Del Fuego Surf Shop | ||||
Budgeted Income Statement | ||||
Particulars | Zuma | Coronado | Total | |
Sales | 7,51,680 | 5,84,640 | 13,36,320 | |
(1392 x 540) | (696 x 840) | |||
Closing Stock in units | 174 | 87 | ||
(1392/12*1.5) | (696/12*1.5) | |||
Closing stock at cost | 78,300 | 51,330 | 1,29,630 | |
Purchases | 7,04,700 | 4,61,970 | 11,66,670 | |
(1392+174)*450 | (696+87)*590 | |||
Cost of Goods Sold | 6,26,400 | 4,10,640 | 10,37,040 | |
Gross Profit | 1,25,280 | 1,74,000 | 2,99,280 | |
Less:Expenses | ||||
Depreciation on Equipments | 15,600 | (78000/5) | ||
Fixed selling, general and admin exps | 12,368 | |||
Variable selling, general and admin exps | 1,33,632 | (10% of 1336320) | ||
Interest on Loan | 3,520 | (8% of 44000) | ||
Total Expenses | 1,65,120 | |||
Profit before tax | 1,34,160 | |||
Taxes@40% | 53,664 | |||
Profit after Taxes transferred to reserve | 80,496 | |||
Budgeted Balance Sheet | ||||
Assets | Amount | Amount | ||
Fixed assets | ||||
Equipments | 78,000 | |||
Less: Depriciation | 15,600 | 62,400 | ||
Current Assets | ||||
Receivables | 89,088 | (1336320 * 40% * 2 /12 ) | ||
Inventory | 1,29,630 | |||
Cash in hand | 36,621 | 2,55,339 | (Balancing figure of assets and liabilities) | |
Total Assets | 3,17,739 | |||
Liabilities and Net worth | Amount | Amount | ||
Liabilities | ||||
Loan payable | 35,200 | (44000/5*4) | ||
Account Payables | 97,223 | 1,32,423 | (1166670/ 12 * 1) as one months purchase is in credit | |
Networth | ||||
Capital | 1,04,820 | |||
Add: Profit for the year | 80,496 | 1,85,316 | ||
Total Liabilities and Net Worth | 3,17,739 | |||
there are 4 pictures with all the information provided to answer tbis question. Required information Problem...
Jeremy Slacker started the Del Fuego Surf Shop on January 1 after determining that business school classes conflicted with his preferred activity. He invested $62,000 in the shop—$47,080 of his own savings and $31,000 borrowed from an acquaintance. The loan is to be repaid in 5 years. Jeremy will pay the lender annual interest at a rate of 8 percent. Shortly after opening, Jeremy realized that he is not the best financial planner and has come to you for help....
The following information applies to the questions displayed below.] Jeremy Slacker started the Del Fuego Surf Shop on January 1 after determining that business school classes conflicted with his preferred activity. He invested $50,000 in the shop—$25,000 of his own savings and $25,000 borrowed from an acquaintance. The loan is to be repaid in 5 years. Jeremy will pay the lender annual interest at a rate of 8 percent. Shortly after opening, Jeremy realized that he is not the best...
Jeremy Slacker started the Del Fuego Surf Shop on January 1 after determining that business school classes conflicted with his preferred activity. He invested $62,000 in the shop—$47,080 of his own savings and $31,000 borrowed from an acquaintance. The loan is to be repaid in 5 years. Jeremy will pay the lender annual interest at a rate of 8 percent. Shortly after opening, Jeremy realized that he is not the best financial planner and has come to you for help....
please answer question 2 (A-E)
Wheeling Company is a merchandiser that provided a balance sheet as of September 30 as shown below: Wheeling Company Balance Sheet September 30 Assets Cash Accounts receivable Inventory Buildings and equipment, net of depreciati Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity 59,000 90,000 32,400 214,000 $ 395,400 $ 73,000 216,000 106,400 $ 395,400 ter 8 Saved Help Save & Exit Submit The company is in...
pleasd answer question 1 (A-E)
Wheeling Company is a merchandiser that provided a balance sheet as of September 30 as shown below: Wheeling Company Balance Sheet September 30 Assets Cash Accounts receivable Inventory Buildings and equipment, net of depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity 59,000 90,000 32,400 214,000 395,400 73,000 216,000 106,400 $ 395,400 The company is in the process of preparing a budget for October and has...
Required information SB Problem PA8-1 to PA8-3 (The following information applies to the questions displayed below.) Iguana, Inc., manufactures bamboo picture frames that sell for $25 each. Each frame requires 4 linear feet of bamboo, which costs $2.00 per foot. Each frame takes approximately 30 minutes to build, and the labor rate averages $12 per hour. Iguana has the following inventory policies: • Ending finished goods inventory should be 40 percent of next month's sales. • Ending direct materials inventory...
Village Hardware is a retail hardware store. Information about the store's operations follows. • November 20x4 sales amounted to $570,000. • Sales are budgeted at $610,000 for December 20x4 and $570,000 for January 20x5. • Collections are expected to be 70 percent in the month of sale and 28 percent in the month following the sale. Two percent of sales are expected to be uncollectible. Bad debts expense is recognized monthly. • The store’s gross margin is 25 percent of...
Please answer this question for me and read all the
assumptions below:
Assumptions:
1) Assume that $25,000 of inventory will be sold in week 2, and
the gross margin is 25% of sales price.
2) Inventory sales increase by $5000 each week for the following
three weeks. Sales proportion of credit vs. cash will be 60% cash
vs 40% credit. For simplicity, assume sales are made on the first
day of the week.
3) Add a weekly expenses of $3,000...
Handy Hardware is a retail hardware store. Information about the stores operations follows. • November 20x1 sales amounted to $410,000. • Sales are budgeted at $450,000 for December 20x1 and $410,000 for January 20x2. • Collections are expected to be 70 percent in the month of sale and 28 percent in the month following the sale. Two percent of sales are expected to be uncollectible. Bad debts expense is recognized monthly. The store's gross margin is 30 percent of its...
Handy Hardware is a retail hardware store. Information about the store's operations follows. · November 20x1 sales amounted to $470,000. · Sales are budgeted at $510,000 for December 20x1 and $470,000 for January 20x2. • Collections are expected to be 70 percent in the month of sale and 28 percent in the month following the sale. Two percent of sales are expected to be uncollectible. Bad debts expense is recognized monthly. • The store's gross margin is 25 percent of...