholders' equity $ 480.500 TES-417 accountants have made the following estimates: 1. Sales for April, May, June, and July will be $280,000, $300,000, $290,000, and $310,000, respectively. 2. All sales are on credit. Each month's credit sales are collected 35% in the month of sale and 65% in the month following the sale. All of the accounts receivable at March 31 will be collected in April. 3. Each month's ending inventory must equal 25% of next month's cost of goods sold. The cost of goods sold is 75% of sales. The company pays for…
Required Information TES-417 Inc. is a retailer. Its accountants are preparing the company's 2nd quarter master budget. The company has the following balance sheet as of March 31. TES-417 Inc. Balance Sheet March 31 Assets Cash $82,000 Accounts receivable Inventory 52,5ee 217,000 Plant and equipment, net of depreciation Total assets Liabilities and Stockholders' Equity Accounts payable 78,000 Common stock 347.000 55,500 Retained earnings Total liabilities and stockholders' equity TES-417 accountants have made the following estimates: 1. Sales for April, May, June, and July will be $280,000, $300.000, $290,000, and $310,000, respectively. 2. All sales are on credit. Each month's credit sales are collected 35% in the month of sale and 65% in the month following the sale. All of the accounts receivable at March 31 will be collected in April. 3. Each month's ending inventory must equal 25% of next month's cost of goods sold. The cost of goods sold is 75% of sales. The company pays for 40%…
Knowledge Check 01 For the budget period ending December 31 of the current year, Aaron Corporation estimates its ending balances for cash as $4,000, accounts receivable as $16,000, finished goods Inventory as $12,000, and raw materials Inventory as $8,000. Invoices relating to raw materials in the amount of $14,000 are expected to be unpaid as of December 31. What is the amount of total current assets that will be reported on the budgeted balance sheet? O $20,000 O $26.000 O $32,000 O $40,000
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Carmen Company sells jar candles. The sales forecast (units) for the coming months is: April 210 May 140 June 150 July 200 August 160 Each candle costs $ 10. The ending inventory policy is 40% of next month's sales needs. April 1 inventory will be as expected under the policy. Carmen pays for purchases 30% in the month of purchase and 70% the following month. Accounts payable on April 1 is $2,460. Required: a. Prepare a purchases budget for the quarter ending June 30. Note: Deductible values must be indicated with a minus sign.a. Prepare a purchases budget for the quarter ending June 30. Note: Deductible values must be indicated with a minus sign. b. Prepare a cash payments budget for the quarter ending June 30.
Summit Company has budgeted purchases of merchandise inventory of $457,500 in January and $533,750 in February. Assume Summit pays for inventory purchases 40% in the month of the purchase and 60% in the month after purchase. The Accounts Payable balance on December 31 is $97,350. Prepare a schedule of cash payments for purchases for January and February. Cash Payments January February Total merchandise inventory purchases Cash Payments Merchandise Inventory: Dec.—Dec. 31 Accounts Payable, paid in Jan. Jan.—Jan. merchandise inventory purchases paid in Jan. Jan.—Jan. merchandise inventory purchases paid in Feb. Feb.—Feb. merchandise inventory purchases paid in Feb. Total payments for merchandise inventory
Assume a merchandising company provides the following information from its master budget for the month of May: Sales Cost of goods sold Selling and administrative expenses Accounts receivable, May 1st Accounts receivable, May 31st If all of the company's sales are on account, what is the amount of cash collections from customers included in the cash budget for May? Multiple Choice $109,000 $106,000 $129,000 $ 125,000 $ 90,000 $ 24,000 $ 16,000 $ 35,000 $125,000
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…
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