Solution 1:
Schedule of expected cash collections | ||||
Particulars | April | May | June | Quarter |
Budgeted Sales | $63,000.00 | $68,000.00 | $93,000.00 | $224,000.00 |
Cash Sale | $37,800.00 | $40,800.00 | $55,800.00 | $134,400.00 |
Collection for credit sales | $18,800.00 | $25,200.00 | $27,200.00 | $71,200.00 |
Total Collections | $56,600.00 | $66,000.00 | $83,000.00 | $205,600.00 |
Solution 2:
Merchandise Purchase Budget | ||||
Particulars | April | May | June | Quarter |
Budgeted Cost of Goods Sold (75% of Sales) | $47,250.00 | $51,000.00 | $69,750.00 | $168,000.00 |
Add: Desired ending merchandise inventory (80% of next month COGS) | $40,800.00 | $55,800.00 | $26,400.00 | $26,400.00 |
Total Needs | $88,050.00 | $106,800.00 | $96,150.00 | $194,400.00 |
Less: Beginning inventory | $37,800.00 | $40,800.00 | $55,800.00 | $37,800.00 |
Required purchases | $50,250.00 | $66,000.00 | $40,350.00 | $156,600.00 |
Schedule of expected cash disbursement - Merchandise Purchases | ||||
Particulars | April | May | June | Quarter |
March Purchases | $22,425.00 | $22,425.00 | ||
April Purchases | $25,125.00 | $25,125.00 | $50,250.00 | |
May Purchases | $33,000.00 | $33,000.00 | $66,000.00 | |
June Purchases | $20,175.00 | $20,175.00 | ||
Total Disbursement | $47,550.00 | $58,125.00 | $53,175.00 | $158,850.00 |
Solution 3:
Cash Budget - Shilow company | ||||
Particulars | April | May | June | Quarter |
Opening Cash balance | $7,200.00 | $4,710.00 | $4,345.00 | $7,200.00 |
Add: Collection from customers | $56,600.00 | $66,000.00 | $83,000.00 | $205,600.00 |
Total Cash Available | $63,800.00 | $70,710.00 | $87,345.00 | $212,800.00 |
Less - Cash Disbursement: | ||||
For Inventory | $47,550.00 | $58,125.00 | $53,175.00 | $158,850.00 |
For Expenses | $13,340.00 | $14,240.00 | $18,740.00 | $46,320.00 |
For Equipment | $1,200.00 | $0.00 | $0.00 | $1,200.00 |
Total Cash disbursement | $62,090.00 | $72,365.00 | $71,915.00 | $206,370.00 |
Excess (deficiency) of cash available over disbursements | $1,710.00 | -$1,655.00 | $15,430.00 | $6,430.00 |
Financing: | ||||
Borrowings | $3,000.00 | $6,000.00 | $0.00 | $9,000.00 |
Repayments | $0.00 | $0.00 | -$9,000.00 | -$9,000.00 |
Interest | $0.00 | $0.00 | -$210.00 | -$210.00 |
Total Financing | $3,000.00 | $6,000.00 | -$9,210.00 | -$210.00 |
Ending cash balance | $4,710.00 | $4,345.00 | $6,220.00 | $6,220.00 |
Solution 4:
Absorption costing income statement - Shilow Company | |
for quarter ended June 30 | |
Particulars | Amount |
Sales | $224,000.00 |
Cost of goods sold (75%) | $168,000.00 |
Gross profit | $56,000.00 |
Operating expenses: | |
Sales commission | $26,880.00 |
Rent | $6,000.00 |
Other expenses | $13,440.00 |
Depreciation | $2,781.00 |
Total operating expenses | $49,101.00 |
Operating income | $6,899.00 |
Interest expense | $210.00 |
Net Income | $6,689.00 |
Solution 5:
Balance Sheet- Shilow Company | |
30-Jun | |
Particulars | Amount |
Assets: | |
Cash | $6,220.00 |
Accounts receivables ($93,000*40%) | $37,200.00 |
Inventory | $26,400.00 |
Building and equipment, net ($123,600 +$1,200 - $2,781) | $122,019.00 |
Total Assets | $191,839.00 |
Liabilities and stockholder's Equity: | |
Accounts payable (40,350*50%) | $20,175.00 |
Common Stock | $150,000.00 |
Retained Earnings ($14,975 + $6,689) | $21,664.00 |
Total liabilities and stockholders equity |
$191,839.00 |
The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods:...
