Near the end of 2019, the management of Dimsdale Sports Co., a
merchandising company, prepared the following estimated balance
sheet for December 31, 2019.
DIMSDALE SPORTS COMPANY Estimated Balance Sheet December 31, 2019 |
||||||
Assets | ||||||
Cash | $ | 36,500 | ||||
Accounts receivable | 520,000 | |||||
Inventory | 105,000 | |||||
Total current assets | $ | 661,500 | ||||
Equipment | 612,000 | |||||
Less: Accumulated depreciation | 76,500 | |||||
Equipment, net | 535,500 | |||||
Total assets | $ | 1,197,000 | ||||
Liabilities and Equity | ||||||
Accounts payable | $ | 375,000 | ||||
Bank loan payable | 12,000 | |||||
Taxes payable (due 3/15/2020) | 89,000 | |||||
Total liabilities | $ | 476,000 | ||||
Common stock | 474,500 | |||||
Retained earnings | 246,500 | |||||
Total stockholders’ equity | 721,000 | |||||
Total liabilities and equity | $ | 1,197,000 | ||||
To prepare a master budget for January, February, and March of
2020, management gathers the following information.
Required:
Prepare a master budget for each of the first three months of 2020;
include the following component budgets.
1. Monthly sales budgets.
2. Monthly merchandise purchases budgets.
3. Monthly selling expense budgets.
4. Monthly general and administrative expense
budgets.
Monthly sales budgets.
|
Monthly merchandise purchases budgets.
|
Monthly selling expense budgets.
|
Monthly general and administrative expense budgets.
|
Near the end of 2019, the management of Dimsdale Sports Co., a merchandising company, prepared the...
Near the end of 2019, the management of Dimsdale Sports Co., a merchandising company, prepared the following estimated balance sheet for December 31, 2019. DIMSDALE SPORTS COMPANY Estimated Balance Sheet December 31, 2019 Assets Cash $ 36,500 Accounts receivable 520,000 Inventory 105,000 Total current assets $ 661,500 Equipment 612,000 Less: Accumulated depreciation 76,500 Equipment, net 535,500 Total assets $ 1,197,000 Liabilities and Equity Accounts payable $ 375,000 Bank loan payable 12,000 Taxes payable (due 3/15/2020) 89,000 Total liabilities $ 476,000...
Near the end of 2019, the management of Dimsdale Sports Co., a merchandising company, prepared the following estimated balance sheet for December 31, 2019. DIMSDALE SPORTS COMPANY Estimated Balance Sheet December 31, 2019 Assets Cash $ 36,000 Accounts receivable 520,000 Inventory 135,000 Total current assets $ 691,000 Equipment 600,000 Less: Accumulated depreciation 75,000 Equipment, net 525,000 Total assets $ 1,216,000 Liabilities and Equity Accounts payable $ 340,000 Bank loan payable 12,000 Taxes payable (due 3/15/2020) 88,000 Total liabilities $ 440,000...
Near the end of 2019, the management of Dimsdale Sports Co., a merchandising company, prepared the following estimated balance sheet for December 31, 2019. DIMSDALE SPORTS COMPANY Estimated Balance Sheet December 31, 2019 Assets Cash $ 36,000 Accounts receivable 520,000 Inventory 100,000 Total current assets $ 656,000 Equipment 528,000 Less: Accumulated depreciation 66,000 Equipment, net 462,000 Total assets $ 1,118,000 Liabilities and Equity Accounts payable $ 365,000 Bank loan payable 14,000 Taxes payable (due 3/15/2020) 89,000 Total liabilities $ 468,000...
Near the end of 2019, the management of Dimsdale Sports Co., a merchandising company, prepared the following estimated balance sheet for December 31, 2019. DIMSDALE SPORTS COMPANY Estimated Balance Sheet December 31, 2019 Assets Cash $ 35,500 Accounts receivable 520,000 Inventory 100,000 Total current assets $ 655,500 Equipment 540,000 Less: Accumulated depreciation 67,500 Equipment, net 472,500 Total assets $ 1,128,500 Liabilities and Equity Accounts payable $ 365,000 Bank loan payable 13,000 Taxes payable (due 3/15/2020) 89,000 Total liabilities $ 467,000...
