Homework Answers
| SKYSONG, INC. | ||
| CASH BUDGET | ||
| PARTICULARS | AMOUNT IN $ | AMOUNT IN $ |
| OPENING BALANCE(A) | 11520 | |
| RECEIPTS (B) | ||
| SALE OF MARCH | 19040 | |
| SALE OF APRIL | 42660 | 61700 |
| PAYMENTS ( C) | ||
| PURCHASE MARCH | 22980 | |
| PURCHASE APRIL | 28300 | |
| CASH OPERATING EXPENSE | 12350 | |
| EQPIMENT COSTING | 2540 | 66170 |
| CLOSING BALANCE BEFORE BORROWING(D) | 7050 | |
| MINIMUM BALANCE REQUIRED TO MAINTAIN ( E ) | 12900 | |
| AMOUNT REQUIRED TO BE BORROWED @13% PER YEAR (F=E-D) | 5850 | |
| CLOSING BALANCE (D+F) | 12900 | |
| INTEREST ACCURED=5850*13%*1/12 | 63.375 |
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You are provided with the following information taken from Skysong, Inc.'s March 31, 2022, balance sheet....
You are provided with the following information taken from Windsor, Inc.’s March 31, 2022, balance sheet....
You are provided with the following information taken from
Windsor, Inc.’s March 31, 2022, balance sheet.
Cash
$ 11,540
Accounts receivable
20,260
Inventory
36,260
Property, plant, and equipment, net of depreciation
125,000
Accounts payable
22,970
Common stock
153,200
Retained earnings
11,650
Additional information concerning Windsor, Inc. is as
follows.
1.
Gross profit is 27% of sales.
2.
Actual and budgeted sales data:
March (actual)
$46,800
April (budgeted)
70,600
3.
Sales are both cash and credit. Cash collections
expected in April...
You are provided with the following information taken from Larkspur, Inc.'s March 31, 2022, balance sheet....
You are provided with the following information taken from Larkspur, Inc.'s March 31, 2022, balance sheet. Cash $12,060 Accounts receivable 23,980 Inventory 37,450 Property, plant, and equipment, net of depreciation Accounts payable 121,200 22,760 Common stock 152,100 Retained earnings 11,630 Additional information concerning Larkspur, Inc. is as follows. Gross profit is 24% of sales. 1. 2. Actual and budgeted sales data: March (actual) $47,400 April (budgeted) 73,000 Sales are both cash and credit. Cash collections expected in April are: 3....
You are provided with the following information taken from Metlock, Inc's March 31, 2022, balance sheet....
You are provided with the following information taken from Metlock, Inc's March 31, 2022, balance sheet. Cash Accounts receivable Inventory Property, plant, and equipment, net of depreciation Accounts payable Common stock Retained earnings $ 11,860 23,480 36,810 123,700 22.430 152,000 12.240 Additional information concerning Metlock, Inc. is as follows. 1. Gross profit is 25% of sales. 2. Actual and budgeted sales data: March (actual) April (budgeted) $47.200 70.800 3. Sales are both cash and credit. Cash collections expected in April...
Problem 7-07A You are provided with the following information taken from Larkspur, Inc.'s March 31, 2022,...
Problem 7-07A You are provided with the following information taken from Larkspur, Inc.'s March 31, 2022, balance sheet. Cash $12,100 Accounts receivable 20,660 Inventory 36,530 Property, plant, and equipment, net of depreciation 121,100 Accounts payable 22,810 Common stock 152,200 Retained earnings 11,690 Additional information concerning Larkspur, Inc. is as follows. Gross profit is 27% of sales. 1. Actual and budgeted sales data: March (actual) 2. $47,400 April (budgeted) 71,600 Sales are both cash and credit. Cash collections expected in April...
Additional information concerning Metlock, Inc. is as follows. 1. 2. Gross profit is 25% of sales....
Additional information concerning Metlock, Inc. is as follows. 1. 2. Gross profit is 25% of sales. Actual and budgeted sales data: March (actual) April (budgeted) $47,200 70,800 Sales are both cash and credit. Cash collections expected in April are: March $18,880 (40% of $47,200) April 42,480 (60% of $70,800) $61,360 4. Half of a month's purchases are paid for in the month of purchase and half in the following month. Cash disbursements expected in April are: Purchases March $22,430 Purchases...
