A B C D E F G H 2 Managerial Accounting 3 Professor 4 Student Name 6 1 Sales Budget December January February March Quarter April 9 Sales 280,000 400,000 600,000 300,000 1,300,000 200,000 10 11 2 Schedule of expected cash collections: 12 January February March Quarter 13 Cash sales 80,000 120,000 60,000 260,000 14 Credit sales Formula Formula Formula Formula 15 Total cash collections #VALUE! #VALUE! #VALUE! #VALUE! 16 17 3 Schedule of purchases: 18 19 January February March Quarter 20 Budgeted cost of goods Formula Formula Formula #VALUE! 21 sold 22 Add desired ending 23 inventory Formula Formula Formula Formula 24 Total needs #VALUE! #VALUE! Formula Formula 25 Less beginning inventory 60,000 Formula Formula Formula 26 Required purchases #VALUE! #VALUE! Formula Formula 27 28 b. Disbursements for purchases 29 30 January February March Quarterb. Disbursements for purchases January February March Quarter December purchases Amount Formula January purchases Formula Formula #VALUE! February purchases Formula Formula #VALUE! March purchases Formula Formula Total cash disbursements for purchases #VALUE! #VALUE! #VALUE! #VALUE! 4 for operating expenses: January February March Quarter Salaries and wages 27,000 27,000 27,000 81,000 Advertising 70,000 70,000 70,000 210,000 Shipping 20,000 30,000 15,000 65,000 Other expenses 12,000 18,000 9,000 39,000 Total cash disbursements 129,000 145,000 121,000 395,000 for operating expenses 5 Cash budget: January February March Quarter Cash balance, beginning Amount Formula Formula Formula Add cash collections #VALUE! #VALUE! Formula Formula Total cash available #VALUE! #VALUE! Formula Formula Less disbursements: Purchases of inventory #VALUE! #VALUE! Formula FormulaA B C D E F G 48 49 50 5 Cash budget: 51 January February March Quarter 52 Cash balance, beginning Amount Formula Formula Formula 63 Add cash collections #VALUE! #VALUE! Formula Formula 54 Total cash available #VALUE! #VALUE! Formula Formula 55 Less disbursements: 56 Purchases of inventory #VALUE! #VALUE! Formula Formula 57 Operating expenses 129,000 145,000 121,000 395,000 58 Purchases of 59 equipment* 60 Cash dividends* 61 Total disbursements #VALUE! #VALUE! 121,000 395,000 62 Excess (deficiency) of 63 cash #VALUE! #VALUE! Formula Formula 64 Financing: 65 Borrowing* 66 Repayments* 67 Interest* 68 Total effect of financing Formula Formula Formula 69 Cash balance, ending Formula Formula Formula Formula 70 *Input appropriate formulas or given amountsA B C D E m *lnput appropriate formulas or given amounts T1 ?2 6 Income statement: 1'3 74 HILLYARD COMPANY ?5 Income Statement 7'0 For the Quarter Ended March 31 1'? ?8 Sales Formula r9 Less cost of goods sold: 80 Beginning inventory {given} Formula 81 Add purchases (Part 3) Formula 32 Goods available for sale #VALUE! 83 Ending inventory (Part 3) Formula #VALUE! s4 Gross margin Formula 85 Less operating expenses: so Salaries and wages (Part 4) 81,000 8? Advertising {Part 4) 210,000 88 Shipping {Part 4) 65,000 89 Depreciation Fomula 90 Other expenses (Part 4) 39,000 Formula 91 Net operating income Formula 92 Less interest expense {Part 5) Formula 93 Net income Formula 94 95 96 9? EU 9? 98 7 Balance sheet: 99 'oo HILLYARD COMPANY '01 Balance Sheet '02 31Mar '03 '04 Assets '05 Current assets: '05 Cash Formula '0? Accounts receivable Formula '08 Inventory Formula '09 Total current assets #VALUE! ' '0 Buildings and equipment; ' '1 net Formula . .2 ' '3 Total assets #VALUE! . .4 ' '5 Liabilities and Equity ' 'I3 Current liabilities: ' '? Accounts payable Formula ' '8 Stockholders\" equity: ' '9 Capital stock 500300 '20 Retained earnings" Formula Formula '21 Total liabilities and equity Formula '22 '23 1" Retained earnings; beginning 109:000 '24 Add net income Formula ' 25 Total #VALUE! '2I3 Deduct cash dividends Formula '2? Retained earnings: ending Formula '28