this is an excel style practice. it is all one problem and each line is numbered. the answers go where it says FORMULA
this is an excel style practice. it is all one problem and each line is numbered. the answers go where it says FORMULA
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
this is an excel style practice. it is all one problem and each line is numbered. the answers go where it says FORMULA
Transcribed Image Text:A
6 Data Section:
7
8 Actual and Budgeted Unit Sales:
9 April
May
10
11 June
12
July
13 August
14 September
15
16 Balance Sheet, May 31, 19X5
17 Cash
18 Accounts receivable
19 Merchandise inventory
20
Fixed assets (net)
21
22
23
24
25
26
27
28
29
30 Average selling price
31 Average purchase cost per unit
32 Desired ending inventory
33 (% of next month's unit sales)
B
Total assets
45
46
Accounts payable (merchandise)
Owner's equity
Total liabilities & equity
34 Collections from customers:
35 Collected in month of sale
Collected in month after sale
37 Collected two months after sale
36
38 Projected cash payments:
39 Variable expenses
40
41 Depreciation per month
42
43
44 Answer Section:
Fixed expenses (per month)
Sales Budget
с
1,500
1,000
1,600
1,400
1,500
1,200
$8,000
107,800
52,800
130,000
$298,600
========
$74,800
223,800
$298,600
========
$98
$55
60%
20%
60%
20%
D
30% of sales
$10,000
$1,000
E
47
48
49
50
51
52
53
54
55
56 Desired ending inventory
57 Current month's unit sales
58
59 Total units needed
60 Beginning inventory
61
62 Purchases (units)
Units
Dollars
66
67
63
64 Purchases (dollars)
65
82
83
84
85
86
87
Unit Purchases Budget
68
69
70
71 Cash balance, beginning
72 Cash receipts:
73 Collections from customers:
74
75
76
77
78
79
80
Total cash available
81 Cash disbursements:
Cash Budget
From April sales
From May sales
From June sales
From July sales
From August sales
Merchandise
Variable expenses
Fixed expenses
Interest paid
Total disbursements
88
89 Cash balance before financing
90 Less: Desired ending balance
91
‒‒‒‒‒
92 Excess (deficit) of cash over needs
93
94 Financing
95 Borrowing
June
FORMULA1
FORMULA2
June
FORMULA3
FORMULA4
FORMULA5
FORMULA
FORMULA7
========
FORMULA
========
June
$8,000
July
0
0
$0
0
July August
0
0
0
0
$0
August
0
0
$127,560 $183,880
$74,800 FORMULA
0 41,160
10,000
0
0
0
0
0
===== ========
0
$0
0
July
August
$42,760 $142,720
29,400
58,800
19,600
31,360 94,080 31,360
27,440 82,320
29,400
$285,800
$0
$84,800
$41,160 $54,100
$42,760 $142,720 $231,700
8,000 8,000
8,000
$34,760 $134,720 $223,700
$0
44,100
10,000
0
$0
Transcribed Image Text:96 Repayment
97
98 Total effects of financing
99
100 Cash balance, ending
101
102
103
104
105
106 Sales
107 Cost of goods sold
Forecasted Income Statement
For Quarter Ended August 31, 19X5
108
109 Gross profit
110
111 Expenses:
112 Variable expenses
113
114
115
Fixed expenses
Depreciation expense
Interest expense
Total expenses
116
117
118
119 Net income
120
121
122
123
124
125
126 Cash
Assets:
Forecasted Balance Sheet
August 31, 19X5
127 Accounts receivable
128 Merchandise inventory
129 Fixed assets (net)
130
131 Total assets
132
133 Liabilities & equity:
134 Accounts payable
135 Loans payable
136 Owner's equity
137
138 Total liabilities & equity
139
140
$0
$0
$42,760 $142,720
$0
$231,700
FORMULA16
FORMULA17
FORMULA18
FORMULA19
FORMULA20
FORMULA21
FORMULA22
$0
$0
FORMULA23
FORMULA24
FORMULA25
FORMULA26
$0
FORMULA27
0
FORMULA28
$0
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