Oriole, Inc. provided the following budgeted information for March through July: March April ...
Oriole, Inc. provided the following budgeted information for March through July: March April May June July Projected sales $104100 $122800 $114600 $131600 $141000 Projected merchandise purchases $81700 $92600 $75300 $66000 $73100 Inventory at end of month $11800 $13900 $12000 $12500 $14100 Oriole estimates that it will collect 40% of its sales in the month of sale and 60% in the month after the sale. General operating expenses are budgeted to be $31100 per month of which depreciation is $2800 of...
The following items and amounts were taken from Skysong, Inc.'s 2017 income statement and balance sheet...
The following items and amounts were taken from Skysong, Inc.'s 2017 income statement and balance sheet Cash Retained earnings Cost of goods sold Salaries and wages expense Prepaid insurance Inventory Accounts receivable Sales revenue Notes payable Accounts payable Service revenue Interest expense $ 94,300 122,000 438,800 118,800 8,100 64,700 87,400 583,700 6,800 53,200 5,400 1,850 In each case, identify whether the item is an asset, liability, stockholders' equity, revenue, or expense item. Asset Cash Stockholders' Equity Retained earnings Expense Cost...
The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2017: ZIGBY MANUFACTURING...
The management of Zigby Manufacturing prepared the following
estimated balance sheet for March 2017:
ZIGBY MANUFACTURING
Estimated Balance Sheet
March 31, 2017
Assets
Cash
$
53,000
Accounts receivable
392,400
Raw materials inventory
96,600
Finished goods inventory
313,920
Total current assets
855,920
Equipment, gross
626,000
Accumulated depreciation
(163,000
)
Equipment, net
463,000
Total assets
$
1,318,920
Liabilities and Equity
Accounts payable
$
204,800
Short-term notes payable
25,000
Total current liabilities
229,800
Long-term note payable
520,000
Total liabilities
749,800
Common stock
348,000...
The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2019. ZIGBY MANUFACTURING...
The management of Zigby Manufacturing prepared the following
estimated balance sheet for March 2019.
ZIGBY MANUFACTURING
Estimated Balance Sheet
March 31, 2019
Assets
Cash
$
42,000
Accounts receivable
364,000
Raw materials inventory
107,200
Finished goods inventory
349,440
Total current assets
862,640
Equipment
604,000
Accumulated depreciation
(152,000
)
Equipment, net
452,000
Total assets
$
1,314,640
Liabilities and Equity
Accounts payable
$
211,300
Short-term notes payable
14,000
Total current liabilities
225,300
Long-term note payable
510,000
Total liabilities
735,300
Common stock
337,000
Retained...
The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2017: ZIGBY MANUFACTURING...
The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2017: ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2017 Assets Cash 58,000 484,640 91,290 Accounts receivable Raw materials inventory Finished goods inventory 393,304 Total current assets 1,027,234 Equipment, gross Accumulated depreciation Equipment, net 636,000 168,000) 468,000 $1,495,234 Total assets Liabilities and Equity Accounts payable Short-term notes payable 206,390 30,000 Total current liabilities 236,390 Long-term note payable Total liabilities 525,000 761,390 Common stock 353,000 Retained earnings 380,844 Total...
You are provided with the following information taken from
Windsor, Inc.’s March 31, 2022, balance sheet.
Cash
$ 11,540
Accounts receivable
20,260
Inventory
36,260
Property, plant, and equipment, net of depreciation
125,000
Accounts payable
22,970
Common stock
153,200
Retained earnings
11,650
Additional information concerning Windsor, Inc. is as
follows.
1.
Gross profit is 27% of sales.
2.
Actual and budgeted sales data:
March (actual)
$46,800
April (budgeted)
70,600
3.
Sales are both cash and credit. Cash collections
expected in April...
You are provided with the following information taken from Larkspur, Inc.'s March 31, 2022, balance sheet. Cash $12,060 Accounts receivable 23,980 Inventory 37,450 Property, plant, and equipment, net of depreciation Accounts payable 121,200 22,760 Common stock 152,100 Retained earnings 11,630 Additional information concerning Larkspur, Inc. is as follows. Gross profit is 24% of sales. 1. 2. Actual and budgeted sales data: March (actual) $47,400 April (budgeted) 73,000 Sales are both cash and credit. Cash collections expected in April are: 3....