The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods: Current assets as of March 31: Cash Accounts receivable Inventory Building and equipment, net Accounts payable Connon stock Retained earnings $ 7,200 $ 18.800 $ 37.800 $ 123.668 $ 22.425 $ 150. eee $ 14,975 a. The gross margin is 25% of sales. b. Actual and budgeted sales data: March (actual ) April $ 47.000 $ 63.000 $ 68.000 $ 93. $ 44, eee...
The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods: Current assets as of March 31: Accounts receivable Inventory Building and equipment, net Accounts payable Common stock Retained earnings $ 8,400 $ 23,600 $ 45,000 $ 123,600 $ 26,925 $ 150,000 $ 23,675 a. The gross margin is 25% of sales. b. Actual and budgeted sales data: March (actual) Apr 11 May June July $ 59,000 $ 75,000 $ 80.000 $ 105,000 $ 56,000...
The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods: Current assets as of March 31: Cash Accounts receivable Inventory Building and equipment, net Accounts payable Common stock Retained earnings $ 7,600 $ 20,400 $ 40,200 $ 128,400 $ 23,925 $ 150,000 $ 22,675 a. The gross margin is 25% of sales. b. Actual and budgeted sales data: March (actual) April May June July $ 51,000 $ 67,000 $ 72,000 $ 97,000 $ 48,000...
The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods: Current assets as of March 31: Cash Accounts receivable Inventory Building and equipment, net Accounts payable Common stock Retained earnings $ 7,400 $ 19,600 $ 39,000 $ 126,000 $ 23,175 $ 150,000 $ 18,825 a. The gross margin is 25% of sales. b. Actual and budgeted sales data: March (actual) April May June July $ 49,000 $ 65,000 $ 70,000 $ 95,000 $ 46,000...
The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods: Current assets as of March 31: Cash 9,400 27,600 51,000 99,600 30,675 $ 150,000 Accounts receivable Inventory Building and equipment, net Accounts payable Common stock Retained earnings 6,925 a. The gross margin is 25% of sales b. Actual and budgeted sales data: S 69,000 S 85,000 90,000 S 115,000 S 66,000 March (actual) April May June July c. Sales are 60% for cash and...
The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods: $ $ $ Current assets as of March 31: Cash Accounts receivable Inventory Building and equipment, net Accounts payable Common stock Retained earnings 8.200 22.800 43 800 128.400 26,175 150 000 27,025 $ $ a. The gross margin is 25% of sales. b. Actual and budgeted sales data: March (actual) April May June July S57000 s 73000 700 $ 101000 5 54 000 c....
The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods: Current assets as of March 31: Cash Accounts receivable Inventory Building and equipment, net Accounts payable Common stock Retained earnings $ 8,200 $ 22,800 $ 43,800 $ 128,400 $ 26,175 $ 150,000 $ 27,025 a. The gross margin is 25% of sales. b. Actual and budgeted sales data: March (actual) April May June July $ 57,000 $ 73,000 $ 78,000 $ 103,000 $ 54,000...
The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods: Current assets as of March 31: Cash Accounts receivable Inventory Building and equipment, net Accounts payable Common stock Retained earnings $ 8,600 $ 24,400 $ 46,200 $ 118,800 $ 27,675 $ 150,000 $ 20,325 a. The gross margin is 25% of sales. b. Actual and budgeted sales data: March (actual) April May June July $ 61,000 $ 77,000 $ 82,000 $ 107,000 $ 58,000...
The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods: Current assets as of March 31: Cash 8,000 20,000 $ 36,000 $ 120,000 $ 21,750 150,000 $12,250 $ Accounts receivable Inventory Building and equipment, net Accounts payable Common stock Retained earnings a. The gross margin is 25% of sales. b. Actual and budgeted sales data: March (actual) April Мay June 50,000 $ 60,000 72,000 90,000 48,000 July c. Sales are 60% for cash and...
The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods: Current assets as of March 31: Cash Accounts receivable Inventory Building and equipment, net Accounts payable Common stock Retained earnings $ 9, 100 $ 26,400 $ 49,200 $ 106,800 $ 29,550 $ 150,000 $ 11,950 a. The gross margin is 25% of sales. b. Actual and budgeted sales data: March (actual) April May June Ouly $ 66,000 $ 82,000 $ 87,000 $ 112,000 $...