1) | Schedule of Expected cash collections | ||||||
January | Feburary | March | Quarter | ||||
Cash sales | 78200 | 117600 | 60400 | 256200 | |||
Credit sales | 204,800 | 312800 | 470400 | 988,000 | |||
total collections | 283000 | 430400 | 530800 | 1244200 | |||
Accounts receivable at march 31= 302,000*80%=241,600 | |||||||
2-a) | Merchandise purchase budget | ||||||
January | Feburary | March | Quarter | ||||
budgeted cost of goods sold | 234600 | 352800 | 181200 | 768600 | |||
Add:Ending inventory | 88200 | 45300 | 29850 | 29,850 | |||
total needs | 322800 | 398100 | 211050 | 798450 | |||
less Beginning inventory | 58,650 | 88,200 | 45,300 | 58,650 | |||
Required purchases | 264,150 | 309,900 | 165,750 | 739,800 | |||
2-b) | Schedule of Expected cash disbursement for Merchandise purchase | ||||||
January | Feburary | March | Quarter | ||||
December purchases | 86,925 | 86,925 | |||||
january purchases | 132075 | 132075 | 264150 | ||||
Feburary purchases | 154950 | 154950 | 309900 | ||||
march purchases | 82875 | 82875 | |||||
total cash disbursement for purchases | 219,000 | 287025 | 237825 | 743,850 | |||
Accounts payable= | 82,875 | ||||||
3) | Cash budget | ||||||
January | Feburary | March | Quarter | ||||
Beginning cash balance | 46,000 | 30,720 | 43455 | 46,000 | |||
Add cash collections | 283000 | 430400 | 530800 | 1244200 | |||
total cash available | 329,000 | 461120 | 574255 | 1,290,200 | |||
less cash disbursements | |||||||
purchase of inventory | 219,000 | 287025 | 237825 | 743,850 | |||
selling and adm expense | 113280 | 129040 | 106160 | 348480 | |||
purchase of equipment | 0 | 1,600 | 73,000 | 74600 | |||
cash dividends | 45,000 | 0 | 0 | 45,000 | |||
total cash disbursement | 377,280 | 417665 | 416985 | 1,211,930 | |||
Excess(Deficiency) of cash | -48,280 | 43455 | 157270 | 78,270 | |||
Financing | |||||||
Borrowings | 79,000 | 0 | 0 | 79,000 | |||
Repayments | 0 | 0 | -79,000 | -79000 | |||
interest | 0 | 0 | -2,370 | -2370 | |||
total financing | 79,000 | 0 | -81370 | -2,370 | |||
ending cash balance | 30,720 | 43455 | 75900 | 75,900 | |||
interest expense = 79000*1%*3 | |||||||
2370 | |||||||
4) | income statememt | ||||||
Sales | 1281000 | ||||||
cost of goods sold | |||||||
Beginning invnetory | 58,650 | ||||||
Add purchases | 739,800 | ||||||
cost of goods avaialble | 798,450 | ||||||
less ending inventory | 29,850 | 768,600 | |||||
Gross profit | 512,400 | ||||||
Selling and administrative exp | |||||||
Salaries and wages | 63,000 | ||||||
Advertising | 183,000 | ||||||
shiiping 5% of sales | 64050 | ||||||
other expense 3% of sales | 38430 | ||||||
Depreciation | 43,060 | 391,540 | |||||
operating income | 120,860 | ||||||
less interest expense | 2,370 | ||||||
Net income | 118,490 | ||||||
5) | Balance sheet | ||||||
Asses | |||||||
current assets | |||||||
cash | 75900 | ||||||
Account receivable | 241,600 | ||||||
inventory | 29,850 | ||||||
total current assets | 347,350 | ||||||
buildings and Equipment (net) | 387,540 | ||||||
total assets | 734,890 | ||||||
liabilities & stockholders Equity | |||||||
current liabilities | |||||||
Accounts payable | 82,875 | ||||||
total current liabilities | 82,875 | ||||||
Stockholders Equity | |||||||
common stock | 500,000 | ||||||
Retained earnings | (86,475+102830-45000) | 152,015 | |||||
total stockholders equity | 652,015 | ||||||
total liabilities & stockholders equity | 734,890 | ||||||
Sorry this problem is so long, please help! Hillyard Company, an office supplies specialty store, prepares...
