8. Session #2 Graded Assignment 11. 3. centrecht Teory gentot Accountable Costa 1211 $1. 1. The gross margin 25 of sales b. Actual and budgeted sales data urch actual 3, $15. Nily Sales are 80% for cash and 40% on credit Credit sales are collected in the month following sale. The accounts receivable at March 31 are a result of March credit sales d. Each month's ending Inventory should equal 80% of the following mone's budgeted cost of goods sold e One-half of a months inventory purchases is paid for in the month of purchase the other hair is paid for in the following month. The accounts payable at March 31 are the result of March purchases of inventory 1. Monthly expenses are as follows commissions 125 of solescent $2200 per month other expenses cading deprecaon 63 of sales. Assume that these expenses are paid moothly, Depreciation is 5945 per month includes depreciation on new assets Equipment costing $1.400 will be purchased for cash in April h Management would like to maintain a minimum cash balance of at least 54.000 at the end of each month The company has an agreement with a local bank that allows the company to borrow in increments of St.OOO at the beginning of each month, up to total loan balance of $20,000. The interest rate on these loans per month and for smocy we will assume that interest is not compounded. The company would, as far as it is able repay the loan plus accumulated interest at the end of the quarter Required: Using the preceding data Complete the schedule of expected cash collections 2 Complete the merchandise purchases budget and the schedule of expected cash disbursements for merchandise purchases 3. Complete the cash budget 4. Prepare an absorption costing income statement for the quarter ended June 30 5. Prepare a balance sheet as of June 30 Complete this question by entering your answers in the tabs below Required 1 Required 2 Required Required 4 Required Complete the schedule of expected cash collections Quarter ) Schedule of Expected Cash Collections April May June Cash sales 539,000 Credits 10.000 Total collections 550.600 Sales are 60% for cash and 40% on credit Credit sales are collected in the month following sale. The accounts receivable at March 31 are a result of March credit sales d. Each month's ending inventory should equal 80% of the following month's budgeted cost of goods sold e One-half of a month's inventory purchases is paid for in the month of purchase, the other naif is paid for in the following month. The accounts payable at March 31 are the result of March purchases of inventory t. Monthly expenses are as follows commissions, 12% of sales, rent. $2.200 per month other expenses (excluding depreciation 6 of sales. Assume that these expenses are paid monthly Depreciation is $945 per month (includes depreciation on new sett 9. Equipment costing $1.400 will be purchased for cash in April n. Management would like to maintain a minimum cash balance of at least $4.000 at the end of each month. The company has an agreement with a local bank that allows the company to borrow in increments of $1.000 at the beginning of each month, up to total loan balance of $20,000. The interest rate on these loans is 1 per month and for simplicity we will assume that interest is not compounded. The company would as far as it is able, repay the loan plus accumulated interest at the end of the quarter COL Required: Using the preceding data: 1. Complete the schedule of expected cash collections 2. Complete the merchandise purchases budget and the schedule of expected cash disbursements for merchandise purchases 3. Complete the cash budget 4. Prepare an absorption costing income statement for the quarter ended June 30 5. Prepare a balance sheet as of June 30 Complete this question by entering your answers in the tabs below. Required i Required 2 Required Required 4 Required 5 Complete the merchandise purchases budget and the schedule of expected cash disbursements for merchandise purchases Merchandise Purchases Budget April Sune Budgeted cost of goods sold 548.750 52.500 Add desired ending merchandise inventory 42.000 Total needs 00.750 Less beginning merchandise inventory 30 000 Required purchases 351.750 Budgeted cost of goods sold for April 505.000 sales x 75%-548750 Add desired ending inventory for April 552.500 x 305-30.000 Schedule of Expected Cash Disbursements Merchandise Purchases April June March purchases 523175 32T 25.075 3 Al purchases 51.750 May purchases June purchases Total disserents 2 Required: Using the preceding data: 1. Complete the schedule of expected cash collections. 2 Complete the merchandise purchases budget and the schedule of expected cash disbursements for merchandise purchases. 3. Complete the cash budget 4. Prepare an absorption costing income statement for the quarter ended June 30 5. Prepare a balance sheet as of June 30 B0 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Flequired 4 Required Prepare an absorption costing income statement for the quarter ended June 30. erences Shilow Company Income Statement For the Quarter Ended June 30 Cost of goods sold Selling and administrative expenses ssion 2 (Graded Assignment) Required: Using the preceding data: 1. Complete the schedule of expected cash collections 2. Complete the merchandise purchases budget and the schedule of expected cash disbursements for merchandise purchases 3. Complete the cash budget 4. Prepare an absorption costing Income statement for the quarter ended June 30 5. Prepare a balance sheet as of June 30 Complete this question by entering your answers in the tabs below. Required Required 5 Required Required 2 Required a Prepare a balance sheet as of June 20. Show Company Balance Sheet June 30 Assets Current Total current Total Liabilities and Stockholders Equity Stockholders Total and stockholders (Required Type here to search O 8. Session #2 Graded Assignment 11. 