I'm stuck - please help with requirement 4 and 5. Thank you!
4) | Cash budget | ||||||
April | May | June | Quarter | ||||
Beginning cash balance | 8,600 | 4,290 | 4,505 | 8,600 | |||
Add Cash collectiosn | 70600 | 80000 | 97000 | 247600 | |||
total cas h available | 79,200 | 84,290 | 101,505 | 256,200 | |||
less cash disbursements | |||||||
for inventory | 58,050 | 68625 | 63675 | 190,350 | |||
for expenses | 17260 | 18160 | 22660 | 58080 | |||
for equipment | 2,600 | 0 | 0 | 2,600 | |||
total cash disbursements | 77,910 | 86785 | 86335 | 251,030 | |||
Excess(Deficiency)of cash | 1,290 | -2,495 | 15,170 | 5,170 | |||
Financing: | |||||||
Borrowings | 3,000 | 7,000 | 0 | 10,000 | |||
Repayments | 0 | -10,000 | -10,000 | ||||
interest | 0 | -230 | -230 | ||||
total financing | 1,000 | 7,000 | -10230 | -230 | |||
Ending cash balance | 4,290 | 4,505 | 4,940 | 4,940 | |||
interest = 3000*1%*3= | 90 | ||||||
7000*1%*2= | 140 | ||||||
230 | |||||||
5) | income statement | ||||||
Sales | 266000 | ||||||
cost of goods sold | |||||||
Beginning inventor | 46,200 | ||||||
Add purchases | 188,100 | ||||||
goods available for sale | 234,300 | ||||||
ending inventory | 34,800 | 199,500 | |||||
Gross margin | 66,500 | ||||||
Selling and administrative expense | |||||||
commissions | 31920 | ||||||
rent | (3400*3) | 10200 | |||||
Depreciation | (891*3) | 2673 | |||||
other expenses | 15960 | 60753 | |||||
net operating | 5,747 | ||||||
interest expense | 230 | ||||||
net income | 5,517 | ||||||
Balance sheet | |||||||
Assets | |||||||
current assets | |||||||
Cash | 4,940 | ||||||
Accounts receivable | 42,800 | ||||||
inventory | 34,800 | ||||||
total current assets | 82,540 | ||||||
Building And equipment ,net | 118727 | ||||||
total Assets | 201,267 | ||||||
liabilities And stockholder 's Equity | |||||||
Accounts payable | 25,425 | ||||||
total current assets | 25,425 | ||||||
Stockholder's Equity | |||||||
Capital stock | 150,000 | ||||||
Retained earnings | 25,842 | 175,842 | |||||
total liabilites & stockholders Equity | 201,267 | ||||||
I'm stuck - please help with requirement 4 and 5. Thank you! The following data relate...
The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods: Current assets as of March 31: Cash Accounts receivable Inventory Building and equipment, net Accounts payable Common stock Retained earnings $ 8,600 $ 24,400 $ 46,200 $ 118,800 $ 27,675 $ 150,000 $ 20,325 a. The gross margin is 25% of sales. b. Actual and budgeted sales data: March (actual) April May June July $ 61,000 $ 77,000 $ 82,000 $ 107,000 $ 58,000...
Problem 8-29 Completing a Master Budget (LO8-2, LO8-4, LO8-7, LO8-8, LO8-9, LO8-10] The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods: Current assets as of March 31: Cash Accounts receivable Inventory Building and equipment, net Accounts payable Common stock Retained earnings $ 8,600 $ 24,400 $ 46,200 $ 118,800 $ 27,675 $ 150,000 $ 20,325 a. The gross margin is 25% of sales. b. Actual and budgeted sales data: March (actual) April May...
The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods: Current assets as of March 31: Cash Accounts receivable Inventory Building and equipment, net Accounts payable Common stock Retained earnings $ 9, 100 $ 26,400 $ 49,200 $ 106,800 $ 29,550 $ 150,000 $ 11,950 a. The gross margin is 25% of sales. b. Actual and budgeted sales data: March (actual) April May June Ouly $ 66,000 $ 82,000 $ 87,000 $ 112,000 $...
The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods: Current assets as of March 31: Accounts receivable Inventory Building and equipment, net Accounts payable Common stock Retained earnings $ 8,400 $ 23,600 $ 45,000 $ 123,600 $ 26,925 $ 150,000 $ 23,675 a. The gross margin is 25% of sales. b. Actual and budgeted sales data: March (actual) Apr 11 May June July $ 59,000 $ 75,000 $ 80.000 $ 105,000 $ 56,000...
The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods: Current assets as of March 31: Cash Accounts receivable Inventory Building and equipment, net Accounts payable Common stock Retained earnings $ 7,600 $ 20,400 $ 40,200 $ 128,400 $ 23,925 $ 150,000 $ 22,675 a. The gross margin is 25% of sales. b. Actual and budgeted sales data: March (actual) April May June July $ 51,000 $ 67,000 $ 72,000 $ 97,000 $ 48,000...
The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods: Current assets as of March 31: Cash Accounts receivable Inventory Building and equipment, net Accounts payable Common stock Retained earnings $ 7,400 $ 19,600 $ 39,000 $ 126,000 $ 23,175 $ 150,000 $ 18,825 a. The gross margin is 25% of sales. b. Actual and budgeted sales data: March (actual) April May June July $ 49,000 $ 65,000 $ 70,000 $ 95,000 $ 46,000...
The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods: Current assets as of March 31: Cash 9,400 27,600 51,000 99,600 30,675 $ 150,000 Accounts receivable Inventory Building and equipment, net Accounts payable Common stock Retained earnings 6,925 a. The gross margin is 25% of sales b. Actual and budgeted sales data: S 69,000 S 85,000 90,000 S 115,000 S 66,000 March (actual) April May June July c. Sales are 60% for cash and...
The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods: Current assets as of March 31: Cash Accounts receivable Inventory Building and equipment, net Accounts payable Common stock Retained earnings $ 8,200 $ 22,800 $ 43,800 $ 128,400 $ 26,175 $ 150,000 $ 27,025 a. The gross margin is 25% of sales. b. Actual and budgeted sales data: March (actual) April May June July $ 57,000 $ 73,000 $ 78,000 $ 103,000 $ 54,000...
Saved dget Project i Help Save The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods: Current assets as of March 31: Cash Accounts receivable Inventory Building and equipment, net Accounts payable Common stock Retained earnings $ 7,700 $ 20,800 $ 40, 800 $ 129,600 $ 24,300 $ 150,000 $ 24,600 a. The gross margin is 25% of sales. b. Actual and budgeted sales data: March (actual) April May June July $ 52,000 $...
The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods: Current assets as of March 31: Cash Accounts receivable Inventory Building and equipment, net Accounts payable Common stock Retained earnings $ 8.780 $ 24,888 $ 46,800 $116,480 $ 28.050 $ 150.000 $ 18,650 a. The gross margin is 25% of sales. b. Actual and budgeted sales data: March (actual) April May $ 78,000 $ 83,000 $ 100.000 $ 59.888 June July C. Sales are...