Hillyard Company, an office supplies specialty store, prepares its master budget on a quarterly basis. The following data have been assembled to assist in preparation of the master budget for the first quarter: a. As of December 31 (the end of the prior quarter), the company's general ledger showed the following account balances: Credits Cash Accounts receivable Inventory Buildings and equipment (net) Accounts payable Capital shares Retained earnings Debits $ 49,000 224,000 57,000 356,000 $ 93,000 485,000 108,000 $686,000 $686,000...
Hillyard Company, an office supplies specialty store, prepares its master budget on a quarterly basis. The following data have been assembled to assist in preparation of the master budget for the first quarter: a. As of December 31 (the end of the prior quarter), the company's general ledger showed the following account balances: Credits Cash Accounts receivable Inventory Buildings and equipment (net) Accounts payable Capital shares Retained earnings Debits $ 48,000 232,000 61,500 375,000 $ 93,000 520,000 103,500 $716,500 $716,500...
Hillyard Company, an office supplies specialty store, prepares its master budget on a quarterly basis. The following data have been assembled to assist in preparation of the master budget for the first quarter: a. As of December 31 (the end of the prior quarter), the company's general ledger showed the following account balances: Credits Cash Accounts receivable Inventory Buildings and equipment (net) Accounts payable Capital shares Retained earnings Debits $ 50,000 224,000 61,500 366,000 $ 91,000 505,000 105,500 $701,500 $701,500...
Hillyard Company, an office supplies specialty store, prepares its master budget on a quarterly basis. The following data have been assembled to assist in preparation of the master budget for the first quarter: a. As of December 31 (the end of the prior quarter), the company’s general ledger showed the following account balances: Debits Credits Cash $ 46,000 Accounts receivable 232,000 Inventory 57,000 Buildings and equipment (net) 375,000 Accounts payable $ 96,000 Capital shares 505,000 Retained earnings 109,000 $ 710,000...
Hillyard Company, an office supplies specialty store, prepares its master budget on a quarterly basis. The following data have been assembled to assist in preparation of the master budget for the first quarter: a. As of December 31 (the end of the prior quarter), the company's general ledger showed the following account balances: Credits Cash Accounts receivable Inventory Buildings and equipment (net) Accounts payable Capital shares Retained earnings Debits $ 49,000 224,000 60,000 376,000 $ 93,000 510,000 106,000 $709,000 $709,000...
Hillyard Company, an office supplies specialty store, prepares its master budget on a quarterly basis. The following data have been assembled to assist in preparing the master budget for the first quarter a. As of December 31 (the end of the prior quarter), the company's general ledger showed the following account balances: S 51,000 208,800 59,400 361,000 Accounts receivable Buildings and equipment (net) Accounts payable Common stock Retained earnings $88,425 500,000 91,775 S 680,200 680,200 b. Actual sales for December...
Hillyard Company, an office supplies specialty store, prepares its master budget on a quarterly basis. The following data have been assembled to assist in preparing the master budget for the first quarter a. As of December 31 (the end of the prior quarter), the company's general ledger showed the following account balances Cash Accounts receivable Inventory Buildings and equipment (net) Accounts payable Common stock Retained earnings $ 57,000 213,600 60,300 367,000 $ 90,225 500,000 107,675 $ 697,900 $697,900 b. Actual...
Hillyard Company, an office supplies specialty store, prepares its master budget on a quarterly basis. The following data have been assembled to assist in preparing the master budget for the first quarter: a. As of December 31 (the end of the prior quarter), the company's general ledger showed the following account balances: Cash Accounts receivable Inventory Buildings and equipment (net) Accounts payable Common stock Retained earnings $ 52,000 209,600 59,550 362,000 $ 88, 725 500,000 94,425 $ 683,150 $ 683,150...
Please help with below. Thanks! Hillyard Company, an office supplies specialty store, prepares its master budget on a quarterly basis. The following data have been assembled to assist in preparing the master budget for the first quarter. a. As of December 31 (the end of the prior quarter), the company's general ledger showed the following account balances: $ Cash Accounts receivable Inventory Buildings and equipment (net) Accounts payable Common stock Retained earnings 58,888 214,400 60,450 368,000 $ 90,525 500,000 110,325...
Hillyard Company, an office supplies specialty store, prepares its master budget on a quarterly basis. The following data have been assembled to assist in preparing the master budget for the first quarter: a. As of December 31 (the end of the prior quarter), the company's general ledger showed the following account balances: Cash Accounts receivable Inventory Buildings and equipment (net) Accounts payable Common stock Retained earnings Debits Credits 61,000 216,800 60,900 371,000 $ 91,425 500,000 118,275 $ 709, 700 $709,...