3. centrecht Teory gentot Accountable Costa 1211 $1. 1. The gross margin 25 of sales b. Actual and budgeted sales data urch actual 3, $15. Nily Sales are 80% for cash and 40% on credit Credit sales are collected in the month following sale. The accounts receivable at March 31 are a result of March credit sales d. Each month's ending Inventory should equal 80% of the following mone's budgeted cost of goods sold e One-half of a months inventory purchases is paid for in the month of purchase the other hair is paid for in the following month. The accounts payable at March 31 are the result of March purchases of inventory 1. Monthly expenses are as follows commissions 125 of solescent $2200 per month other expenses cading deprecaon 63 of sales. Assume that these expenses are paid moothly, Depreciation is 5945 per month includes depreciation on new assets Equipment costing $1.400 will be purchased for cash in April h Management would like to maintain a minimum cash balance of at least 54.000 at the end of each month The company has an agreement with a local bank that allows the company to borrow in increments of St.OOO at the beginning of each month, up to total loan balance of $20,000. The interest rate on these loans per month and for smocy we will assume that interest is not compounded. The company would, as far as it is able repay the loan plus accumulated interest at the end of the quarter Required: Using the preceding data Complete the schedule of expected cash collections 2 Complete the merchandise purchases budget and the schedule of expected cash disbursements for merchandise purchases 3. Complete the cash budget 4. Prepare an absorption costing income statement for the quarter ended June 30 5. Prepare a balance sheet as of June 30 Complete this question by entering your answers in the tabs below Required 1 Required 2 Required Required 4 Required Complete the schedule of expected cash collections Quarter ) Schedule of Expected Cash Collections April May June Cash sales 539,000 Credits 10.000 Total collections 550.600 Sales are 60% for cash and 40% on credit Credit sales are collected in the month following sale. The accounts receivable at March 31 are a result of March credit sales d. Each month's ending inventory should equal 80% of the following month's budgeted cost of goods sold e One-half of a month's inventory purchases is paid for in the month of purchase, the other naif is paid for in the following month. The accounts payable at March 31 are the result of March purchases of inventory t. Monthly expenses are as follows commissions, 12% of sales, rent. $2.200 per month other expenses (excluding depreciation 6 of sales. Assume that these expenses are paid monthly Depreciation is $945 per month (includes depreciation on new sett 9. Equipment costing $1.400 will be purchased for cash in April n. Management would like to maintain a minimum cash balance of at least $4.000 at the end of each month. The company has an agreement with a local bank that allows the company to borrow in increments of $1.000 at the beginning of each month, up to total loan balance of $20,000. The interest rate on these loans is 1 per month and for simplicity we will assume that interest is not compounded. The company would as far as it is able, repay the loan plus accumulated interest at the end of the quarter COL Required: Using the preceding data: 1. Complete the schedule of expected cash collections 2. Complete the merchandise purchases budget and the schedule of expected cash disbursements for merchandise purchases 3. Complete the cash budget 4. Prepare an absorption costing income statement for the quarter ended June 30 5. Prepare a balance sheet as of June 30 Complete this question by entering your answers in the tabs below. Required i Required 2 Required Required 4 Required 5 Complete the merchandise purchases budget and the schedule of expected cash disbursements for merchandise purchases Merchandise Purchases Budget April Sune Budgeted cost of goods sold 548.750 52.500 Add desired ending merchandise inventory 42.000 Total needs 00.750 Less beginning merchandise inventory 30 000 Required purchases 351.750 Budgeted cost of goods sold for April 505.000 sales x 75%-548750 Add desired ending inventory for April 552.500 x 305-30.000 Schedule of Expected Cash Disbursements Merchandise Purchases April June March purchases 523175 32T 25.075 3 Al purchases 51.750 May purchases June purchases Total disserents 2 Required: Using the preceding data: 1. Complete the schedule of expected cash collections. 2 Complete the merchandise purchases budget and the schedule of expected cash disbursements for merchandise purchases. 3. Complete the cash budget 4. Prepare an absorption costing income statement for the quarter ended June 30 5. Prepare a balance sheet as of June 30 B0 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Flequired 4 Required Prepare an absorption costing income statement for the quarter ended June 30. erences Shilow Company Income Statement For the Quarter Ended June 30 Cost of goods sold Selling and administrative expenses ssion 2 (Graded Assignment) Required: Using the preceding data: 1. Complete the schedule of expected cash collections 2. Complete the merchandise purchases budget and the schedule of expected cash disbursements for merchandise purchases 3. Complete the cash budget 4. Prepare an absorption costing Income statement for the quarter ended June 30 5. Prepare a balance sheet as of June 30 Complete this question by entering your answers in the tabs below. Required Required 5 Required Required 2 Required a Prepare a balance sheet as of June 20. Show Company Balance Sheet June 30 Assets Current Total current Total Liabilities and Stockholders Equity Stockholders Total and stockholders (Required Type here to search O