The following information is available from various budgets for the current period:AmountBudgetCash budgetAccountCashAccounts ReceivablePrepaid InsuranceEquipmentAccumulated Depreciation -EquipmentSchedule of cash receipts fromcustomersInventory, purchases, and cost ofgoods sold budgetSelling and administrative expensebudgetCapital expenditures budgetOA. $173,000OB. $164,000OC. $159,000O D. $162,000$28,000Merchandise InventoryInsurance Expense (expenseincurred during the period)EquipmentDepreciation ExpenseEquipment (expense incurredduring the period)Selling and administrative expensebudget2,000The following balances are available from the balance sheet at the end of the previous year:$5,00028,0007,000What would be the amount of total assets on the budgeted balance sheet?35,00041,0002,00036,000

Balance sheet is one of useful financial statement being prepared in business. It shows all assets,…

The following information is available from various budgets for the current period: Amount Budget Cash budget Schedule of cash receipts from customers Inventory, purchases, and cost of goods sold budget Account Cash Prepaid Insurance Equipment Accumulated Depreciation - Equipment Accounts Receivable Merchandise Inventory Insurance Expense (expense incurred during the period) Equipment Depreciation Expense- Equipment (expense incurred during the period) Selling and administrative expense budget The following balances are available from the balance sheet at the end of the previous year: Selling and administrative expense budget Capital expenditures budget OA. $173,000 OB. $164,000 OC. $159,000 R. $162.000 $28,000 $5,000 28,000 35,000 7,000 What would be the amount of total assets on the budgeted balance sheet? 41,000 2,000 36,000 2,000 +

The following information is available from various budgets for the current period: Amount Budget Cash budget Schedule of cash receipts from customers Inventory, purchases, and cost of goods sold budget Account Cash Prepaid Insurance Equipment Accumulated Depreciation - Equipment Accounts Receivable Merchandise Inventory Insurance Expense (expense incurred during the period) Equipment Depreciation Expense- Equipment (expense incurred during the period) Selling and administrative expense budget The following balances are available from the balance sheet at the end of the previous year: Selling and administrative expense budget Capital expenditures budget OA. $173,000 OB. $164,000 OC. $159,000 R. $162.000 $28,000 $5,000 28,000 35,000 7,000 What would be the amount of total assets on the budgeted balance sheet? 41,000 2,000 36,000 2,000 +

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 [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 Accounts receivable Inventory Plant and equipment, net of depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity $ 94,000 145,000 59,400 222,000 $520,400 $ 83,000 331,000 106,400 $ 520,400 Beech's managers have made the following additional assumptions and estimates: 1. Estimated sales for July, August, September, and October will be $330,000 $350,000, $340,000, and $360,000, respectively. 2. All sales are on credit and all credit sales are collected. Each month's credit sales are collected 35% in the month of sale and 65% in the month following the sale. All of the…
I ne Tollowing information is available from various budgets for the current period: Account Cash Accounts Receivable Merchandise Inventory Insurance Expense (expense incurred during the period) Equipment Depreciation Expense - Equipment (expense incurred during the period) Budget Cash budget Amount $20,000 Schedule of cash receipts from customers 38,000 Inventory, purchases, and cost of goods sold budget 47,000 Selling and administrative expense budget 2,000 Capital expenditures budget 31,000 Selling and administrative expense budget 1,000 The following balances are available from the balance sheet at the end of the previous year: Prepaid Insurance Equipment Accumulated Depreciation Equipment $6,000 22,000 1,000 What would be the amount of total assets on the budgeted balance sheet?
What about preparing a schedule of expected cash disbursement for merchandise purchases, by month and the total and budgeted income statement for the three-month period ending June 30.
The following budget information is available for the Arch Company for January Year 2: Sales Cost of goods sold Utilities expense Administrative salaries Sales commissions Advertising Depreciation on store equipment Rent on administration building Miscellaneous administrative expenses Multiple Choice O $321,000 All operating expenses are paid in cash in the month incurred. Compute the total budgeted selling and administrative expenses (excluding Interest) amount for January Year 2. $296,500 $272,000 $ 880,000 560,000 3,200 120,000 $323,200 5% of sales 24,000 54,000 64,000 14,000
Required: Prepare Shadee's budgeted income statement for the months of May and June. Note: Do not round your intermediate calculations. Round your answers to 2 decimal places. Budgeted Gross Margin SHADEE CORPORATION Budgeted Income Statement Budgeted Net Operating Income May June
(a) The business needs to have a sense of its future cashflows and therefore requires thepreparation of the following: ▪ A schedule of budgeted cash collections for trade receivables (sales on account) for each of the months October to December. ▪ A schedule of expected cash disbursements for accounts payable (purchases on account) for each of the months October to December. ▪ A cash budget, with a total column, for the quarter ending December 31, 2021, showing the expected cash receipts and payments for each month and the ending cash balance for each of the three months, given that no financing activities took place.
3. The Uthred Company, a merchandising firm, has planned the following sales for the next four months: March $50,000 Аpril $70,000 Мay $90,000 June July $90,000 Total budgeted Sales $60,000 Sales are made 60% on account and 40% cash. From experience, the company has learned that a month's sales on account are collected according to the following pattern: Month of sale 60% • First month following month of sale . • Second month following month of sale • Uncollectible 28% 10% 2% Uthred has a building that is not used in the business operation; they rented it out and receive $10,080 rent every month. The company requires a minimum cash balance of $14,000 to start a month.
Valley Trails is preparing the Cash Budget for the upcoming period, and is concerned about their ability to meet their financial obligations in the short term. Following is information relating to Valley’s financial performance: Beginning-of-period balances:Accounts Receivable: $135,000Accounts Payable: $67,500Accumulated Factory Depreciation: $720,000Cash: $33,750 Estimates for end-of-period balances:Accounts Receivable: $168,750Accounts Payable: $45,000Accumulated Factory Depreciation: $740,000 Budgeted activity levels for the period:Sales: $625,000Purchases of Direct Materials: $112,000Direct Labor Wages: $187,500Manufacturing Overhead: $62,500Selling and Administrative Expenses: $105,000 Except for purchases of direct materials, all expenses are paid as incurred. What is the budgeted ending cash balance for the period? Select one: a. None of these options are correct. b. $223,000 c. $191,750 d. $175,500 e. $155,500
please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image)
The budgeted monthly statement of profit or loss is drawn up on the basis of cash received and cash paid while the month-by-month cash budget is drawn up on the accruals basis. True False
The amount of prepaid expense reflected in the disbursement section of the cash budget is the same amount that is found on the monthly operating statement. True False
Can you show how you got the numbers for question 6? Can you show me how to prepare the following: Prepare a selling and administrative expenses budget for January Prepare a budgeted income statement for January