1-a) | Schedule of Expected cash collection | ||||||
Cash sales-May | 120,000 | ||||||
Collections on account receivable | |||||||
April 30 balance | 59,000 | ||||||
May sales | (400000-120000)*50% | 140000 | |||||
total cash recepits | 319,000 | ||||||
Schedule of Expected cash disbursements | |||||||
April 30 accounts payable balance | 69,000 | ||||||
May purchases | (240000*40%) | 96000 | |||||
total cash payments | 165,000 | ||||||
1-b) | Cash Budget | ||||||
Beginning cash balance | 13,000 | ||||||
Add Collections from customers | 319,000 | ||||||
total cash available | 332,000 | ||||||
less Cash disbursements | |||||||
purchase of inventoru | 165,000 | ||||||
selling and administrative expense | 144,000 | ||||||
purchase of Equipment | 8,500 | ||||||
total cash disbursements | 317,500 | ||||||
Excess of cash available over disbursements | 14,500 | ||||||
financing: | |||||||
borrowing -note | 40,000 | ||||||
Repayments-note | -16,500 | ||||||
interest | -140 | ||||||
total financing | 23,360 | ||||||
Ending cash balance | 37,860 | ||||||
Budgeted income statement | |||||||
sales | 400,000 | ||||||
cost of goods sold: | |||||||
beginning inventory | 33,000 | ||||||
purchases | 240,000 | ||||||
goods available for sale | 273,000 | ||||||
ending invnetory | 80,000 | ||||||
cost of goods sold: | 193,000 | ||||||
Gross margin | 207,000 | ||||||
Selling and administrative expesne | 148,000 | ||||||
net operating income | 59,000 | ||||||
interest expesne | 140 | ||||||
net income | 58,860 | ||||||
Budgeted balance sheet | |||||||
Assets | |||||||
Cash | 37,860 | ||||||
Account receivable | 140000 | ||||||
inventory | 80,000 | ||||||
buildings & equipment,net of depreciaiton | 231500 | ||||||
total Assets | 489,360 | ||||||
Laibilities & stockholder's Equity | |||||||
Accounts payable | 144000 | ||||||
note payable | 40,000 | ||||||
common stock | 200,000 | ||||||
Retained earnings | 105,360 | ||||||
total liabilities & stockholders equity | 489360 | ||||||
Minden Company is a wholesale distributor of premium European chocolates. The company's balance sheet on April...
Minden Company is a wholesale distributor of premium European chocolates. The company's balance sheet on April 30 is as follows: MINDEN COMPANY Balance Sheet April 30 Assets Cash Accounts receivable, customers Inventory Buildings and equipment, net of depreciation $ 15,400 62.000 34,800 239,000 Total assets $351,200 Liabilities and Shareholders' Equity Accounts payable, suppliers $ 72,600 Note payable 17,700 Capital shares, no par 212,000 Retained earnings 48.900 Total liabilities and shareholders' equity $351.200 The company is in the process of preparing...
Minden Company is a wholesale distributor of premium European chocolates. The company's balance sheet on April 30 is as follows: MINDEN COMPANY Balance Sheet April 30 Assets $ 10,600 56,000 31,200 215,000 Cash Accounts receivable, customers Inventory Buildings and equipment, net of depreciation Total assets $312,800 Liabilities and Shareholders' Equity $ 65,400 15,300 188,000 44,100 Accounts payable, suppliers Note payable Capital shares, no par Retained earnings $312,800 Total liabilities and shareholders' equity The company is in the process of preparing...
Minden Company is a wholesale distributor of premium European chocolates. The company's balance sheet on April 30 is as follows: MINDEN COMPANY Balance Sheet April 30 Assets Cash Accounts receivable, customers Inventory Buildings and equipment, net of depreciation $ 15,400 62,000 34,800 239,000 Total assets $351,200 Liabilities and Shareholders' Equity Accounts payable, suppliers $ 72,600 Note payable 17,700 Capital shares, no par 212,000 Retained earnings 48,900 Total liabilities and shareholders' equity $351,200 The company is in the process of preparing...
