Question:5 Deacon Company is a merchandising company that is preparing a budget for the three-month period...
Question
5 Deacon Company is a merchandising company that is preparing a budget for the three-month period...
5 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 Late Cash Lects receivable Twentory Baldings and equipment of depreciation Total Liabilities and stockholders' quity counts payable Con stock Ratased ning Total liabilities and other guy $ 55,400 41,200 53.300 180.000 $ 329,00 # 143,500 10.000 116.30 Budgeted Theme Statement Sales Cost of goods sold Groessage April 8144.000 26.400 May $154.100 92.400 Net peating income $174.000 104.400 69,60 24.00 44,00 31.600 39,000 . 17.300 Budgeting Assumptions: 60% of sales are cash sales and 40% of sales are credit sales. Twenty percent of all credit sales are collected in the month of sale and the remaining so we collected in the month subsequent to the sale. b. Budgeted sales for July are $184.000 c. 10% of merchandise inventory purchases are paid in cash at the time of the purchase. The remaining 90% of purchases are credit purchases. All purchases on credit we paid in the month or to the purchase. The accounts payable at March 31 will be peld in Art d. Each month's ending merchandise inventory should cual $10.000 plus soll of the next month's cost of goods sold Depreciation expenses $150 per month All other selling and administrative expenses are paid in full in the month the expense is incurred Required: 1. Calculate the expected cash collections for Apr May, and June 2. Calculate the budgeted merchandise purchases for April May, and June 3. Calculate the expected cash disbursements for merchandise purchases for April May and June. 4. Prepare a budgeted balance sheet June 30th Hint You need to calculate the cash paid for selling and administrative expenses during April May, and June to determine the cash balance in your are oth balance sheet) Complete this question by entering your answers in the tabs below ed April June Rad 2) < Prev
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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 $ 68,800 34,000 64,600 122,000 $ 289,400 $ 96,500 70,000 122,900 $ 289,400 Budgeted Income Statements April Sales $182,000 Cost of goods...
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 $ 65, 2ee Accounts receivable 38, see Inventory 43,300 Buildings and equipment, net of depreciation 125, eee Total assets $ 272,300 Liabilities and Stockholders' Equity Accounts payable $ 66,200 Common stock 70, eee Retained earnings 136, 10e Total liabilities and stockholders' equity 5 272,300 Budgeted Income Statements April...
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...
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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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 73,600 39,600 66,700 192,000 $ 371,900 $ 167,300 70,000 134,600 $ 371,900 Budgeted Income Statements April Sales $189,000 Cost of goods...
Deacon Company is a merchandising company that is preparing a budget for the three- month period ended June 30th. The following information is available ats Skipped Deacon Company Balance Sheet March 31 Assets Cash Accounts receivable Inventory Buildings and equipment, net of depreciation Total seta Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equicy 우 62, 600 37,200 11,500 174,000 $ 315, 300 eBook $ 113, 100 70,000 132, 200 S $15,300 Print eferences...
Deacon Company is a merchandising company that is preparing a budget for the three-month period ended June 30th. The followin information is available Book Point 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 50,000 30,000 43,900 131,000 264,900 Ferences $ $ 72,000 70,000 122.900 264,900 5 Budgeted Income Statements April Sales $113,000 Cost of...
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 $ 21.00 accounts receivable 46,000 149.000 309.600 $ Buildings and equipment, net of depreciation Total assets Listies and Stockholders' Equity Accounts payable Common stock $ 125, lee 114,500 Total abilities and stockholders wity $120,000 June $150,00 Sales Cost of goods sold Gross wangi Selling and dinistrative $1 ,000 78,000 52,000 19....
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
$
60,200
Accounts
receivable
30,800
Inventory
60,400
Buildings and
equipment, net of depreciation
124,000
Total
assets
$
275,400
Liabilities
and Stockholders’ Equity
Accounts
payable
$
71,100
Common
stock
70,000
Retained
earnings
134,300
Total
liabilities and stockholders’ equity
$
275,400
Budgeted
Income Statements
April
May
June
Sales
$
168,000
$...
.
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 $ 68,800 34,000 64,600 122,000 $ 289,400 $ 96,500 70,000 122,900 $ 289,400 Budgeted Income Statements April Sales $182,000 Cost of goods...
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 $ 65, 2ee Accounts receivable 38, see Inventory 43,300 Buildings and equipment, net of depreciation 125, eee Total assets $ 272,300 Liabilities and Stockholders' Equity Accounts payable $ 66,200 Common stock 70, eee Retained earnings 136, 10e Total liabilities and stockholders' equity 5 272,300 Budgeted Income Statements April...
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...
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...
Will upvote!
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 73,600 39,600 66,700 192,000 $ 371,900 $ 167,300 70,000 134,600 $ 371,900 Budgeted Income Statements April Sales $189,000 Cost of goods...
Deacon Company is a merchandising company that is preparing a budget for the three- month period ended June 30th. The following information is available ats Skipped Deacon Company Balance Sheet March 31 Assets Cash Accounts receivable Inventory Buildings and equipment, net of depreciation Total seta Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equicy 우 62, 600 37,200 11,500 174,000 $ 315, 300 eBook $ 113, 100 70,000 132, 200 S $15,300 Print eferences...
Deacon Company is a merchandising company that is preparing a budget for the three-month period ended June 30th. The followin information is available Book Point 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 50,000 30,000 43,900 131,000 264,900 Ferences $ $ 72,000 70,000 122.900 264,900 5 Budgeted Income Statements April Sales $113,000 Cost of...
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 $ 21.00 accounts receivable 46,000 149.000 309.600 $ Buildings and equipment, net of depreciation Total assets Listies and Stockholders' Equity Accounts payable Common stock $ 125, lee 114,500 Total abilities and stockholders wity $120,000 June $150,00 Sales Cost of goods sold Gross wangi Selling and dinistrative $1 ,000 78,000 52,000 19....