Artec Company sells its product for $190 per unit. Its actual and budgeted sales follow. April (actual) May (actuan June (budgeted) July (budgeted) August (budgeted) Units 9,500 2,800 8,000 7,500 4,100 Dollars $1,805,000 532,000 1,520,000 1,425,000 779,000 All sales are on credit Recent experience shows that 24% of credit sales is collected in the month of the sale, 46% in...
Cash Budget The controller of Sonoma Housewares Inc. instructs you to prepare a monthly cash budget for the next three months. You are presented with the following budget information: May June July Sales $130,000 $156,000 $213,000 Manufacturing costs 55,000 67,000 77,000 Selling and administrative expenses 38,000 42,000 47,000 Capital expenditures 51,000 The company expects to sell about 15 % of...
The controller of Sonoma Housewares Inc. instructs you to prepare a monthly cash budget for the next three months. You are presented with the following budget information: May June July Sales $134,000 $159,000 $216,000 Manufacturing costs 56,000 68,000 78,000 Selling and administrative expenses 39,000 43,000 48,000 Capital expenditures _ _ 52,000 The company expects to sell about 12% of its...
Developing a Master Budget for a Merchandising Organization Dils Brother Department Store prepares budgets quarterly. The following information is available for use in planning the second quarter budgets for 2017. Dils Brother Department Store Balance Sheet March 31, 2017 Assets Liabilities and Stockholders' Equity Cash $ 4,000 Accounts payable $31,000 Accounts receivable 31,000 Dividends payable 15,000 Inventory...
You have been asked to prepare the monthly cash budget for June and July for the Merchandise and Mercantile Company. The company sells a unique product that is specially made for it by a major product manufacturer. The selling price is $35.00 per unit. All sales are on account. Merchandise purchases are also on account. The policy of the company...
You have been asked to prepare the monthly cash budget for June and July for the Merchandise and Mercantile Company. The company sells a unique product that is specially made for it by a major product manufacturer. The selling price is $35.00 per unit. All sales are on account. Merchandise purchases are also on account. The policy of the company...
Tried to do some of these and I know I did them wrong. Please help Aztec Company sells its product for $160 per unit. Its actual and budgeted sales follow. Units Dollars April (actual) 4,000 $640,000 May (actual) 1,800 $288,000 June (budgeted) 5,000 $800,000 July (budgeted) 4,000 $799,000 August (budgeted) 3,800 $608,000 ...
Cash Budget The controller of Sonoma Housewares Inc. Instructs you to prepare a monthly cash budget for the next three months. You are presented with the following budget information: May June July Sales $88,000 $106,000 $147,000 Manufacturing costs 37,000 46,000 53,000 Selling and administrative expenses 26,000 29,000 32,000 Capital expenditures - - 35,000 The company expects to sell about 12%...
X-Tel budgets sales of $60,000 for April, $120,000 for May, and $85,000 for June. In addition, sales are 50% cash and 50% on credit. All credit sales are collected in the month following the sale. The April 1 balance in accounts receivable is $18,000. Prepare a schedule of budgeted cash receipts for April, May, and June May June X-TEL Cash...
Aztec Company sells its product for $150 per unit. Its actual and budgeted sales follow. Units Dollars April (actual) 4,500 $ 675,000 May (actual) 2,600 390,000 June (budgeted) 6,000 900,000 July (budgeted) 5,000 899,000 August (budgeted) 4,200 630,000 All sales are on credit. Recent experience shows that 30% of credit sales is collected in the month of the sale, 40%...