A)
Particulars | October | November | December |
Sales | $ 90,000 | $ 1,10,000 | $ 1,30,000 |
Credit sales | $ 54,000 | $ 66,000 | $ 78,000 |
Cash sales | $ 36,000 | $ 44,000 | $ 52,000 |
Cash colletions | |||
Cash sales | $ 36,000 | $ 44,000 | $ 52,000 |
Credit sales colletion | |||
15% in the month of sales | $ 8,100 | $ 9,900 | $ 11,700 |
72% next month of sales | $ 25,920 | $ 38,880 | $ 47,520 |
11% in 2 months | $ 4,620 | $ 3,960 | $ 5,940 |
Total Collcetions | $ 74,640 | $ 96,740 | $ 1,17,160 |
B)
Particulars | October | November | December |
Sales | $ 90,000 | $ 1,10,000 | $ 1,30,000 |
Cost of goods sold @ 55% of sales | $ 49,500 | $ 60,500 | $ 71,500 |
Add: Closing stock | $ 20,000 | $ 20,000 | $ 20,000 |
Less: Opening stock | $ (20,000) | $ (20,000) | $ (20,000) |
Purchase | $ 49,500 | $ 60,500 | $ 71,500 |
Payment | |||
65% in the month of purchase | $ 32,175 | $ 39,325 | $ 46,475 |
35% in one month | $ 11,550 | $ 17,325 | $ 21,175 |
Total payments | $ 43,725 | $ 56,650 | $ 67,650 |
C)
Particulars | October | November | December |
Sales | $ 90,000 | $ 1,10,000 | $ 1,30,000 |
Salaries and wages | |||
26% of sales | $ 23,400 | $ 28,600 | $ 33,800 |
Othe operating costs | $ 4,100 | $ 4,100 | $ 4,100 |
Total cash expenses | $ 27,500 | $ 32,700 | $ 37,900 |
Total cash disbursements | |||
Particulars | October | November | December |
Purchases | $ 43,725 | $ 56,650 | $ 67,650 |
Operating expense | $ 27,500 | $ 32,700 | $ 37,900 |
Total cash disbursments | $ 71,225 | $ 89,350 | $ 1,05,550 |
D)
Cash Budget | |||
Particulars | October | November | December |
Opening | $ 21,000 | $ 24,415 | $ 31,805 |
Sales collection | $ 74,640 | $ 96,740 | $ 1,17,160 |
Less: | |||
Purchases | $ 43,725 | $ 56,650 | $ 67,650 |
Operating expense | $ 27,500 | $ 32,700 | $ 37,900 |
Total | $ 71,225 | $ 89,350 | $ 1,05,550 |
Closing balace | $ 24,415 | $ 31,805 | $ 43,415 |
E) Statement of profit and loss for the quarter-end December 31.
Particulars | October | November | December | Total |
Sales | $ 90,000 | $ 1,10,000 | $ 1,30,000 | $ 3,30,000 |
Cost of goods sold | $ 49,500 | $ 60,500 | $ 71,500 | $ 1,81,500 |
Gross profit | $ 40,500 | $ 49,500 | $ 58,500 | $ 1,48,500 |
Other expenses | ||||
Salaries and wages | $ 23,400 | $ 28,600 | $ 33,800 | $ 85,800 |
Othe operating costs | $ 4,100 | $ 4,100 | $ 4,100 | $ 12,300 |
Bad debts | $ 1,080 | $ 1,320 | $ 1,560 | $ 3,960 |
Depreciation | $ 720 | $ 720 | $ 720 | $ 2,160 |
Interest accrued | $ 292 | $ 292 | $ 292 | 875 |
Total expenses | 29,592 | 35,032 | 40,472 | 1,05,095 |
Net Income | 10,908 | 14,468 | 18,028 | 43,405 |
F) Balance sheet December 31,2019
Current assets | |
Cash | $ 43,415 |
Accounts receivable ( | $ 72,000 |
Inventory | $ 20,000 |
Equipment | $ 1,16,915 |
Total assets | $ 2,52,330 |
Current Liabilities | |
Acounts payable | $ 25,025 |
Interest payable (2625+875) | $ 3,500 |
Notes payable | $ 70,000 |
Common stock | $ 35,000 |
Retained earnings( 75400+43405) | $ 1,18,805 |
Total liabilities and equity | $ 2,52,330 |
Receivables:
November credit sales | |
11% in 2 months (66000*11%) | $ 7,260 |
December credit sales | |
72% next month of sales | $ 56,160 |
11% in 2 months | $ 8,580 |
Closing balance | $ 72,000 |
Willow ng 1. Balance sheet og information is available for the Barkery, a gourmet pet food and toys stepe Ce...
The following information is available for the Barkery, a gourmet pet food and toys store: 1. Balance sheet information as of September 30, 2019: $ 21,000 31,360 20,000 119,075 Current Assets Cash Accounts Receivable Inventory Equipment (net) Current Liabilities Accounts Payable Interest Payable Notes Payable Common stock Retained earnings 7,200 3,188 85,000 35,000 61,047 2. Recent and anticipated sales: August September October November December $50,000 $40,000 $70,000 $90,000 $110,000 3. Credit sales: Sales are 80% for credit and 20% cash....