Near the end of 2019, the management of Dimsdale Sports Co., a merchandising company, prepared the following estimated balance sheet for December 31, 2019. DIMSDALE SPORTS COMPANY Estimated Balance Sheet December 31, 2019 Assets Cash $ 36,000 Accounts receivable 520,000 Inventory 135,000 Total current assets $ 691,000 Equipment 600,000 Less: Accumulated depreciation 75,000 Equipment, net 525,000 Total assets $ 1,216,000 Liabilities and Equity Accounts payable $ 340,000 Bank loan payable 12,000 Taxes payable (due 3/15/2020) 88,000 Total liabilities $ 440,000...
Near the end of 2019, the management of Dimsdale Sports Co., a merchandising company, prepared the following estimated balance sheet for December 31, 2019. DIMSDALE SPORTS COMPANY Estimated Balance Sheet December 31, 2019 Assets Cash $ 36,500 Accounts receivable 520,000 Inventory 105,000 Total current assets $ 661,500 Equipment 588,000 Less: Accumulated depreciation 73,500 Equipment, net 514,500 Total assets $ 1,176,000 Liabilities and Equity Accounts payable $ 380,000 Bank loan payable 12,000 Taxes payable (due 3/15/2020) 91,000 Total liabilities $ 483,000...
Near the end of 2019, the management of Dimsdale Sports Co., a merchandising company, prepared the following estimated balance sheet for December 31, 2019. DIMSDALE SPORTS COMPANY Estimated Balance Sheet December 31, 2019 Assets Cash $ 36,500 Accounts receivable 520,000 Inventory 105,000 Total current assets $ 661,500 Equipment 588,000 Less: Accumulated depreciation 73,500 Equipment, net 514,500 Total assets $ 1,176,000 Liabilities and Equity Accounts payable $ 380,000 Bank loan payable 12,000 Taxes payable (due 3/15/2020) 91,000 Total liabilities $ 483,000...
Near the end of 2019, the management of Dimsdale Sports Co., a merchandising company, prepared the following estimated balance sheet for December 31, 2019. DIMSDALE SPORTS COMPANY Estimated Balance Sheet December 31, 2019 Assets Cash $ 35,500 Accounts receivable 520,000 Inventory 90,000 Total current assets $ 645,500 Equipment 600,000 Less: Accumulated depreciation 75,000 Equipment, net 525,000 Total assets $ 1,170,500 Liabilities and Equity Accounts payable $ 350,000 Bank loan payable 12,000 Taxes payable (due 3/15/2020) 88,000 Total liabilities $ 450,000...
Near the end of 2019, the management of Dimsdale Sports Co., a merchandising company, prepared the following estimated balance sheet for December 31, 2019. DIMSDALE SPORTS COMPANY Estimated Balance Sheet December 31, 2019 Assets Cash $ 37,000 Accounts receivable 520,000 Inventory 100,000 Total current assets $ 657,000 Equipment 648,000 Less: Accumulated depreciation 81,000 Equipment, net 567,000 Total assets $ 1,224,000 Liabilities and Equity Accounts payable $ 355,000 Bank loan payable 13,000 Taxes payable (due 3/15/2020) 89,000 Total liabilities $ 457,000...
Near the end of 2019, the management of Dimsdale Sports Co., a merchandising company, prepared the following estimated balance sheet for December 31, 2019. DIMSDALE SPORTS COMPANY Estimated Balance Sheet December 31, 2019 Assets Cash $ 36,500 Accounts receivable 520,000 Inventory 142,500 Total current assets $ 699,000 Equipment 564,000 Less: Accumulated depreciation 70,500 Equipment, net 493,500 Total assets $ 1,192,500 Liabilities and Equity Accounts payable $ 355,000 Bank loan payable 13,000 Taxes payable (due 3/15/2020) 91,000 Total liabilities $ 459,000...