The management of Mecca Copy, a photocopying center located on University Avenue, has compiled the following data to use in preparing its budgeted balance sheet for next year: Ending Balances: Cash-? Accounts receivable - $ 9,400 Supplies inventory - $ 3, 200 Equipment - $ 40, 500 Accumulated depreciation - $16, 400 Accounts payable - $ 3, 100 Common stock - $5,000 Retained earnings-? The beginning balance of retained earnings was $30,000, net income is budgeted to be $20, 200, and dividends are budgeted to be $ 3,300.

The management of Mecca Copy, a photocopying center located on University Avenue, has compiled the following data to use in preparing its budgeted balance sheet for next year: Ending Balances: Cash-? Accounts receivable - $ 9,400 Supplies inventory - $ 3, 200 Equipment - $ 40, 500 Accumulated depreciation - $16, 400 Accounts payable - $ 3, 100 Common stock - $5,000 Retained earnings-? The beginning balance of retained earnings was $30,000, net income is budgeted to be $20, 200, and dividends are budgeted to be $ 3,300.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

LB Enterprises (LB) is preparing its budget for the first quarter of 2019. LB's balance sheet as of December 31, 2018 is as follows: Assets Liabilities Cash $5,000 Accounts Payable $9500 Accounts Recievable 28,000 Inventories Direct Materials 8,100 Finished Goods (500 Units) 16,870 Stockholders Equity Equipment - gross 45,000 Accumulated depreciation 15.000 Common Stock $15,000 Net Equipment 30,000 Retained Earnings 63,470 Total Assets $87,970 Total Liabilities and $87,960 Equity LB sells one product for $45/unit. The Company forecasts that it will sell 2,000; 1,500; 1,600; and 1,700 units in January, February, March and April, respectively. • Sales to customers are all on credit. 40% of the cash for these sales is collected in the month of the sale and the remaining 60% is collected in the following month. LB wants finished goods inventory equal to 25% of the next month's sales on hand at the end of each month. LB wants direct materials equal to 75% of the current month's production…
Please help me solve the white squares on the Budgeted balance sheet!
Dog
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?
Please solve all 4 requirements
The income statement for the first quarter of 2019 was as follows: Income Statement For the Quarter Ended March 31, 2019 Sales Cost of goods sold Gross profit Operating expenses ales salaries Rent expense Depreciation Utilities Miscellaneous Total operating expenses Net income $52,000 24,000 12,000 3,600 12,800 $720,000 396,000 324,000 104,400 $219,600 Prepare a budgeted quarterly income statement in tabular form for the first quarter of 2020.
[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 month of sale and 65% in the month…
Tyler Sheen is the owner of Stopby Inn. He provided the selected opening balances as at June 1, 2020 and the budgeted information for June and July 2020. Selected Opening Balances as of June 1, 2020 Cash $108,700 Accounts Receivable 45,000 Inventory 235,000 Long-term Assets 648,000 Accounts Payable 48,400 Shareholder's Equity 928,000 Budgeted Amounts For the month of June: Total Revenue $349,000 Total General and Administration Costs 185,000 Total Capital Expenditures 193,000 For the month of July: Total Revenue 359,200 Total General and Administration Costs 203,000 Total Capital Expenditures 222,000 Do not enter dollar signs or commas in the input boxes. Round your answer to the nearest dollar The company’s monthly depreciation represents 20% of general and administration costs. 70% percent of the general and administration costs (excluding depreciation) are paid in the month in which they are incurred, and the rest is recorded in accounts payable to be paid in the next month. Of the…
ni.3
The management accountant at Hewitt Manufacturing Company, Conrad Fuller, is in the process ofpreparing the cash budget for the business for the quarter ending December 31, 2010. Extracts from thesales and purchases budgets are as follows:Month CashSalesSalesonAccountPurchasesonAccountAugustSeptemberOctoberNovemberDecember$45,000$60,000$38,000$47,000$51,000$480,000$600,000$720,000$640,000$800,000$400,000$380,000$480,000$500,000$600,000i) An analysis of the records shows that trade receivables (accounts receivable) are settled accordingto the following credit pattern, in accordance with the credit terms 10/30, n90:50% in the month of sale30% in the first month following the sale20% in the second month following the saleii) Accounts payable are settled as follows:70% in the month in which the inventory is purchased30% in the following monthThe credit terms of the suppliers is 5/30, n60.iii) A motor vehicle costing $350,000 will be purchased and paid for in November 2010.iv) During…
Garden Depot is a retaller that is preparing its budget for the upcoming fiscal year. Management has prepared the following summary of its budgeted cash flows: Total cash receipts Total cash disbursements 1st Quarter $ 280,000 $ 344,888 Beginning cash balance Total cash receipts Total cash available Total cash disbursements Excess (deficiency) of cash available over disbursements Financing: Borrowings Repayments Interest 2nd Quarter $ 480,000 $ 314,000 The company's beginning cash balance for the upcoming fiscal year will be $45,000. The company requires a minimum cash balance of $10,000 and may borrow any amount needed from a local bank at a quarterly interest rate of 3%. The company may borrow any amount at the beginning of any quarter and may repay its loans, or any part of its loans, at the end of any quarter. Interest payments are due on any principal at the time it is repaid. For simplicity, assume that interest is not compounded. Total financing Ending cash balance Required:…
Cash budgeting is critical to a company’s financial information needs. The following information was extracted from the records of A & B Manufacturing Company Limited. The opening cash balances on January 01, 2021 was expected to be $30,000. The budgeted sales were as follows: Budgeted Sales Month Year $ November 2020 80,000 December 2020 90,000 January 2021 80,000 February 2021 75,000 March 2021 60,000 April 2021 70,000 Analysis of records shows that debtors settle according to the following pattern: 70% within the month of sale 30% the following month Extracts of the purchases budget were as follows: Purchases budget Month Year $ December 2020 65,000 January 2021 50,000 February 2021 75,000 March…