I need to do a cash receipts, cash payments, and cash budget, and a budgeted Balance Sheet with the above info.
I did it myself already, but my numbers arent adding up.
Edit: the balance sheet isnt adding up. I'm having trouble on the cash account entry. The wording on the accounts payable/accrued liability calculation is weird(f).Yes, cash is given for the previous quarter at 100,000.
Edit2: Did u make a balance sheet, and then realize it didnt match? If so that is the problem that i have run into as well
Calculation of Cash receipts from Customers | ||
Quarter 1 | ||
Total Budgeted Sales | $1,250,000 | |
Credit Sales | $1,250,000 | |
Total Cash receipts from customer | ||
Credit sales collection in the quarter of sale-80% | $1,000,000 | |
Credit sales collection for the previous quarter | $180,000 | |
Total Cash receipts from customer | $1,180,000 | |
Cash Payments: | ||
Accounts payable | $890,000 | |
Accrued liabilities | $258,200 | |
Prepaid expenses | $40,000 | |
Total Cash payments | $1,188,200 | |
Cash inflow | ($8,200) | |
Opening Balance | $100,000 | |
Cash balance available | $91,800 | |
Addittional Loan (Line of Credit) | $159,000 | |
Ending Balance | $250,800 | |
Accounts payable | ||
Beginning Balance | $150,000 | |
Current credits during the quarter | ||
Inventory (45000/5%) | $900,000 | |
Monthly expenses | $25,000 | |
$925,000 | ||
80% of current credits | $740,000 | |
$890,000 | ||
Accrued Liabilities | ||
Beginning Accrued liabilities | ($100000-$30000) | $70,000 |
Current credits during the quarter | ||
Federal tax | $68,200 | |
Monthly expenses | $240,000 | |
$308,200 | ||
($120,000) | $188,200 | |
$258,200 | ||
Budgeted income statement for the quarter | ||
Amount | ||
Sales Revenue | $1,250,000 | |
Less: Cost of goods sold | $750,000 | |
Gross Profit | $500,000 | |
Operating Expenses | ||
Selling expenses | $150,000 | |
Purchasing expense | $80,000 | |
Administrative expenses | $99,500 | |
Total operating expenses | $329,500 | |
Operating Profit | $170,500 | |
Tax @40% | $68,200 | |
Net Income | $102,300 | |
*bad debts expenses are $24500 ($99500-10000-55000-5500-4500) | ||
Budgeted balance sheet as of March 31, 20X1 | ||
Cash | $250,800 | |
Accounts receivable | $270,000 | |
Allowance for doubtful debts | $39,500 | $230,500 |
Inventory | $400,000 | |
Prepaid expenses | $45,000 | |
Land | $250,000 | |
Fixed Assets | $750,000 | |
Accumulated depreciation | $115,000 | $635,000 |
Total Assets | $1,811,300 | |
Accounts Payable | $185,000 | |
Accrued liabilities | $150,000 | |
Additional loan (line of credit) | $159,000 | |
Common Stock | $1,000,000 | |
Retained Earnings | $317,300 | |
$1,811,300 |
I need to do a cash receipts, cash payments, and cash budget, and a budgeted Balance...
just need help with: the cash budget(8) budgeted income
statement for the entire second quarter (9) and (10) budgeted
balanve sheet
Problem 07-4A Manufacturing: Preparation of a complete master budget LO P1, P2, P3 The management of Zigby Manufacturing prepared the following estimated balance sheet for March 2019 ZIGBY MANUFACTURING Estimated Balance Sheet March 31, 2019 Assets Cash Accounts receivable Raw materials inventory Finished goods inventory Total current assets Equipment Accumulated depreciation Equipment, net Total assets Liabilities and Equity Accounts...
Need Selling & Administrative Expense Budget, Cash Budget,
Budgeted Income Statement for EXCEL.
Schedules to include: a. Sales Budget, with a Schedule of Expected Cash Collections b. Production Budget c. Ending Finished Goods Inventory Budget d. Direct Materials Budget, with a Schedule of Cash Disbursement e. Direct Labor Budget f. Manufacturing Overhead Budget g. Selling & Administrative Expense Budget h. Cash Budget i Budgeted Income Statement Sharp Products is a manufacturing company. It uses absorption costing for budgeting. amount unit...
