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G 5 6 Check figures are: January Budgeted Purchase for Next Month Sales = $118,365; March...
Complete the Budgeted Income Statements below based on the information given - Check figures are given...
Complete the Budgeted Income Statements below based on the
information given - Check figures are given below
6 7 Check figures are: January Budgeted Gross Margin = $62,650; February Budgeted 8 Operating Income = $23,442; March Budgeted Net Income = $13,353. 9 10 Solution: Get Laughy Taffy, Inc. BUDGETED INCOME STATEMENTS For the Month Ending, Jan 31, 2020 Feb 29, 2020 Mar 31, 2020 16 Sales 17 Cost of Sales 18 Gross Margin 20 Other Operating Expenses 21 Commission Expense...
INSTRUCTIONS: Based on the information available below, complete the Cash Budget, Income Statement, and Budgeted Balance...
INSTRUCTIONS:
Based on the information available below, complete the
Cash Budget, Income Statement, and Budgeted Balance Sheet
worksheet
4 A relatively new company, Get Laughy Taffy, Inc., has determined they need to engage in a budgeting 5 process as part of their new strategic plan. The Company has asked you to provide the following items 6 for the months of January, February, and March of 2020: A) a Purchases Budget; B) a Cash Budget; C) a 7 Budgeted Income Statement;...
Near the end of 2019, the management of Dimsdale Sports Co., a merchandising company, prepared the...
Near the end of 2019, the management of Dimsdale Sports Co., a merchandising company, prepared the following estimated balance sheet for December 31, 2019. DIMSDALE SPORTS COMPANY Estimated Balance Sheet December 31, 2019 Assets Cash $ 36,500 Accounts receivable 520,000 Inventory 105,000 Total current assets $ 661,500 Equipment 612,000 Less: Accumulated depreciation 76,500 Equipment, net 535,500 Total assets $ 1,197,000 Liabilities and Equity Accounts payable $ 375,000 Bank loan payable 12,000 Taxes payable (due 3/15/2020) 89,000 Total liabilities $ 476,000...
provided Nove Budgeted 2020 Sales: Water bottles February 7,000 produce a cash budger for March January 8.000 8...
provided Nove Budgeted 2020 Sales: Water bottles February 7,000 produce a cash budger for March January 8.000 8,000 April 10,000 Additional information for your budget preparation is as follows: a) Because of increased competition the average sales price per water bottle in 2020 is expected to drop to b) Wonderful Water bottles has a policy that each month's ending inventory of finished goods (water bottles) $15.00 per bottle should be 20% of the following month's sales in units. Ending inventory...
Near the end of 2019, the management of Dimsdale Sports Co., a merchandising company, prepared the...
Near the end of 2019, the management of Dimsdale Sports Co., a merchandising company, prepared the following estimated balance sheet for December 31, 2019. DIMSDALE SPORTS COMPANY Estimated Balance Sheet December 31, 2019 Assets Cash $ 36,500 Accounts receivable 520,000 Inventory 105,000 Total current assets $ 661,500 Equipment 612,000 Less: Accumulated depreciation 76,500 Equipment, net 535,500 Total assets $ 1,197,000 Liabilities and Equity Accounts payable $ 375,000 Bank loan payable 12,000 Taxes payable (due 3/15/2020) 89,000 Total liabilities $ 476,000...
Near the end of 2019, the management of Dimsdale Sports Co., a merchandising company, prepared the...
Near the end of 2019, the management of Dimsdale Sports Co., a
merchandising company, prepared the following estimated balance
sheet for December 31, 2019.
DIMSDALE SPORTS COMPANY
Estimated Balance Sheet
December 31, 2019
Assets
Cash
$
36,000
Accounts receivable
520,000
Inventory
135,000
Total current assets
$
691,000
Equipment
600,000
Less: Accumulated depreciation
75,000
Equipment, net
525,000
Total assets
$
1,216,000
Liabilities and Equity
Accounts payable
$
340,000
Bank loan payable
12,000
Taxes payable (due 3/15/2020)
88,000
Total liabilities
$
440,000...
Near the end of 2019, the management of Dimsdale Sports Co., a merchandising company, prepared the...
Near the end of 2019, the management of Dimsdale Sports Co., a
merchandising company, prepared the following estimated balance
sheet for December 31, 2019.
DIMSDALE SPORTS COMPANY
Estimated Balance Sheet
December 31, 2019
Assets
Cash
$
36,000
Accounts receivable
520,000
Inventory
100,000
Total current assets
$
656,000
Equipment
528,000
Less: Accumulated depreciation
66,000
Equipment, net
462,000
Total assets
$
1,118,000
Liabilities and Equity
Accounts payable
$
365,000
Bank loan payable
14,000
Taxes payable (due 3/15/2020)
89,000
Total liabilities
$
468,000...
Toyota Company has budgeted sales revenues as follows: Credit sales January $260,000 February $310,000 March $4
Toyota Company has budgeted sales revenues as follows: Credit sales January $260,000 February $310,000 March $410,000 April $300,000 Past experience indicates that 69% of the credit sales will be collected in the month of sale, 23 % will be collected in the first month following the sale and the remaining 8% will be collected in the following month. Purchases of inventory are all on credit and 30% are paid in the month of purchase and 70% in the month following...