You are provided with the following information taken from Metlock, Inc's March 31, 2022, balance sheet. Cash Accounts receivable Inventory Property, plant, and equipment, net of depreciation Accounts payable Common stock Retained earnings $ 11,860 23,480 36,810 123,700 22.430 152,000 12.240 Additional information concerning Metlock, Inc. is as follows. 1. Gross profit is 25% of sales. 2. Actual and budgeted sales data: March (actual) April (budgeted) $47.200 70.800 3. Sales are both cash and credit. Cash collections expected in April...
Problem 7-07A You are provided with the following information taken from Larkspur, Inc.'s March 31, 2022, balance sheet. Cash $12,100 Accounts receivable 20,660 Inventory 36,530 Property, plant, and equipment, net of depreciation 121,100 Accounts payable 22,810 Common stock 152,200 Retained earnings 11,690 Additional information concerning Larkspur, Inc. is as follows. Gross profit is 27% of sales. 1. Actual and budgeted sales data: March (actual) 2. $47,400 April (budgeted) 71,600 Sales are both cash and credit. Cash collections expected in April...
Additional information concerning Metlock, Inc. is as follows. 1. 2. Gross profit is 25% of sales. Actual and budgeted sales data: March (actual) April (budgeted) $47,200 70,800 Sales are both cash and credit. Cash collections expected in April are: March $18,880 (40% of $47,200) April 42,480 (60% of $70,800) $61,360 4. Half of a month's purchases are paid for in the month of purchase and half in the following month. Cash disbursements expected in April are: Purchases March $22,430 Purchases...
The following items and amounts were taken from Skysong, Inc.'s 2017 income statement and balance sheet Cash Retained earnings Cost of goods sold Salaries and wages expense Prepaid insurance Inventory Accounts receivable Sales revenue Notes payable Accounts payable Service revenue Interest expense $ 94,300 122,000 438,800 118,800 8,100 64,700 87,400 583,700 6,800 53,200 5,400 1,850 In each case, identify whether the item is an asset, liability, stockholders' equity, revenue, or expense item. Asset Cash Stockholders' Equity Retained earnings Expense Cost...
The management of Zigby Manufacturing prepared the following
estimated balance sheet for March 2017:
ZIGBY MANUFACTURING
Estimated Balance Sheet
March 31, 2017
Assets
Cash
$
53,000
Accounts receivable
392,400
Raw materials inventory
96,600
Finished goods inventory
313,920
Total current assets
855,920
Equipment, gross
626,000
Accumulated depreciation
(163,000
)
Equipment, net
463,000
Total assets
$
1,318,920
Liabilities and Equity
Accounts payable
$
204,800
Short-term notes payable
25,000
Total current liabilities
229,800
Long-term note payable
520,000
Total liabilities
749,800
Common stock
348,000...
The management of Zigby Manufacturing prepared the following
estimated balance sheet for March 2019.
ZIGBY MANUFACTURING
Estimated Balance Sheet
March 31, 2019
Assets
Cash
$
42,000
Accounts receivable
364,000
Raw materials inventory
107,200
Finished goods inventory
349,440
Total current assets
862,640
Equipment
604,000
Accumulated depreciation
(152,000
)
Equipment, net
452,000
Total assets
$
1,314,640
Liabilities and Equity
Accounts payable
$
211,300
Short-term notes payable
14,000
Total current liabilities
225,300
Long-term note payable
510,000
Total liabilities
735,300
Common stock
337,000
Retained...
The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2017: ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2017 Assets Cash 58,000 484,640 91,290 Accounts receivable Raw materials inventory Finished goods inventory 393,304 Total current assets 1,027,234 Equipment, gross Accumulated depreciation Equipment, net 636,000 168,000) 468,000 $1,495,234 Total assets Liabilities and Equity Accounts payable Short-term notes payable 206,390 30,000 Total current liabilities 236,390 Long-term note payable Total liabilities 525,000 761,390 Common stock 353,000 Retained earnings 380,844 Total...
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