NEED HELP ON CASH DISBURSEMENTS, CASH BUDGET, INCOME STATEMENT
AND BALANCE SHEET.
INFO BELOW
You have just been hired as a new management trainee buy
earrings and limited, a distributor of earrings to various retail
outlet located in the shopping mall across the country. In the past
they company has done very little in the way of budgeting and at
certain times of the year has experienced a shortage of cash since
you are well trained in budgeting, you have...
Exercise 8-18 Cash Flows; Budgeted Income Statement and Balance Sheet [LO8-2, LO8-3, LO8-9, LO8-10] Wolfpack Company is a merchandising company that is preparing a budget for the month of July. It has provided the following information: Wolfpack Company Balance Sheet June 30 Assets Cash $ 75,000 Accounts receivable 50,000 Inventory 30,000 Buildings and equipment, net of depreciation 150,000 Total assets $ 305,000 Liabilities and Stockholders’ Equity Accounts payable $ 35,300 Common stock 100,000 Retained earnings 169,700 Total liabilities and stockholders’...
Exercise 8-18 (REV) Cash Flows; Budgeted Income Statement and Balance Sheet [LO8-2, LO8-3, LO8-9, LO8-10] Wolfpack Company is a merchandising company that is preparing a budget for the month of July. It has provided the following information: Wolfpack Company Balance Sheet June 30 Assets Cash $ 92,200 Accounts receivable 50,400 Inventory 30,800 Buildings and equipment, net of depreciation 177,000 Total assets $ 350,400 Liabilities and Stockholders’ Equity Accounts payable $ 53,400 Common stock 100,000 Retained earnings 197,000 Total liabilities and...
PLEASE, PLEASE. HELP ME I NEED ANSWER FOR Combined Cash Budget account and Budgeted Manufacturing Cost per Unit account. Please show calculations if possible. Thank you Current assets as of December 31 (prior year): Cash $4,650.00, Accounts receivable, net $57,600.00, Inventory $15,600.00; Property, plant, and equipment, net $121,500.00; Accounts payable $42,800.00; Capital stock $124,500.00; Retained earnings $22,800.00 A: Actual Sales in December were$72,000. Selling price per unit projected to remain stable at $12 per unit throughout the budget period. Sales...
2. Prepare a budgeted balance sheet as of July 31.
Help Save&ExitSubm Check my work halance Sheet June 30 Assets Cash 79,200 68,600 40,200 Accounts receivable Inventory Buildings and equipment,net of depreciation213,000 Total assets Liabilities and Stockholders' Equity Accounts payable Conmon stock 401,000 56,00o 100,000 Total liabilities and stockholders equity s 401,000 Budgeting Assumptions: 1. All sales are on account. Thirty percent of the credit sales are collected in the month of sale and the remaining 70% are collected in...
Problem 8-19 (REV) Cash Budget; Income Statement; Balance Sheet [LO8-2, LO8-4, LO8-8, LO8-9, LO8-10] 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 $ 14,600 Accounts receivable 55,000 Inventory 43,500 Buildings and equipment, net of depreciation 223,000 Total assets $ 336,100 Liabilities and Stockholders’ Equity Accounts payable $ 74,500 Note payable 15,000 Common stock 180,000 Retained earnings 66,600 Total liabilities...
Academic Learning had prepared the following sales budget,
schedule of budgeted cash receipts, and cash budget for 2019:
Academic Learning
Sales Budget
For the Year Ended December 31, 2019
First
Second
Third
Fourth
Quarter
Quarter
Quarter
Quarter
Total
Budgeted tablets to be sold
550
350
1,600
500
3,000
Sales price per unit
$550
$550
$550
$550
$550
Total sales
$302,500
$192,500
$880,000
$275,000
$1,650,000
Schdule of Cash Receipts from Customers
First
Second
Third
Fourth
Quarter
Quarter
Quarter
Quarter
Total
Total...
Exercise 20-32A Merchandising: Cash budget LO P4 Kelsey is preparing its master budget for the quarter ended September 30. Budgeted sales and cash payments for merchandise for the next three months follow:Sales are 20% cash and 80% on credit. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $12,000 in cash; $45,000 in accounts receivable; $4,500 in accounts payable; and a $2,000 balance in loans payable. A minimum cash balance of...