Rooney Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory purchases budget. Rooney's policy is to maintain an ending inventory balance equal to 15 percent of the following month's cost of goods sold. April's budgeted cost of goods sold is $82,000. Required a. Complete the inventory purchases budget by filling in the missing amounts. b. Determine the amount of cost of goods sold the company will report on its first quarter pro forma income statement. c. Determine the amount of ending inventory the company will report on its pro forma balance sheet at the end of the first quarter. Complete this question by entering your answers in the tabs below. Req A Req B and C Complete the inventory purchases budget by filling in the missing amounts. Inventory Purchases Budget Budgeted cost of goods sold Plus: Desired beginning inventory Inventory needed Less: Desired beginning inventory Required purchases (on account) January February $ 52,000 $ 56,000 $ 8,400 9,300 60,400 65,300 7,800 $ 52,600 March 62,000 11,400 Rag R and

Rooney Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory purchases budget. Rooney's policy is to maintain an ending inventory balance equal to 15 percent of the following month's cost of goods sold. April's budgeted cost of goods sold is $82,000. Required a. Complete the inventory purchases budget by filling in the missing amounts. b. Determine the amount of cost of goods sold the company will report on its first quarter pro forma income statement. c. Determine the amount of ending inventory the company will report on its pro forma balance sheet at the end of the first quarter. Complete this question by entering your answers in the tabs below. Req A Req B and C Complete the inventory purchases budget by filling in the missing amounts. Inventory Purchases Budget Budgeted cost of goods sold Plus: Desired beginning inventory Inventory needed Less: Desired beginning inventory Required purchases (on account) January February $ 52,000 $ 56,000 $ 8,400 9,300 60,400 65,300 7,800 $ 52,600 March 62,000 11,400 Rag R and

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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2. On January 1, 2017, the balance of accounts receivable of Kate Company was P5,000,000 and the allowance for doubtful accounts on the same date was P800,000. The following data were gathered: Credit Sales Writeoffs Recoveries 2014 10,000,000 250,000 20,000 2015 14,000,000 400,000 30,000 2016 16,000,000 650,000 50,000 2017 25,000,000 1,100,000 150,000 Doubtful accounts are provided for as percentage of credit sales. The accountant calculates the percentage annually by using the experience of the three years prior to the current year. How much should be reported as doubtful accounts expense for 2017? a. 600,000 b. 450,000 950,000 С. d. 750,000
Ahmed Company purchases all merchandise on credit. It recently budgeted the month-end accounts payable balances below. Cash payments on accounts payable during each month are expected to be June, $1,450,000; July, $1,300,000; and August, $1,300,000. Hint: Use the relation (Beg. Accounts Payable + Purchases on Credit - Payments on Accounts Payable = End. Accounts Payable) to solve for budgeted purchases. Accounts payable May 31 June 30 $ 130,000 $ 110,000 Ending accounts payable Add: Cash paid on accounts payable Total accounts payable Less: Beginning accounts payable Budgeted merchandise purchases Computing budgeted merchandise purchases from accounts payable Budgeted amounts: $ June July 31 $ 400,000 0 0 $ July 0 August 31 $ 170,000 0 $ August 0 0
Griffith Company has budgeted purchases of inventory for December of $105,000. Expected beginning inventory on December 1 and ending inventory on December 31 are $120,000 and $129,000, respectively. If the cost of goods sold averages 75% of sales, what are budgeted sales for December? A. $114,000 B. $152,000 C. $120,000 D. $128,000
Ruiz Company provides the following budgeted sales for the next four months. The company wants to end each month with ending finished goods inventory equal to 30% of next month's budgeted unit sales. Finished goods inventory on April 1 is 153 units. Prepare a production budget for the months of April, May, and June. Budgeted sales units. April 510 Budgeted sales units Add: Desired ending inventory Next period budgeted sales units Ratio of inventory to future sales Budgeted beginning inventory units Total required units Units to produce May 590 RUIZ COMPANY Production Budget April June 540 590 30% July 630 May 540 30% June 630 30%
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Old Antique Store prepared the following budget information for the month of May: Sales are budgeted at $303,000. All sales are on account and a provision for bad debts is made for each month at three percent of sales for the month. Inventory was $91,000 on April 30; an inventory increase of $17,000 is planned for May 31. All inventory is marked to sell at cost plus 50 percent. Estimated cash disbursements for selling and administrative expenses for the month are $55,000. Depreciation for May is projected at $6,700. Old Antique's budgeted cost of inventory purchases for May is:Multiple Choice $101,000. $151,500. $203,200. $219,000. $202,000.
Gibson is a retail company specializing in men's hats. Its budget director prepared the list of expected operating expenses that follows. All items are paid when incurred except sales commissions and utilities, which are paid in the month following their incurrence. July is the first month of operations, so there are no beginning account balances. Salary expense Sales commissions (4 percent of sales) Supplies expense Utilities Depreciation on store equipment Rent Miscellaneous Total S&A expenses before interest Required a. Prepare a schedule of cash payments for selling and administrative expenses. b. Determine the amount of utilities payable as of September 30. c. Determine the amount of sales commissions payable as of September 30. Complete this question by entering your answers in the tabs below. Req A Req B and C July $18,300 August September $18,300 $18,300 2,800 2,800 2,800 290 320 350 2,500 2,500 2,500 2,700 2,700 2,700 5,700 5,700 5,700 790 790 790 $33,080 $33,110 $33, 140…
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Required information [The following information applies to the questions displayed below.] Shadee Corporation expects to sell 540 sun shades in May and 310 in June. Each shade sells for $156. Shadee's beginning and ending finished goods inventories for May are 65 and 55 shades, respectively. Ending finished goods inventory for June will be 50 shades. Required: 1. Prepare Shadee's sales budget for May and June. 2. Prepare Shadee's production budget for May and June. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1equired 2 Prepare Shadee's sales budget for May and June. May June Budgeted Total Sales $ 54,210 x $ 48,360 Required 1 Required 2 >