The following information is available for the Barkery, a gourmet pet food and toys store: 1. Balance sheet information as of September 30, 2019: $ 21,000 31,360 20,000 119,075 Current Assets Cash Accounts Receivable Inventory Equipment (net) Current Liabilities Accounts Payable Interest Payable Notes Payable Common stock Retained earnings 7,200 3,188 85,000 35,000 61,047 2. Recent and anticipated sales: August September October November December $50,000 $40,000 $70,000 $90,000 $110,000 3. Credit sales: Sales are 80% for credit and 20% cash....
The following information is available for the Barkery, a gourmet pet food and toys store: 1. Balance sheet information as of September 30, 2019: $ 21,000 28,140 20.000 119,075 Current Assets Cash Accounts Receivable Inventory Equipment (net) Current Liabilities Accounts Payable Interest Payable Notes Payable Common stock Retained earnings 13,500 3,375 90.000 35,000 46,340 2. Recent and anticipated sales: August September October November December $60,000 $50,000 $80,000 $100,000 $120,000 3. Credit sales: Sales are 70% for credit and 30% cash....
In-class Assessment - Thursday, November 14, 2019 The following information is available for the Barkery, a gourmet pet food and to Cod and toys store: 1. Balance sheet information as of September 30, 2019: $ 21,000 34.500 20.000 119,075 Current Assets Cash Accounts Receivable Inventory Equipment (net) Current Liabilities Accounts Payable Interest Payable Notes Payable Common stock Retained earnings 11.550 2,625 70,000 35.000 75,400 2. Recent and anticipated sales: August September October November December $70,000 $60,000 $90,000 $110,000 $130,000 3....
In-class Assessment - Thursday, November 14, 2019 The following information is available for the Barkery, a gourmet pet food and toy food and toys store: 1. Balance sheet information as of September 30, 2019: $ 21,000 34.500 20,000 119,075 Current Assets Cash Accounts Receivable Inventory Equipment (net) Current Liabilities Accounts Payable Interest Payable Notes Payable Common stock Retained earnings 11.550 2,625 70,000 35.000 75,400 2. Recent and anticipated sales: August September October November December $70,000 $60,000 $90,000 $110,000 $130,000 3....
I already have 1-4
In-class Assessment - Thursday, November 14, 2019 The following information is available for the Barkery, a gourmet pet food and to Cod and toys store: 1. Balance sheet information as of September 30, 2019: $ 21,000 34.500 20.000 119,075 Current Assets Cash Accounts Receivable Inventory Equipment (net) Current Liabilities Accounts Payable Interest Payable Notes Payable Common stock Retained earnings 11.550 2,625 70,000 35.000 75,400 2. Recent and anticipated sales: August September October November December $70,000 $60,000...
Garmin Store prepares budgets quarterly. The following information is available for use in planning the second quarter budgets for 2019. Balance Sheet March 31, 2020 Assets Cash $ 2,000 Accounts receivable 25,000 Inventory 29,400 Prepaid Insurance 2,000 Net Fixtures 25,000 Total Assets $ 83,400 Liabilities Accounts payable 25,480 Dividends payable 6,000 Total Liabilities $ 31,480 Stockholders' Equity Common Stock $ 14,920 Retained Earnings 37,000 51,920 Total liabilities and Stockholders' equity $ ...
Please show excel formula references/formulas
First Store prepares budgets quarterly. The following information is available for use in planning the second quarter budgets for 2020. Balance Sheet March 31, 2020 Assets Cash Accounts receivable Inventory Prepaid Insurance Net Fixtures Total Assets 2,000 25,000 29,400 2,000 25,000 83,400 Liabilities 25,480 6,000 31,480 Accounts payable Dividends payable Total Liabilities Stockholders' Equity Common Stock Retained Earnings Total liabilities and Stockholders' equity $ 14,920 37,000 51,920 83,400 $ Sales Revenue Month January February March...
Garda purchased $570,000 of merchandise in August and expects to purchase $790,000 in September. Merchandise purchases are paid as follows: 20% in the month of purchase and 80% in the following month. Compute cash payments for merchandise for September. GARDA Cash payments for Merchandise (Budgeted) For Month Ended September 30 Cash payments for September purchases Cash payments for August purchases Total budgeted cash payments Foyert Corp. requires a minimum $6,300 cash balance. If necessary, loans are taken to meet this...
oyert Corp. requires a minimum $6,800 cash balance. Loans taken to meet this requirement cost 1% interest per month (paid monthly). Any excess cash is used to repay loans at month-end. The cash balance on October 1 is $6,800 and the company has an outstanding loan of $2,800. Forecasted cash receipts (other than for loans received) and forecasted cash payments (other than for oan or interest payments) follow. Cash receipts Cash payments October $22,880 25,200 November $16,899 15,899 December $20,800...