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Can someone help me figure out what is the cash amount for the balance sheet? Following information relates to Acco Co. a. Beginning cash balance
Can someone help me figure out what is the cash amount for the balance sheet?
Following information relates to Acco Co. a. Beginning cash balance on July 1: $50,000. b. Cash receipts from sales: 30% is collected in the month of sale, 50% in the next month, and 20% in the second month after sale (uncollectible accounts are negligible and can be ignored). Sales amounts are May (actual), $1,720,000; June (actual). $1,200,000; and July (budgeted), $1,400,000. c. Payments on merchandise purchases: 60% in the month of purchase and 40% in the month following purchase. Purchases amounts are: June (actual), $700,000; and July (budgeted), $750,000. d. Budgeted cash payments for salaries in July: $275,000. e. Budgeted depreciation expense for July: $36,000. f. Other cash expenses budgeted for July: $200,000. g. Accrued income taxes due in July: $80,000. h. Bank loan interest paid in July: $6,600. Additional Information: a. Cost of goods sold is 55% of sales. b. Inventory at the end of June is $80,000 and at the end of July is $60,000. c. Salaries payable on June 30 are $50,000 and are expected to be $60,000 on July 31. d. The equipment account balance is $1,600,000 on July 31. On June 30, the accumulated depreciation on equipment is $280,000. e. The $6,600 cash payment of interest represents the 1% monthly expense on a bank loan of $660,000. f. Income taxes payable on July 31 are $30,720, and the income tax rate is 30%. g. The only other balance sheet accounts are Common Stock, with a balance of $600,000 on June 30; and Retained Earnings, with a balance of $964,000 on June 30. Prepare a budgeted income statement for the month of July and a budgeted balance sheet for July 31. Answer is not complete. Complete this question by entering your answers in the tabs below. ACCU CU. Budgeted Balance Sheet As of July 31 Assets Cash $ Accounts receivable 202,400 1,220,000 60,000 Inventory 1,482,400 Total current assets Equipment 1,600,000 316,000 Accumulated depreciation 1,284,000 Total assets 2,766,400 Liabilities and Equity Liabilities Accounts payable $ Salaries payable 300,000 60,000 30,720 Income taxes payable 390,720 660,000 1,050,720 Total current liabilities Bank loan payable Total liabilities Stockholders' Equity Common stock Retained earnings 600,000 1,035,680 Total Stockholders' equity 1,635,680 Total Liabilities and Equity 2,686,400Step by Step Solution
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