Near the end of 2019, the management of Dimsdale Sports Co., a merchandising company, prepared the...
Near the end of 2019, the management of Dimsdale Sports Co., a
merchandising company, prepared the following estimated balance
sheet for December 31, 2019.
DIMSDALE SPORTS COMPANY
Estimated Balance Sheet
December 31, 2019
Assets
Cash
$
36,000
Accounts receivable
520,000
Inventory
135,000
Total current assets
$
691,000
Equipment
600,000
Less: Accumulated depreciation
75,000
Equipment, net
525,000
Total assets
$
1,216,000
Liabilities and Equity
Accounts payable
$
340,000
Bank loan payable
12,000
Taxes payable (due 3/15/2020)
88,000
Total liabilities
$
440,000...
Garver Industries has budgeted the following unit sales: 2020 January February March April May Units 10,000...
Garver Industries has budgeted the following unit sales: 2020 January February March April May Units 10,000 8,000 9,000 11,000 15,000 The finished goods units on hand on December 31, 2019, was 2,000 units. Each unit requires 3 pounds of raw materials that are estimated to cost an average of $4 per pound. It is the company's policy to maintain a finished goods inventory at the end of each month equal to 20% of next month's anticipated sales. They also have...
Complete the Budgeted Income Statements below based on the
information given - Check figures are given below
6 7 Check figures are: January Budgeted Gross Margin = $62,650; February Budgeted 8 Operating Income = $23,442; March Budgeted Net Income = $13,353. 9 10 Solution: Get Laughy Taffy, Inc. BUDGETED INCOME STATEMENTS For the Month Ending, Jan 31, 2020 Feb 29, 2020 Mar 31, 2020 16 Sales 17 Cost of Sales 18 Gross Margin 20 Other Operating Expenses 21 Commission Expense...
INSTRUCTIONS:
Based on the information available below, complete the
Cash Budget, Income Statement, and Budgeted Balance Sheet
worksheet
4 A relatively new company, Get Laughy Taffy, Inc., has determined they need to engage in a budgeting 5 process as part of their new strategic plan. The Company has asked you to provide the following items 6 for the months of January, February, and March of 2020: A) a Purchases Budget; B) a Cash Budget; C) a 7 Budgeted Income Statement;...
provided Nove Budgeted 2020 Sales: Water bottles February 7,000 produce a cash budger for March January 8.000 8,000 April 10,000 Additional information for your budget preparation is as follows: a) Because of increased competition the average sales price per water bottle in 2020 is expected to drop to b) Wonderful Water bottles has a policy that each month's ending inventory of finished goods (water bottles) $15.00 per bottle should be 20% of the following month's sales in units. Ending inventory...
Near the end of 2019, the management of Dimsdale Sports Co., a
merchandising company, prepared the following estimated balance
sheet for December 31, 2019.
DIMSDALE SPORTS COMPANY
Estimated Balance Sheet
December 31, 2019
Assets
Cash
$
36,000
Accounts receivable
520,000
Inventory
135,000
Total current assets
$
691,000
Equipment
600,000
Less: Accumulated depreciation
75,000
Equipment, net
525,000
Total assets
$
1,216,000
Liabilities and Equity
Accounts payable
$
340,000
Bank loan payable
12,000
Taxes payable (due 3/15/2020)
88,000
Total liabilities
$
440,000...
Near the end of 2019, the management of Dimsdale Sports Co., a
merchandising company, prepared the following estimated balance
sheet for December 31, 2019.
DIMSDALE SPORTS COMPANY
Estimated Balance Sheet
December 31, 2019
Assets
Cash
$
36,000
Accounts receivable
520,000
Inventory
100,000
Total current assets
$
656,000
Equipment
528,000
Less: Accumulated depreciation
66,000
Equipment, net
462,000
Total assets
$
1,118,000
Liabilities and Equity
Accounts payable
$
365,000
Bank loan payable
14,000
Taxes payable (due 3/15/2020)
89,000
Total liabilities
$
468,000...
Near the end of 2019, the management of Dimsdale Sports Co., a
merchandising company, prepared the following estimated balance
sheet for December 31, 2019.
DIMSDALE SPORTS COMPANY
Estimated Balance Sheet
December 31, 2019
Assets
Cash
$
36,000
Accounts receivable
520,000
Inventory
135,000
Total current assets
$
691,000
Equipment
600,000
Less: Accumulated depreciation
75,000
Equipment, net
525,000
Total assets
$
1,216,000
Liabilities and Equity
Accounts payable
$
340,000
Bank loan payable
12,000
Taxes payable (due 3/15/2020)
88,000
Total liabilities
$
440,000...
Garver Industries has budgeted the following unit sales: 2020 January February March April May Units 10,000 8,000 9,000 11,000 15,000 The finished goods units on hand on December 31, 2019, was 2,000 units. Each unit requires 3 pounds of raw materials that are estimated to cost an average of $4 per pound. It is the company's policy to maintain a finished goods inventory at the end of each month equal to 20% of next month's anticipated sales. They also have...
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