Question

please complete the income statements and balance sheets. I need to conpare with what I’ve done to see if they are correct. Excel fucntions will need to correctly update with any changes to both finacial statements. Thank you!!

The income statements and balance sheets need to be completed.sections highlighted in Orange) from the schedules and cash budget pages peovided.

Table 6.2 PDC Company Operating Schedules and Cash Budget (A) SALES SCHEDULE APRIL TO AUGUST JULY JULY JUNE MAY MARCH APRIL 115.000 92,000 552 000 184,000 73600 138.000 Schedule 1: Sales Forecast 115,000 92,000 46,000 55,200 Credit sales, 40 % Cash sales, 60%-4) 46,000 36,800 69.000 82,800 110.400 69,000 55,200 Schedule 2: Cash Collections 69,000 82,800 Cash sales this month 110 400 69,000 55.200 73.600 46.000 100% of last month's credit sales 35,800 105.800 124,200 156,400 Total collections 156.400 (B) PURCHASES SCHEDULE APRIL TO JULY JULY JUNE MAY MARCH APRIL Schedule 3: Purchases 97,520 Ending inventory 110.400 110.400 123,280 149,040 386,400 96,600 80.500 Cost of goods sold 64,400 80.500 128,800 Total needed 207,000 178,020 174,800 229,540 252,080 Beginning inventory 97,520 -9.040 -23.280 -10,400 -10.400 Purchases 77,280 119,140 103.040 83,720 67,620 Schedule 4: Purchase Disbursements 50% of last month's purchases 38,640 58,570 51,520 41.860 50% of this month's purchases Disbursements for purchases 59,570 51,520 41,860 33,810 75,670 98,210 111.090 93,380 (C) WAGES AND COMMISSIONS SCHEDULE APRIL TO JULY MARCH APRIL MAY JUNE JULY Schedule 5: Wages and Commissions Wages, all fixed 5,750 5,750 5,750 5,750 5,750 Commissions (15% of 13,800 current sales) 17,250 23.000 27,600 20,700 17,250 Total 19,550 33,350 26,450 23,000 105 800 Schedule 6 Disbursements-Wages and Commissions 50% of last month's expenses 9.775 11.500 11,500 16,675 13225 29.900 13,225 50% of this month's expenses 16675 11.500 Total 21,275 28,175 24,725 Table 6.2 PDC Company Operating Schedules and Cash Budget (Continued) (D) CASH BUDGET JULY JUNE MAY APRIL 23,000 23,000 23,000 Beginning cash balance Cash receipts 23,000 124,200 156,400 156,400 105,800 Collections from customers Total cash available for needs before 147,200 179,400 179,400 128,800 financing Cash disbursements: 75,670 93,380 98,210 11,090 Merchandise 24,725 29,900 21,275 28,175 Wages and commissions Miscellaneous expenses 6,900 5,750 9,200 5,750 4,600 4,600 4,600 4,600 Rent 0 0 6,900 Truck purchase 110,745 134,780 136.735 153,065 Total disbursements 23,000 23,000 23,000 23,000 Minimum cash balance desired 133,745 157,780 176,065 159.735 Total cash needed 21,620 13,455 3,335 -30,935 Excess of total cash Financing New borrowing 0 0 0 30,935 21,199 6,865 2,871 Repayments 6,865 28,064 30,935 Loan balance 421 103 464 0 Interest Total effects of financing -6,968 -3,335 -21,620 30,935 23,000 29,487 23,000 Cash balance 23,000 Hi39 A 8 C F G 103 PDC COMPANY PROJECTED INCOME STATEMENTS 104 March April May July June 105 Sales 106 COGS 107 Gross margin 108 Operating expenses 109 Wages and commissions 110 Rent 111 Miscellaneous expenses 112 Insurance 0.460 Depreciation 114 Total operating expenses 115 Income from operations Interest expense 113 1.150 116 117 Net income 118 H 137 PDC COMPANY PROJECTED BALANCE SHEETS 138 (March is given on page 195, table 6.1) March April May June July 139 Current assets 140 Cash Cash budget 141 Accounts receivable 142 Merchandise inventory Prepaid insurance 44Total current assets 43 Change from l/s sum 145 Plant Equipment, fixtures, and other Accumulated depreciation 14 Net plant, property, and equipment change from cash budget (truck) change from 1/S 146 147 sum 149 Total assets sum 150 151 Current liabilities Accounts payable 152 Sheet CASE Merchandise inventory Prepaid insurance 144 Total current assets 143 Change from 1/S Sum 145 Plant Equipment, fixtures, and other Accumulated depreciation 14 Net plant, property, and equipment 140 change from cash budget (truck) change from /s 147 sum 14 Total assets Sum 150 151 Current liabilities 152 Accounts payable 151 Accrued wages and commissions payable 154 Loan Cash budget 155 Total current liabilities sum 156 Owners' equity 157 Total liabilities and equity sum

Answer 1

PDC Company Projected Income Statements March April July May June 1,15,000 $ Sales 92,000 $ 1,84,000 $ 1,38,000 $ 1,15,000 $ -64,400 $ -1,28,800 $ -96,600 $ COGS -80,500 -80,500 $ Gross Margin 55,200 $ 41,400 $ 27,600 34,500 34,500 Operating expenses -33,350 $ -19,550 $ -23,000 $ -23,000 Wages and Commissions -26,450 $ -4,600 $ -4,600 $ S Rent -4,600 -4,600 -4,600 Miscellaneous expenses $ -4,600 $ -460 $ -5,750 $ -6,900 $ -5,750 -9,200 $ -460 $ 0.46 $ S Insurance -460 -460 -460 -1,150 $ 1.15 $ -1,150 $ -1,150 $ Depreciation -1,150 -1,150 Total Operating expenses -48,760 $ -30,360 $ -34,960 -39,560 -34,960 Income from Operations -460 $ 6,440 $ S -460 -2,760 1,840 421 $ -464 -103 Interest expense -563 Net Income 2,760 -460 5,976 1.419

PDC Company Projected Income Statements March April July Мay June Current Assets 23,000 $ 23,000 $ 23,000 $ 23,000 S Cash 29,487 73,600 $ Accounts Receivable S 36,800 $ 46,000 $ S 55,200 46,000 1,23,280 $ 3,220 $ Merchandise Inventory 1,10,400 $ 1,10,400 $ 1,49,040 $ 97,520 Prepaid Insurance 4,140 $ 3,680 $ 2,760 2,300 $ $ Total Current Assets 1,74,340 2,21,720 $ 1,91,360 2,23,100 $ 1,75,307 Plant 92,000 $ 92,000 $ 85,100 $ 92,000 $ Equipment, Fixtures and others 92,000 Accumulated Depreciation -31,740 $ -29,440 $ -30,590 $ -32,890 -34,040 55,660 $ $ Net Property, Plant and Equipment 61,410 $ 60,260 59,110 57,960 Total Assets 2,30,000 2,83,130 $ 2,83,360 2,50,470 2,33,267 Current Liabilities 51,520 $ 41,860 $ Accounts Payable S 59,570 $ 33,810 38,640 Accrued Wages and Commission Payable 11,500 $ 30,935 $ 13,225 $ 9,775 16,675 11,500 28,064 6,865 Loan 1,02,005 $ 96,259 $ Total Current Liabilities S 61,950 $ 48,415 45,310 Owner's Equity 1,87,101 $ 1,81,585 $ 1,81,125 $ 1,88,520 $ 1,87,957 Total Liabilities and Owner's Equity $ 2,30,000 $ 2,83,360 $ 2,83,130 $ 2,50,470 $ 2,33,267