as of december 31

Help Save & Et Subm ssignment Check my work Hillyard Company, an office supplies specialty store, prepares its master budget on a quarterly basis. The following data have been assembled to assist in preparing the master budget for the first quarter a. As of December 31 (the end of the prior quarter, the company's general ledger showed the following account balances Cash Accounts receivable Inventory Building and equipment (net) accounts payable Coman stock Retained learning $ 45.00 234.000 60.000 370.000 93,000 500. 103, 5 702,000 1 702,00 b. Actual sales for December and budgeted sales for the next four months are as follows: December (actual) mory February March April $ 250,000 $ 400,00 $ 600,000 300,000 $ 200,000 c. Sales are 20% for cash and 80% on Credit All payments on credit sales are collected in the month following sale. The accounts receivable at December 31 are a result of December credit sales d. The company's gross margin is 40% of sales in other words, cost of goods sold is 60% of sales) e Monthly expenses are budgeted as follows: salaries and wages. $27,000 per month advertising, $70,000 per month shipping: 5% of sales, other expenses, 3% of sales. Depreciation, including depreciation on new assets acquired during the quarter will be $42,000 for the quarter Each month's ending inventory should equal 25% of the following month's cost of goods sold 9. One-half of a month's inventory purchases is paid for in the month of purchase the other half is paid in the following month n. During February, the company will purchase a new copy machine for $1700 cash. During March, other equipment will be purchased for cash at a cost of $84,500 During January, the company will declare and pay $45,000 in cash dividends Management wants to maintain a minimum cash balance of $30,000. 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 The Interest rate on these loans is % 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 Required: Using the data above, complete the following statements and schedules for the first quarter: 1 Schedule of expected cash collections 2- Merchandise purchases budget 26. Schedule of expected cash disbursements for merchandise purchases Cash budget 4 Prepare an absorption costing income statement for the quarter ending March 31 5. Prepare a balance sheet as of March 31 Complete this question by entering your answers in the tabs below. jured 1 Hered 2A Red 20 Required a Freda Noored Prev 1 of 1 !! Next > arch 5600 $ 300,000 $ 200,000 March Sales are 20% for cash and 80% on credit. All payments on credit sales are collected in the month following sale. The accoun receivable at December are a result of December credit sales d. The company's gross margin is 40% of sales. (in other words, cost of goods sold is 60% of sales) e. Monthly expenses are budgeted as follows: salaries and wages $27.000 per month advertising, $70,000 per month shippin of sales other expenses, 3% of sales. Depreciation, including depreciation on new assets acquired during the quarter, will be $42.000 for the quartet LEach month's ending Inventory should equal 25% of the following month's cost of goods sold. g. One-half of a month's inventory purchases is paid for in the month of purchase, the other half is paid in the following month h. During February, the company will purchase a new copy machine for $1700 cash During March, other equipment will be purc for cash at a cost of $84,500. During January, the company will declare and pay $45,000 in cash dividends 1 Management wants to maintain a minimum cash balance of 530,000. The company has an agreement with a local bank that a the company to borrow in increments of $1000 at the beginning of each month. The interest rate on these loans is 1% per mo 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 Required: Using the data above, complete the following statements and schedules for the first quarter 1 Schedule of expected cash collections 2- Merchandise purchases budget 2-5. Schedule of expected cash disbursements for merchandise purchases 3. Cash budget 4. Prepare an absorption costing income statement for the quarter ending March 31 5. Prepare a balance sheet as of March 31. Complete this question by entering your answers in the tabs below. Required 1 Required 2A Required 28 Required Required 4 Required Complete the schedule of expected cash collections, Schedule of Lapud Cash Collection February March $80.000 224.000 Cash sales Total collection 304 300 Required 2A > Ned> here to sew 2 2 o E2 J. Mal the company to borrow in increments of $1,000 at the beginning and for simplicity we will