1-a) | Schedule of Expected cash collection | ||||||
Cash sales-May | 60,000 | ||||||
Collections on account receivable | |||||||
April 30 balance | 54,000 | ||||||
May sales | (220000-60000)*60% | 96000 | |||||
total cash recepits | 210,000 | ||||||
Schedule of Expected cash disbursements | |||||||
April 30 accounts payable balance | 63,000 | ||||||
May purchases | (120000*50%) | 60000 | |||||
total cash payments | 123,000 | ||||||
1-b) | Cash Budget | ||||||
Beginning cash balance | 9,000 | ||||||
Add Collections from customers | 210,000 | ||||||
total cash available | 219,000 | ||||||
less Cash disbursements | |||||||
purchase of inventoru | 123,000 | ||||||
selling and administrative expense | 72,000 | ||||||
purchase of Equipment | 6,500 | ||||||
total cash disbursements | 201,500 | ||||||
Excess of cash available over disbursements | 17,500 | ||||||
financing: | |||||||
borrowing -note | 20,000 | ||||||
Repayments-note | -14,500 | ||||||
interest | -100 | ||||||
total financing | 5,400 | ||||||
Ending cash balance | 22,900 | ||||||
Budgeted income statement | |||||||
sales | 220,000 | ||||||
cost of goods sold: | |||||||
beginning inventory | 30,000 | ||||||
purchases | 120,000 | ||||||
goods available for sale | 150,000 | ||||||
ending invnetory | 40,000 | ||||||
cost of goods sold: | 110,000 | ||||||
Gross margin | 110,000 | ||||||
Selling and administrative expesne | 74,000 | ||||||
net operating income | 36,000 | ||||||
interest expesne | 100 | ||||||
net income | 35,900 | ||||||
Budgeted balance sheet | |||||||
Assets | |||||||
Cash | 22,900 | ||||||
Account receivable | 64000 | ||||||
inventory | 40,000 | ||||||
buildings & equipment,net of depreciaiton | 211500 | ||||||
total Assets | 338,400 | ||||||
Laibilities & stockholder's Equity | |||||||
Accounts payable | 60000 | ||||||
note payable | 20,000 | ||||||
common stock | 180,000 | ||||||
Retained earnings | 78,400 | ||||||
total liabilities & stockholders equity | 338400 | ||||||
Minden Company is a wholesale distributor of premium European chocolates. The company's balance sheet as of...
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 " $ 9,000 54,000 30,000 207.000 $ 300,000 $ 63,000 14,500 180,000 42,500 $ 300,000 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 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...
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 9.000 54.000 30.000 207.000 $ 300,000 Accounts receivable Tnventory taildings and equipment, net of depreciation Total assets Liabilities and stockholders' Equity Accounts payable Note payable Common stock Retained earnings Total liabilities and stockholders' equity $ 63.000 14,500 180,000 42.500 $300.000 The company is in the process of preparing a budget for May and...
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 Accounts receivable Inventory Buildings and equipment, net of depreciation $ 10,300 70,000 43,000 227,000 Total assets 350,300 Liabilities and Stockholders' Equity Accounts payable Note payable Common stock Retained earnings $86,000 23,000 180,000 61,300 Total liabilities and stockholders' equity 350,300 The company is in the process of preparing a budget for May and...
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 $ 9,500 56,500 53, 250 234,000 $ 353, 250 $ 79,000 20,000 180,000 74,250 $ 353, 250 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 16,700 75,500 37,000 258,000 Accounts receivable Inventory Buildings and equipment, net of depreciation 387,200 Total assets Liabilities and Stockholders' Equity Accounts payable Note payable 86,750 15,700 180,000 104,750 Common stock Retained earnings Total liabilities and stockholders' equity S387,200 The company is in the process of preparing a budget for May and...
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 $ 18,700 70,250 41,250 230,000 $ 360,200 $ 72,250 13,700 180,000 94,250 $ 360,200 The company is in the process of preparing a...
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 $ 9,500 56,500 53,250 234,000 Total assets $ 353,250 Liabilities and Stockholders' Equity Accounts payable Note payable Common stock Retained earnings $ 79,000 20,000 180,000 74,250 Total liabilities and stockholders' equity $ 353,250 The company is in the process of preparing a...
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 $ 9,000 Accounts receivable 54,000 Inventory 30,000 Buildings and equipment, net of depreciation 207,000 Total assets $ 300,000 Liabilities and Stockholders’ Equity Accounts payable $ 63,000 Note payable 14,500 Common stock 180,000 Retained earnings 42,500 Total liabilities and stockholders’ equity $ 300,000 The company is in the process of preparing a...
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 40,750 202,000 $ 319,750 $ 67,750 15,800 180,000 56,200 $ 319,750 The company is in the process of preparing a...