Solution 1:
Schedule of expected cash collections | ||||
Particulars | April | May | June | Quarter |
Budgeted Sales | $73,000.00 | $78,000.00 | $103,000.00 | $254,000.00 |
Cash Sale | $43,800.00 | $46,800.00 | $61,800.00 | $152,400.00 |
Collection for credit sales | $22,800.00 | $29,200.00 | $31,200.00 | $83,200.00 |
Total Collections | $66,600.00 | $76,000.00 | $93,000.00 | $235,600.00 |
Solution 2:
Merchandise Purchase Budget | ||||
Particulars | April | May | June | Quarter |
Budgeted Cost of Goods Sold (75% of Sales) | $54,750.00 | $58,500.00 | $77,250.00 | $190,500.00 |
Add: Desired ending merchandise inventory (80% of next month COGS) | $46,800.00 | $61,800.00 | $32,400.00 | $32,400.00 |
Total Needs | $101,550.00 | $120,300.00 | $109,650.00 | $222,900.00 |
Less: Beginning inventory | $43,800.00 | $46,800.00 | $61,800.00 | $43,800.00 |
Required purchases | $57,750.00 | $73,500.00 | $47,850.00 | $179,100.00 |
Schedule of expected cash disbursement - Merchandise Purchases | ||||
Particulars | April | May | June | Quarter |
March Purchases | $26,175.00 | $26,175.00 | ||
April Purchases | $28,875.00 | $28,875.00 | $57,750.00 | |
May Purchases | $36,750.00 | $36,750.00 | $73,500.00 | |
June Purchases | $23,925.00 | $23,925.00 | ||
Total Disbursement | $55,050.00 | $65,625.00 | $60,675.00 | $181,350.00 |
Solution 3:
Cash Budget - Shilow company | ||||
Particulars | April | May | June | Quarter |
Opening Cash balance | $8,200.00 | $4,410.00 | $4,745.00 | $8,200.00 |
Add: Collection from customers | $66,600.00 | $76,000.00 | $93,000.00 | $235,600.00 |
Total Cash Available | $74,800.00 | $80,410.00 | $97,745.00 | $243,800.00 |
Less - Cash Disbursement: | ||||
For Inventory | $55,050.00 | $65,625.00 | $60,675.00 | $181,350.00 |
For Expenses | $16,140.00 | $17,040.00 | $21,540.00 | $54,720.00 |
For Equipment | $2,200.00 | $0.00 | $0.00 | $2,200.00 |
Total Cash disbursement | $73,390.00 | $82,665.00 | $82,215.00 | $238,270.00 |
Excess (deficiency) of cash available over disbursements | $1,410.00 | -$2,255.00 | $15,530.00 | $5,530.00 |
Financing: | ||||
Borrowings | $3,000.00 | $7,000.00 | $0.00 | $10,000.00 |
Repayments | $0.00 | $0.00 | -$10,000.00 | -$10,000.00 |
Interest | $0.00 | $0.00 | -$230.00 | -$230.00 |
Total Financing | $3,000.00 | $7,000.00 | -$10,230.00 | -$230.00 |
Ending cash balance | $4,410.00 | $4,745.00 | $5,300.00 | $5,300.00 |
Solution 4:
Absorption costing income statement - Shilow Company | |
for quarter ended June 30 | |
Particulars | Amount |
Sales | $254,000.00 |
Cost of goods sold (75%) | $190,500.00 |
Gross profit | $63,500.00 |
Operating expenses: | |
Sales commission | $30,480.00 |
Rent | $9,000.00 |
Other expenses | $15,240.00 |
Depreciation | $2,889.00 |
Total operating expenses | $57,609.00 |
Operating income | $5,891.00 |
Interest expense | $230.00 |
Net Income | $5,661.00 |
Solution 5:
Balance Sheet- Shilow Company | |
30-Jun | |
Particulars | Amount |
Assets: | |
Cash | $5,300.00 |
Accounts receivables ($103,000*40%) | $41,200.00 |
Inventory | $32,400.00 |
Building and equipment, net ($128,400 +$2,200 - $2,889) | $127,711.00 |
Total Assets | $206,611.00 |
Liabilities and stockholder's Equity: | |
Accounts payable (47,850*50%) | $23,925.00 |
Common Stock | $150,000.00 |
Retained Earnings ($27,025 + $5,661) | $32,686.00 |
Total liabilities and stockholders equity | $206,611.00 |
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 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: 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 $ 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 $...
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 $ 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 Accounts receivable Inventory Building and equipment, net Accounts payable Common stock Retained earnings $ 8.780 $ 24,888 $ 46,800 $116,480 $ 28.050 $ 150.000 $ 18,650 a. The gross margin is 25% of sales. b. Actual and budgeted sales data: March (actual) April May $ 78,000 $ 83,000 $ 100.000 $ 59.888 June July C. Sales are...
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...