Question

Additional information concerning Metlock, Inc. is as follows. 1. 2. Gross profit is 25% of sales. Actual and budgeted salesPrepare a cash budget for the month of April. Determine how much cash Metlock, Inc. must borrow, or can repay, in April. METLClick if you would like to Show Work for this question: Open Show Work

0 0
Add a comment Improve this question Transcribed image text
Answer #1
Please give positive ratings so I can keep answering. It would help me a lot. Please comment if you have any query. Thanks!
Metlock Inc.
Cash budget April
Beginning Cash Balance 12,230.00
Plus: cash receipts
Receipts for March Sales 18,880.00
Receipts for April Sales 42,480.00
Total Receipts 61,360.00
Total cash available 73,590.00
Less: Budget cash payments
Payment for Purchased of March 22,430.00
Payment for Purchased of April 28,140.00
Operating costs 12,570.00
Equipment cost      2,780.00
Total cash payments 65,920.00
Preliminary cash balance     7,670.00
Cash borrowed/ (repaid)      4,560.00
Ending cash balance 12,230.00
Add a comment
Know the answer?
Add Answer to:
Additional information concerning Metlock, Inc. is as follows. 1. 2. Gross profit is 25% of sales....
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • You are provided with the following information taken from Metlock, Inc's March 31, 2022, balance sheet....

    You are provided with the following information taken from Metlock, Inc's March 31, 2022, balance sheet. Cash Accounts receivable Inventory Property, plant, and equipment, net of depreciation Accounts payable Common stock Retained earnings $ 11,860 23,480 36,810 123,700 22.430 152,000 12.240 Additional information concerning Metlock, Inc. is as follows. 1. Gross profit is 25% of sales. 2. Actual and budgeted sales data: March (actual) April (budgeted) $47.200 70.800 3. Sales are both cash and credit. Cash collections expected in April...

  • Problem 7-07A You are provided with the following information taken from Larkspur, Inc.'s March 31, 2022,...

    Problem 7-07A You are provided with the following information taken from Larkspur, Inc.'s March 31, 2022, balance sheet. Cash $12,100 Accounts receivable 20,660 Inventory 36,530 Property, plant, and equipment, net of depreciation 121,100 Accounts payable 22,810 Common stock 152,200 Retained earnings 11,690 Additional information concerning Larkspur, Inc. is as follows. Gross profit is 27% of sales. 1. Actual and budgeted sales data: March (actual) 2. $47,400 April (budgeted) 71,600 Sales are both cash and credit. Cash collections expected in April...

  • You are provided with the following information taken from Skysong, Inc.'s March 31, 2022, balance sheet....

    You are provided with the following information taken from Skysong, Inc.'s March 31, 2022, balance sheet. Cash Accounts receivable Inventory Property, plant, and equipment, net of depreciation Accounts payable Common stock Retained earnings $ 11,520 22,360 36,190 120,200 22,980 151,200 11,790 Additional information concerning Skysong, Inc. is as follows. 1. Gross profit is 25% of sales. 2. Actual and budgeted sales data: March (actual) April (budgeted) $47,600 71,100 3. Sales are both cash and credit. Cash collections expected in April...

  • You are provided with the following information taken from Windsor, Inc.’s March 31, 2022, balance sheet....

    You are provided with the following information taken from Windsor, Inc.’s March 31, 2022, balance sheet. Cash $ 11,540 Accounts receivable 20,260 Inventory 36,260 Property, plant, and equipment, net of depreciation 125,000 Accounts payable 22,970 Common stock 153,200 Retained earnings 11,650 Additional information concerning Windsor, Inc. is as follows. 1. Gross profit is 27% of sales. 2. Actual and budgeted sales data: March (actual) $46,800 April (budgeted) 70,600 3. Sales are both cash and credit. Cash collections expected in April...

  • You are provided with the following information taken from Larkspur, Inc.'s March 31, 2022, balance sheet....

    You are provided with the following information taken from Larkspur, Inc.'s March 31, 2022, balance sheet. Cash $12,060 Accounts receivable 23,980 Inventory 37,450 Property, plant, and equipment, net of depreciation Accounts payable 121,200 22,760 Common stock 152,100 Retained earnings 11,630 Additional information concerning Larkspur, Inc. is as follows. Gross profit is 24% of sales. 1. 2. Actual and budgeted sales data: March (actual) $47,400 April (budgeted) 73,000 Sales are both cash and credit. Cash collections expected in April are: 3....

  • a. The gross margin is 25% of sales. b. Actual and budgeted sales data: March (actual)...

    a. The gross margin is 25% of sales. b. Actual and budgeted sales data: March (actual) April May June July $ 60,000 $ 76,000 $ 81,000 $106,000 $ 57,000 c. Sales are 60% for cash and 40% on credit. Credit sales are collected in the month following sale. The accounts receivable at March 31 are a result of March credit sales d. Each month's ending inventory should equal 80% of the following month's budgeted cost of goods sold. e One-half...

  • 1) Create budgeting assumptions for the year. 2) Create a Sales Budget by month and total,...

    1) Create budgeting assumptions for the year. 2) Create a Sales Budget by month and total, in dollars. 1) Create budgeting assumptions for the year. 2) Create a Sales Budget by month and total, in dollars. 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 $ 8,900 $ 25,600 $ 48,000 $ 111,600...

  • Cash Receipts The sales budget for Andrew Inc. is forecasted as follows: Month Sales Revenue May...

    Cash Receipts The sales budget for Andrew Inc. is forecasted as follows: Month Sales Revenue May $ 150.000 June 175,000 July 160,000 August 200.000 To prepare a cash budget, the company must determine the budgeted cash collections from sales. Historically, the following trend has been established regarding cash collection of sales • 60 percent in the month of sale. • 20 percent in the month following sale. • 15 percent in the second month following sale. • 5 percent uncollectible....

  • Garden Sales, Inc., sells garden supplies. Management is planning its cash needs for the second quarter....

    Garden Sales, Inc., sells garden supplies. Management is planning its cash needs for the second quarter. The company usually has to borrow money during this quarter to support pealk sales of lawn care equipment, which occur during May. The following information has been assembled to assist in preparing a cash budget for the quarter: a. Budgeted monthly absorption costing income statements for April-July are April June July Sales Cost of goods sold Gross margin Selling and administrative expenses $650,000 820,000...

  • Can you please show me what the sales budget for this information would be in excel....

    Can you please show me what the sales budget for this information would be in excel. Thank you 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 $ 8,500 $ 24,000 $ 45, 600 $ 121,200 $ 27,300 $ 150,000 $ 22,000 a. The gross margin is 25% of sales. b. Actual and...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT