Question

Exercise 9-21 Missing Amounts; Various Types of Budgets (LO 9-3, 9-5, 9-6)

Exercise 9-21 Missing Amounts; Various Types of Budgets (LO 9-3, 9-5, 9-6) Fill in the missing amounts in the following schedules. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Fill in the missing amounts in the following schedules. June April 270,000 May 202,500 $ $ Sales* Cash receipts: From cash sales From sales on accountt Total cash receipts $ 153,000 111,375

Answer 1

Required 1 Solution

	April	May	June
Sales	270000	202500	340000
Cash Receipts:
From Cash Sales	121500	91125	153000
From Sales on Account	148500	111375	187000
Total Cash Receipts	270000	202500	340000

Case 1: Month of May - Given amount was 111375. It is 55% of the total sales. In the month of June 153000 was given which is 45% of the total amount.

Required 2 Solution

375000

645000-270000 = 375000

Required 3 Solution

660000

4680000 - 4020000 = 660000

Required 4 Solution

Depreciation expense is the amount of depreciation reported on the income statement in that particular period.

Accumulated depreciation is total amount o depreciation.

Answer: 502500

420000 + 82500 = 502500

Required 5 Solution

The profits earned till the current date by the company less the dividends paid to the investors is retained earnings.

Ending retained earnings = Beginning retained earnings + Profits/losses - Dividends

Therefore,

Retained earnings, 12/31/x1 = 1548000 + 304500 - 0 = 1852500