Homework Answers
|
LARKSPUR, INC. Cash Budget For The Month of April 30, 2022 |
|
| Beginning cash balance | $12,060 |
| Add: Cash receipts: | |
| Collections from March sales | 18,960 |
| Collections from April sales | 43,800 |
| Total cash receipts | 62,760 |
| Total available cash | 74,820 |
| Less: Cash disbursements: | |
| Payment for March purchases | 22,760 |
| Payment for April purchases | 28,880 |
| Payment of operating cost | 12,110 |
| Purchases of Equipment | 2,850 |
| Total cash disbursements | 66,600 |
| Cash surplus / (deficit) | 8,220 |
| Financing: | |
| Add: Borrowings | 3,790 |
| Less: Repayments | 0 |
| Ending cash balance | $12,010 |
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You are provided with the following information taken from Larkspur, Inc.'s March 31, 2022, balance sheet....
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 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...
w Balance Sheet March 31 Assets Cash Accounts receivable Inventory Buildings and equipment, net of depreciation...
w Balance Sheet March 31 Assets Cash Accounts receivable Inventory Buildings and equipment, net of depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total Habilities and stockholders equity 71.800 42.80 46,000 149,000 309,600 points $ Skipped $ 125, 100 70,000 114,500 $ 309,600 eBook References Budgeted Income Statements April Sales $120,000 Cost of goods sold 72,000 Gross margin 48,000 Selling and administrative expenses 18,100 Net operating income $ 29,900 May $130,000 78,000 52.000 19,600 $...
The following information is from Tejas WindowTint’s financial records. Month Sales Purchases April $ 77,000 $...
The following information is from Tejas WindowTint’s financial records. Month Sales Purchases April $ 77,000 $ 61,000 May 75,000 42,000 June 73,000 30,000 July 82,000 48,000 Collections from customers are normally 70 percent in the month of sale, 18 percent in the month following the sale, and 11 percent in the second month following the sale. The balance is expected to be uncollectible. All purchases are on account. Management takes full advantage of the 5 percent discount allowed on purchases...
The following information is from Tejas WindowTint's financial records. Month April May June July Sales $77,000...
The following information is from Tejas WindowTint's financial records. Month April May June July Sales $77,000 72,000 61,000 73,000 Purchases $60,000 58,000 46,000 64,000 Collections from customers are normally 68 percent in the month of sale, 16 percent in the month following the sale, and 15 percent in the second month following the sale. The balance is expected to be uncollectible. All purchases are on account. Management takes full advantage of the 1 percent discount allowed on purchases paid for...
pleasd answer question 1 (A-E) Wheeling Company is a merchandiser that provided a balance sheet as...
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...
Additional information concerning Metlock, Inc. is as follows. 1. 2. Gross profit is 25% of sales....
Additional information concerning Metlock, Inc. is as follows. 1. 2. Gross profit is 25% of sales. Actual and budgeted sales data: March (actual) April (budgeted) $47,200 70,800 Sales are both cash and credit. Cash collections expected in April are: March $18,880 (40% of $47,200) April 42,480 (60% of $70,800) $61,360 4. Half of a month's purchases are paid for in the month of purchase and half in the following month. Cash disbursements expected in April are: Purchases March $22,430 Purchases...
Here are some important figures from the budget of Nashville Nougats, Inc., for the second quarter...
Here are some important figures from the budget of Nashville Nougats, Inc., for the second quarter of 2018: April May June $313,000 $293,000 $353,000 121,000 144,000 169,000 Credit sales Credit purchases Cash disbursements Wages, taxes, and expenses Interest Equipment purchases 43,300 10.300 73,000 10,800 10.300 136,000 62,300 10.300 0 The company predicts that 5 percent of its credit sales will never be collected, 45 percent of its sales will be collected in the month of the sale, and the remaining...
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. 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.
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 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...
w Balance Sheet March 31 Assets Cash Accounts receivable Inventory Buildings and equipment, net of depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total Habilities and stockholders equity 71.800 42.80 46,000 149,000 309,600 points $ Skipped $ 125, 100 70,000 114,500 $ 309,600 eBook References Budgeted Income Statements April Sales $120,000 Cost of goods sold 72,000 Gross margin 48,000 Selling and administrative expenses 18,100 Net operating income $ 29,900 May $130,000 78,000 52.000 19,600 $...
The following information is from Tejas WindowTint's financial records. Month April May June July Sales $77,000 72,000 61,000 73,000 Purchases $60,000 58,000 46,000 64,000 Collections from customers are normally 68 percent in the month of sale, 16 percent in the month following the sale, and 15 percent in the second month following the sale. The balance is expected to be uncollectible. All purchases are on account. Management takes full advantage of the 1 percent discount allowed on purchases paid for...
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...
Additional information concerning Metlock, Inc. is as follows. 1. 2. Gross profit is 25% of sales. Actual and budgeted sales data: March (actual) April (budgeted) $47,200 70,800 Sales are both cash and credit. Cash collections expected in April are: March $18,880 (40% of $47,200) April 42,480 (60% of $70,800) $61,360 4. Half of a month's purchases are paid for in the month of purchase and half in the following month. Cash disbursements expected in April are: Purchases March $22,430 Purchases...
Here are some important figures from the budget of Nashville Nougats, Inc., for the second quarter of 2018: April May June $313,000 $293,000 $353,000 121,000 144,000 169,000 Credit sales Credit purchases Cash disbursements Wages, taxes, and expenses Interest Equipment purchases 43,300 10.300 73,000 10,800 10.300 136,000 62,300 10.300 0 The company predicts that 5 percent of its credit sales will never be collected, 45 percent of its sales will be collected in the month of the sale, and the remaining...
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