Minden Company is a wholesale distributor of premium European chocolates. The company's balance sheet on April 30 is as follows: MINDEN COMPANY Balance Sheet April 30 Assets Cash Accounts receivable, customers Inventory Buildings and equipment, net of depreciation $ 15.400 62,000 34,800 239,000 Total assets $351,200 Liabilities and Shareholders' Equity Accounts payable, suppliers $ 72,600 Note payable 17,700 Capital shares, no par 212,000 Retained earnings 48,900 Total liabilities and shareholders' equity $351,200 The company is in the process of preparing...
Minden Company is a wholesale distributor of premium European chocolates. The company's balance sheet as of April 30 is given below: Minden Company Balance Sheet April 30 Assets Cash Accounts receivable Inventory Buildings and equipment, net of depreciation $ 16,500 67,000 32,000 249,000 Total assets $364,600 Liabilities and Shareholders' Equity Accounts payable Note payable Common shares Retained earnings $ 68,750 20,500 180,000 95,250 Total liabilities and shareholders' equity $364,500 The company is in the process of preparing a budget for...
Minden Company is a wholesale distributor of premium European chocolates. The company's balance sheet as of April 30 is given below: Minden Company Balance Sheet April 30 Assets Cash Accounts receivable Inventory Buildings and equipment, net of depreciation $ 10,300 70,000 43,000 227,000 Total assets $350,300 Liabilities and Shareholders' Equity Accounts payable Note payable $86,000 23,000 180,000 Common shares Retained earnings 61,300 350,300 Total liabilities and shareholders' equity The company is in the process of preparing a budget for May...
Minden Company is a wholesale distributor of premium European chocolates. The company's balance sheet as of April 30 is given below: Minden Company Balance Sheet April 30 Assets Cash Accounts receivable Inventory Buildings and equipment, net of depreciation $ 16,500 67,000 32,000 249,000 Total assets $364,500 Liabilities and Shareholders' Equity Accounts payable Note payable Common shares Retained earnings $68,750 20,500 180,000 95,250 Total liabilities and shareholders' equity 9364,500 The company is in the process of preparing a budget for May...
Minden Company is a wholesale distributor of premium European chocolates. The company’s balance sheet on April 30 is as follows: MINDEN COMPANY Balance Sheet April 30 Assets Cash $ 9,800 Accounts receivable, customers 55,000 Inventory 30,600 Buildings and equipment, net of depreciation 211,000 Total assets $ 306,400 Liabilities and Shareholders’ Equity Accounts payable, suppliers $ 64,200 Note payable 14,900 Capital shares, no par 184,000 Retained earnings 43,300 Total liabilities and shareholders’ equity $ 306,400 The company is in the process...
Minden Company is a wholesale distributor of premium European chocolates. The company’s balance sheet on April 30 is as follows: MINDEN COMPANY Balance Sheet April 30 Assets Cash $ 13,000 Accounts receivable, customers 59,000 Inventory 33,000 Buildings and equipment, net of depreciation 227,000 Total assets $ 332,000 Liabilities and Shareholders’ Equity Accounts payable, suppliers $ 69,000 Note payable 16,500 Capital shares, no par 200,000 Retained earnings 46,500 Total liabilities and shareholders’ equity $ 332,000 The company is in the process...
Minden Company is a wholesale distributor of premium European chocolates. The company's balance sheet as of April 30 is given below. Minden Company Balance Sheet April 30 Assets Cash Accounts receivable Inventory Buildings and equipment, net of depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Note payable Common stock Retained earnings Total liabilities and stockholders' equity 18,500 58,500 40,750 282,280 $319,750 67,750 15,800 180.000 56,200 319,750 $ The company is in the process of preparing a budget for May...