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can you help me with this question? Assets Cash Accounts receivable Inventory Buildings and equipment, net Total assets Liabilities and Stockholders' Accounts payable Common stock
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Assets Cash Accounts receivable Inventory Buildings and equipment, net Total assets Liabilities and Stockholders' Accounts payable Common stock Retained earnings Deacon Coapany Balance Sheet 31 S 68, gee 122,eee 122, see 289 leg, zee 115 , zee 127, zee se,eee of depreciation Equity Total liabilities and stockholders' Budgeted Incone Statements Sales Cost of goods sold Gross margin Selling and administrative expenses equ ity April 182,eee 72, see 192,eee ss,see 34, eee 289 , ze S 96, 78 , see 2e, see see 7e,eee 212,eee 81, 23, see see wet operating income Budgeting Assumptlons: d. 60% of sales are cash sales and 40% of sales are credit sales. Twenty percent of all credlt sales are collected In the month of sale and the remalnlng 80% are collected In the month subsequent to the sale. b. audgeted sales for July are $222000_ c. 10% of merchandlse Inventory purchases are paid In cash at the Ilme of the purchase. The remalnlng of purchases are credit purchases All purchases on credlt are pold In the month subsequent to the purchase The accounts payable at March 31 will be pold In AprlL d. Each month's ending merchandise Inventory should equal SIO,OOO plus 50% of the next month's cost of goods sold. e. Depreciation expense Is $1,300 per month. All other selling and admlnlstratlve expenses are pald In full In the month the expense l: Incurred Requlred: 1. Calculate the expected cash collectlons for Aprll. May. and June. 2 Calculate the budgeted merchandise purchases for Aprll, May, and June. 3. Calculate the expected cash disbursements for merchandlse purchases for Aprll. May. and June. 4. Prepare a budgeted balance sheet at June 30th. {Hint: You need to calculate the cash pald for selllng and admlnlstratlve expenses during Aprll. May. and June to determlne the cash balance In your June 30th balance sheet) Complete this question bv entering your answers in the tabs below. R u Ted 1 Requ Ted 2 Requ Ted 3 Requ Ted 4 Calculate the expected cash collections for April, May, and June. Total cash collections
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