25 26 Problem 3: Budgeted Income Statement and Cash Budget Refer to the previous problem 2 for Galaxy Lighting. In addition to the information given in Problem 2, selling and administrative expenses paid in cash are $130,000 per month. Depreciation on the office building is $7700 per 127 month and the September 1 cash balance is expected to be $81,000. 128 129 Required: 1. Prepare a Budgeted Income Statement for September, October, and November (Hint: Calculate cost of goods 130 sold using sales in units from sales budget x purchase cost per unit from Purchases Budget in Problem 2). 131 2. Prepare a monthly Cash Budget for September October, and November. 132 3. What is a non-cash expense and how is it used in budgeting? 133 134 135 186 137 Galaxy Lighting Company Budgeted Income Statement Sept Oct Nov Quarter Total Homework Settings Enter Tune here to search o O Galaxy Lighting Company Budgeted Income Statement Sept Oct Nov Quarter Total 34 15 36 37 38 139 140 141 142 143 144 145 146 147 Galaxy Lighting Company Cash Budget Sept Oct Nov Hint? + yes Sept beginning the balance ven but all the months bei the ENDONG bace from the previous month Hint? yes See Cash Receipt Schedule 148 Beginning Cash Balance 149 150 151 Homework Settings Teady * Type here to search F154 1x fx A B C D Hint? G H See hot bove yes 49 50 51 52 153 Hint? Hint? yes yes See Cinh Post schedule above Selling and admin seninler Hint? 155 156 Ending Cash Balance 157 Oct Self Check: 158 159 Analysis: What is a non-cash expense and how is it used in budgeting? 160 161 162 163 164 165 166 + Questions adapted from Accounting Principles A Business Perspective, Financial Account A Textbook Ety Open College Textbook originally by Hermanson dward and Staher Homework Settings 25 26 Problem 3: Budgeted Income Statement and Cash Budget Refer to the previous problem 2 for Galaxy Lighting. In addition to the information given in Problem 2, selling and administrative expenses paid in cash are $130,000 per month. Depreciation on the office building is $7700 per 127 month and the September 1 cash balance is expected to be $81,000. 128 129 Required: 1. Prepare a Budgeted Income Statement for September, October, and November (Hint: Calculate cost of goods 130 sold using sales in units from sales budget x purchase cost per unit from Purchases Budget in Problem 2). 131 2. Prepare a monthly Cash Budget for September October, and November. 132 3. What is a non-cash expense and how is it used in budgeting? 133 134 135 186 137 Galaxy Lighting Company Budgeted Income Statement Sept Oct Nov Quarter Total Homework Settings Enter Tune here to search o O Galaxy Lighting Company Budgeted Income Statement Sept Oct Nov Quarter Total 34 15 36 37 38 139 140 141 142 143 144 145 146 147 Galaxy Lighting Company Cash Budget Sept Oct Nov Hint? + yes Sept beginning the balance ven but all the months bei the ENDONG bace from the previous month Hint? yes See Cash Receipt Schedule 148 Beginning Cash Balance 149 150 151 Homework Settings Teady * Type here to search F154 1x fx A B C D Hint? G H See hot bove yes 49 50 51 52 153 Hint? Hint? yes yes See Cinh Post schedule above Selling and admin seninler Hint? 155 156 Ending Cash Balance 157 Oct Self Check: 158 159 Analysis: What is a non-cash expense and how is it used in budgeting? 160 161 162 163 164 165 166 + Questions adapted from Accounting Principles A Business Perspective, Financial Account A Textbook Ety Open College Textbook originally by Hermanson dward and Staher Homework Settings