Homework Answers
Campton Company
Cash Budget
For the month ended May 31,2019
| Beginning Cash balance | 77000 |
| Cash receipt | |
| Cash Sales | 53000 |
| Collections on credit sales (450000*60%+493000*40%) | 467200 |
| Cash available | 597200 |
| Cash disbursement | |
| Payments for merchandise (273000*70%+240000*30%) | 263100 |
| Salaries and operating expense payments | 158000 |
| Principal and interest payment | 29000 |
| Income tax deposit | 20000 |
| Payment on truck | 4500 |
| Total Cash disbursements | 474600 |
| Ending Cash balance | 122600 |
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Prepare a cash budget for the month ended May 31, 2019. Campton Company anticipates a cash...
Prepare Cash Budget from Budgeted Transactions Prepare a cash budget for the month ended May 31,...
Prepare Cash Budget from Budgeted Transactions Prepare a cash budget for the month ended May 31, 2019. Campton Company anticipates a cash balance of $91,000 on May 1, 2019. The following budgeted transactions for May 2019 present data related to anticipated cash receipts and cash disbursements: 1. For May, budgeted cash sales are $67,000 and budgeted credit sales are $507,000. (Credit sales for April were $450,000.) In the month of sale, 40% of credit sales are collected, with the balance...
Prepare Cash Budget from Budgeted Transactions Prepare a cash budget for the month ended May 31,...
Prepare Cash Budget from Budgeted Transactions Prepare a cash budget for the month ended May 31, 2019. Campton Company anticipates a cash balance of $97,000 on May 1, 2019. The following budgeted transactions for May 2019 present data related to anticipated cash receipts and cash disbursements: 1. For May, budgeted cash sales are $73,000 and budgeted credit sales are $513,000. (Credit sales for April were $450,000.) In the month of sale, 40% of credit sales are collected, with the balance...
Deacon Company is a merchadising company that is preparing a budget for the three-month period ended june 30th. The fol...
Deacon Company is a merchadising company that is preparing a budget
for the three-month period ended june 30th. The following
information is available
Deacon Company is a merchandising company that is preparing a budget for the three-month period ended June 30th. The following information is available Deacon Company 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 liabilities and stockholders' equity...
Use the following information to prepare the July cash budget for Acco Co. It should show...
Use the following information to prepare the July cash budget for Acco Co. It should show expected cash receipts and cash payments for the month and the cash balance expected on July 31. a. Beginning cash balance on July 1: $68,000 b. Cash receipts from sales: 35% is collected in the month of sale, 50% in the next month and 15% in the second month after sale (uncollectible accounts are negligible and can be ignored). Sales amounts are: May (actual)...
Prepare a cash budget for the month ended on March 31 for Gado Company. The budget should show expected cash receipts and cash disbursements for the month of March and the balance expected on March 31.
Use the following information:a. Beginning cash balance on March 1, $80,000.b. Cash receipts from sales, $303,000.c. Budgeted cash payments for direct materials, $135,000.d. Budgeted cash payments for direct labor $75,000.e. Other budgeted cash expenses, $36,000.f. Cash repayment of bank loan, $16,000.Prepare a cash budget for the month ended on March 31 for Gado Company. The budget should show expected cash receipts and cash disbursements for the month of March and the balance expected on March 31.
Deacon Company is a merchandising company that is preparing a budget for the three-month period ended...
Deacon Company is a merchandising company that is preparing a budget for the three-month period ended June 30th. The following information is available Deacon Company 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 liabilities and stockholders' equity $ 62,000 43,600 46,000 107,000 $ 258,600 $ 63,600 70,000 125,000 $ 258, 600 Budgeted Income Statements April Sales $120,000 Cost of goods...
Use the following information to prepare the July cash budget for Acco Co. It should show...
Use the following information to prepare the July cash budget for Acco Co. It should show expected cash receipts and cash payments for the month and the cash balance expected on July 31. Beginning cash balance on July 1: $50,000. Cash receipts from sales: 30% is collected in the month of sale, 50% in the next month, and 20% in the second month after sale (uncollectible accounts are negligible and can be ignored). Sales amounts are: May (actual), $1,720,000; June...