assume that interest is not compounded. The company would accumulated interest at the end of the quarter. Required: Using the data above, complete the following statements and schedules for the first quarte 1. Schedule of expected cash collections: 2-a. Merchandise purchases budget 2-6 Schedule of expected cash disbursements for merchandise purchases: 3. Cash budget 4. Prepare an absorption costing income statement for the quarter ending March 31, 5. Prepare a balance sheet as of March 31 Complete this question by entering your answers in the tabs below. Required 1 Required 2A Required 28 Required 3 Required 4 Required 5 Complete the merchandise purchases budget. March Quarter Merchandise Purchases Budget Jouary February Budgeted cost of goods sold $ 240 000 $ 360,000 Add desired ending inventory 90.0001 Toalets 330,000 Les beginning inventory 60 000 Required purchases "5400 000 60% contratio=5240 000 15.300.000 25% 590.000 toto wa POM 1 of 1 O Next > O Print elecences g. One-half of a mo h During February, the company will purchase a new copy machine for $1700 cash. During Mar for cash at a cost of $84,500 During January, the company will declare and pay $45,000 in cash dividends. J. Management wants to maintain a minimum cash balance of $30,000. The company has an ag the company to borrow in increments of $1,000 at the beginning of each month. The interest ra and for simplicity we will assume that interest is not compounded. The company would, as far a accumulated interest at the end of the quarter Required: Using the data above, complete the following statements and schedules for the first quarter: 1. Schedule of expected cash collections: 2-a. Merchandise purchases budget 2.6. Schedule of expected cash disbursements for merchandise purchases: 3. Cash budget 4. Prepare an absorption costing income statement for the quarter ending March 31 5. Prepare a balance sheet as of March 31. Complete this question by entering your answers in the tabs below. Regedt Required 2A Required 28 Required Complete the schedule of expected cash disbursements for merchandise purchases Required 4 Required 5 Schedule of Expected Cash Dissements for Merchandise Purchase February March December purchases $ 93,000 January purchases 135.000 135,000 February purchases March purchases Total cash disbursements for purchases Quarter Prey 1 of 1 Next o Using the data above, complete the lo Print References 1 Schedule of expected cash collections: 2-a. Merchandise purchases budget: 2b. Schedule of expected cash disbursements for merchandise purchases: 3. Cash budget 4. Prepare an absorption costing income statement for the quarter ending March 31. 5. Prepare a balance sheet as of March 31 Complete this question by entering your answers in the tabs below. Required 1 Required 2A Required 28 Required 3 Required 4 Required 5 Complete the cash budget. (cash defidency, repayments and interest should be indicated by a minus sig Hillyard Company Cash Budget January February $ 48.000 304.000 March Quarter Beginning cash balance Add collections from customers Total cash available Les cash disbursements Inventory purchases Seling and wrive caponses Equipment purchase Cash Guides Total cash bet En deficiency of cash Financing Borrowing 228,000 129.000 45,000 Total Hang Ending cash balance Prov o 1 of 1 - Next C O Required: Using the data above, complete the following statements and schedu 10 pois 1 Schedule of expected cash collections: 2-a. Merchandise purchases budget: 25. Schedule of expected cash disbursements for merchandise purchases: 3. Cash budget 4. Prepare an absorption costing income statement for the quarter ending March 31. 5. Prepare a balance sheet as of March 31 eBook Complete this question by entering your answers in the tabs below. Print Required 1 Required 2A Required 28 Required 3 Required 4 Required 5 References Prepare an absorption costing income statement for the quarter ending March 31. Hillyard Company Income Statement For the Quarter Ended March 31 Cost of goods sold Selling and admitive expenses Prey 1 of 1 Sipped 2-b. Schedule of expected cash 3. Cash budget 4. Prepare an absorption costing income statement for the quarter ending March 31. 5. Prepare a balance sheet as of March 31 eBook Complete this question by entering your answers in the tabs below. Prim Required 1 Required 28 Required 4 Required 3 Required 2A Required 5 Reference Prepare a balance sheet as of March 31. Hillyard Company Balance Sheet March 31 Assets Current assets Total current assets Total assets Liabilities and Stockholders'Equity Current Babies Stockholders' equilly Totalfabes and stockholders equity