Receipts |
||
Cash in hand |
9,000.00 |
|
Cash sales |
60,000.00 |
|
Collections from credit sales |
70,000.00 |
|
Accounts receivables of April |
54,000.00 |
|
Bank loan against notes |
20,000.00 |
|
213,000.00 |
||
B.Disbursements |
||
40% payment against purchases in may |
48,000.00 |
|
Accounts payable of April |
63,000.00 |
|
Selling and administrative expenses |
72,000.00 |
|
Notes payable of April paid with interest of100 |
14,600.00 |
|
Purchase of refrigerating equipment |
6,500.00 |
|
204,100.00 |
||
Cash in hand A-B |
8,900.00 |
|
Income statement under absorption costing |
||
method |
||
Sales |
200,000.00 |
|
Less : Cost of goods sold |
||
Opening inventory |
30,000.00 |
|
Add: purchases |
120,000.00 |
|
150,000.00 |
||
Less: Closing inventory |
40,000.00 |
110,000.00 |
Gross margin |
90,000.00 |
|
selling @ administration expenses |
72,000.00 |
|
Depreciation |
2,000.00 |
|
Interest on notes |
100.00 |
74,100.00 |
Net income |
15,900.00 |
|
Balance Sheet as on May |
||
Cash |
8,900.00 |
|
accounts receivables |
70,000.00 |
|
Closing inventory |
40,000.00 |
|
Building and equipment |
207,000.00 |
|
Less: Depreciation |
2,000.00 |
205,000.00 |
Refrigeration equipment |
6,500.00 |
|
Total Assets |
330,400.00 |
|
Accounts payable |
72,000.00 |
|
Notes payable |
20,000.00 |
|
Capital stock |
180,000.00 |
|
retained earnings Opening balance |
42,500.00 |
|
earnings during the year |
15,900.00 |
58,400.00 |
Total liabilities and Stock Holders Equity |
330,400.00 |
|
Receipts |
||
Cash in hand |
9,000.00 |
|
Cash sales |
60,000.00 |
|
Collections from credit sales |
70,000.00 |
|
Accounts receivables of April |
54,000.00 |
|
Bank loan against notes |
20,000.00 |
|
213,000.00 |
||
B.Disbursements |
||
40% payment against purchases in may |
48,000.00 |
|
Accounts payable of April |
63,000.00 |
|
Selling and administrative expenses |
72,000.00 |
|
Notes payable of April paid with interest of100 |
14,600.00 |
|
Purchase of refrigerating equipment |
6,500.00 |
|
204,100.00 |
||
Cash in hand A-B |
8,900.00 |
|
Income statement under absorption costing |
||
method |
||
Sales |
200,000.00 |
|
Less : Cost of goods sold |
||
Opening inventory |
30,000.00 |
|
Add: purchases |
120,000.00 |
|
150,000.00 |
||
Less: Closing inventory |
40,000.00 |
110,000.00 |
Gross margin |
90,000.00 |
|
selling @ administration expenses |
72,000.00 |
|
Depreciation |
2,000.00 |
|
Interest on notes |
100.00 |
74,100.00 |
Net income |
15,900.00 |
|
Balance Sheet as on May |
||
Cash |
8,900.00 |
|
accounts receivables |
70,000.00 |
|
Closing inventory |
40,000.00 |
|
Building and equipment |
207,000.00 |
|
Less: Depreciation |
2,000.00 |
205,000.00 |
Refrigeration equipment |
6,500.00 |
|
Total Assets |
330,400.00 |
|
Accounts payable |
72,000.00 |
|
Notes payable |
20,000.00 |
|
Capital stock |
180,000.00 |
|
retained earnings Opening balance |
42,500.00 |
|
earnings during the year |
15,900.00 |
58,400.00 |
Total liabilities and Stock Holders Equity |
330,400.00 |
|
Please help me check my answers to this accounting
question.
The company is in the process of preparing a budget for May and
has assembled the following data:
a.
Sales are budgeted at $299,000 for May. Of these sales, $89,700
will be for cash; the remainder will be credit sales. One-half of a
month’s credit sales are collected in the month the sales are made,
and the remainder is collected in the following month. All of the
April 30...
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...
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 Accounts receivable Inventory Buildings and equipment, net of depreciation $ 16,500 67,000 32,000 249,000 Total assets $364,600 Liabilities and Shareholders' Equity Accounts payable Note payable Common shares Retained earnings $ 68,750 20,500 180,000 95,250 Total liabilities and shareholders' equity $364,500 The company is in the process of preparing a budget for...
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 $ 16,500 Accounts receivable 67,000 Inventory 32,000 Buildings and equipment, net of depreciation 249,000 Total assets $ 364,500 Liabilities and Stockholders’ Equity Accounts payable $ 68,750 Note payable 20,500 Common stock 180,000 Retained earnings 95,250 Total liabilities and stockholders’ equity $ 364,500 The company is in the process of preparing a...
10 value: 2.50 points 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 Accounts receivable $12,700 66,500 48,500 229,000 Inventory Buildings and equipment, net of depreciation s356,700 Total assets Liabilities and Stockholders' Equity Accounts payable Note payable $67,500 19,100 180,000 Common stock Retained earnings 90,100 $356,700 Total liabilities and stockholders' equity The company is in the process of preparing a...
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 Accounts receivable Inventory Buildings and equipment, net of depreciation $ 10,300 70,000 43,000 227,000 Total assets $350,300 Liabilities and Shareholders' Equity Accounts payable Note payable $86,000 23,000 180,000 Common shares Retained earnings 61,300 350,300 Total liabilities and shareholders' equity The company is in the process of preparing a budget for May...
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 Accounts receivable Inventory Buildings and equipment, net of depreciation $ 16,500 67,000 32,000 249,000 Total assets $364,500 Liabilities and Shareholders' Equity Accounts payable Note payable Common shares Retained earnings $68,750 20,500 180,000 95,250 Total liabilities and shareholders' equity 9364,500 The company is in the process of preparing a budget for May...
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 Accounts receivable Inventory Buildings and equipment, net of depreciation $ 9,500 56,500 53,250 234,000 Total assets $ 353,250 Liabilities and Stockholders' Equity Accounts payable Note payable Common stock Retained earnings $ 79,000 20,000 180,000 74,250 Total liabilities and stockholders' equity $ 353,250 The company is in the process of preparing a...
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 S 16,500 67,000 32,000 249,000 Accounts receivable Inventory Buildings and equipment, net of depreciation $364,500 Total assets Liabilities and Stockholders Equity Accounts payable Note payable S 68,750 20,500 180,000 95,250 Common stock Retained earnings $ 364,500 Total liabilities and stockholders' equity The company is in the process of preparing a budget...
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 $ 9,000 Accounts receivable 54,000 Inventory 30,000 Buildings and equipment, net of depreciation 207,000 Total assets $ 300,000 Liabilities and Stockholders’ Equity Accounts payable $ 63,000 Note payable 14,500 Common stock 180,000 Retained earnings 42,500 Total liabilities and stockholders’ equity $ 300,000 The company is in the process of preparing...