Use the following information to prepare the July cash budget for Acco Co. It should show...
Use the following information to prepare the July cash budget for Acco Co. It should show expected cash receipts and cash payments for the month and the cash balance expected on July 31. a. Beginning cash balance on July 1: $65,000. b. Cash receipts from sales: 25% is collected in the month of sale, 50% in the next month, and 25% in the second month after sale (uncollectible accounts are negligible and can be ignored). Sales amounts are May (actual),...
Deacon Company is a merchandising company that is preparing a budget for the three-month period ended...
Deacon Company is a merchandising company that is preparing a budget for the three-month period ended June 30th. The following information is available $ Deacon Company 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 liabilities and stockholders' equity 65,200 38,800 43,300 125,000 272,300 $ $ 66,200 70,000 136,100 272,300 $ Budgeted Income Statements April Sales $111,000 Cost of goods sold...
Deacon Company is a merchandising company that is preparing a budget for the three-month period ended...
Deacon Company is a merchandising company that is preparing a budget for the three-month period ended June 30th. The following information is available Deacon Company 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 liabilities and stockholders' equity $ 61,400 32,400 58,300 148,000 $ 300, 100 $ 105,100 70,000 125,000 $ 300,100 May June Budgeted Income Statements April Sales $ 161,000...
Prepare Cash Budget from Budgeted Transactions Prepare a cash budget for the month ended May 31, 2019. Campton Company anticipates a cash balance of $91,000 on May 1, 2019. The following budgeted transactions for May 2019 present data related to anticipated cash receipts and cash disbursements: 1. For May, budgeted cash sales are $67,000 and budgeted credit sales are $507,000. (Credit sales for April were $450,000.) In the month of sale, 40% of credit sales are collected, with the balance...
Deacon Company is a merchadising company that is preparing a budget
for the three-month period ended june 30th. The following
information is available
Deacon Company is a merchandising company that is preparing a budget for the three-month period ended June 30th. The following information is available Deacon Company 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 liabilities and stockholders' equity...
Use the following information to prepare the July cash budget for Acco Co. It should show expected cash receipts and cash payments for the month and the cash balance expected on July 31. a. Beginning cash balance on July 1: $68,000 b. Cash receipts from sales: 35% is collected in the month of sale, 50% in the next month and 15% in the second month after sale (uncollectible accounts are negligible and can be ignored). Sales amounts are: May (actual)...
Deacon Company is a merchandising company that is preparing a budget for the three-month period ended June 30th. The following information is available Deacon Company 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 liabilities and stockholders' equity $ 62,000 43,600 46,000 107,000 $ 258,600 $ 63,600 70,000 125,000 $ 258, 600 Budgeted Income Statements April Sales $120,000 Cost of goods...
Use the following information to prepare the July cash budget for Acco Co. It should show expected cash receipts and cash payments for the month and the cash balance expected on July 31. a. Beginning cash balance on July 1: $65,000. b. Cash receipts from sales: 25% is collected in the month of sale, 50% in the next month, and 25% in the second month after sale (uncollectible accounts are negligible and can be ignored). Sales amounts are May (actual),...
Deacon Company is a merchandising company that is preparing a budget for the three-month period ended June 30th. The following information is available $ Deacon Company 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 liabilities and stockholders' equity 65,200 38,800 43,300 125,000 272,300 $ $ 66,200 70,000 136,100 272,300 $ Budgeted Income Statements April Sales $111,000 Cost of goods sold...
Deacon Company is a merchandising company that is preparing a budget for the three-month period ended June 30th. The following information is available Deacon Company 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 liabilities and stockholders' equity $ 61,400 32,400 58,300 148,000 $ 300, 100 $ 105,100 70,000 125,000 $ 300,100 May June Budgeted Income Statements April Sales $ 161,000...
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