Following is selected information relating to the operations of Shilow Company, a wholesale distributor:
Grades - 20W_LAW1702_344 Bus x 5 Budget Assignment X C Get Homework Help With Chegg x | G how to take a screenshot on win( X + X - C ezto.mheducation.com/hm.tpx?_=0.7273823200526218_1586811456872 N ... :: Apps Translate A Algonquin College.. Homepage - Algon. M McGraw-Hill Conne.. 5 Pearson MyLab and... Course Home Transportation Secu... Current assets as of March 31: Cash $ 25,000 Accounts receivable 38,000 Inventory 68,400 Plant and equipment, net 182,000 Accounts payable 52.400 Capital shares 240,000 Retained earnings 21,000 a. Gross margin is 25% of sales. b. Actual and budgeted sales data are as follows: March (actual) $ 95,000 April 114,000 May 126,000 June 144,000 July 93,000 c. 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. At the end of each month, inventory is to be on hand equal to 80% of the following month's sales needs, stated at cost. e. One-half of a month's inventory purchases are paid for in the month of purchase; the other half are paid for in the following month. The accounts payable at March 31 are a result of March purchases of inventory. Monthly expenses are as follows: salaries and wages, 12% of sales; rent, $5,500 per month; other expenses (excluding depreciation), 6% of sales. Assume that these expenses are paid monthly. Depreciation is $1,800 per month (includes depreciation on new assets). g. Equipment costing $2,400 will be purchased for cash in April. h. The company must maintain a minimum cash balance of $8,000. An open line of credit is available at a local bank. All borrowing is done at the beginning of a month, and all repayments are made at the end of a month; borrowing must be in multiples of $1,000. The annual interest rate is 12%. Interest is paid only at the time of repayment of principal; figure interest on whole months (1/12, 2/12, and so forth). Required: Using the preceding data: O e ENG 5:02 PM US 13/04/2020 F7Grades - 20W_LAW1702_344 Bus x 5 Budget Assignment X C Get Homework Help With Chegg x G how to take a screenshot on win( X + X - C ezto.mheducation.com/hm.tpx?_=0.7273823200526218_1586811456872 N ... i Apps Translate A Algonquin College.. @ Homepage - Algon. M McGraw-Hill Conne. Pearson MyLab and... Course Home Transportation Secu... Required: Using the preceding data: 1. Prepare a schedule of expected cash collections. SHILOW COMPANY Schedule of Expected Cash Collections April May June Quarter Cash sales Credit sales Total cash collections $ 0 $ 0 $ 0 2. Prepare a schedule of inventory purchases and a schedule of expected cash disbursements for purchases. SHILOW COMPANY Schedule of Inventory Purchases Quarter Total needs ENG 5:02 PM US 13/04/2020 F7Grades - 20W_LAW1702_344 Bus X 5 Budget Assignment X C Get Homework Help With Chegg x G how to take a screenshot on win( X + X - C ezto.mheducation.com/hm.tpx?_=0.7273823200526218_1586811456872 N ... i : Apps Translate A Algonquin College... Homepage - Algon. M McGraw-Hill Conne. Pearson MyLab and... Course Home Transportation Secu... SHILOW COMPANY Schedule of Expected Cash Disbursements for Purchases Quarter March purchases April purchases May purchases June purchases Total cash disbursements 0 3. Prepare a schedule of expected cash disbursements for operating expenses. SHILOW COMPANY Schedule of Expected Cash Disbursements for Operating Expenses April May June Quarter Total cash disbursements $ 0 $ 0 $ 0 $ O 9 ENG 5:02 PM US 13/04/2020 F7Grades - 20W_LAW1702_344 Bus x 5 Budget Assignment X C Get Homework Help With Chegg X | G how to take a screenshot on win( X + X - C ezto.mheducation.com/hm.tpx?_=0.7273823200526218_1586811456872 N ... : Apps Translate A Algonquin College.. @ Homepage - Algon. M McGraw-Hill Conne.. Pearson MyLab and... Course Home Transportation Secu.. 4. Prepare a cash budget by month and for the quarter in total. (Any "Repayments" and "Interest" should be indicated by a minus sign.) SHILOW COMPANY Cash Budget April May June Quarter Total cash available 0 0 0 0 Deduct: Disbursements: Total disbursements 0 0 0 0 Excess (deficiency) of cash Financing Total financing 0 0 0 O em ENG 5:02 PM US 13/04/2020 F7Grades - 20W_LAW1702_344 Bus X 5 Budget Assignment X C Get Homework Help With Chegg x G how to take a screenshot on win( X + X - C ezto.mheducation.com/hm.tpx?_=0.7273823200526218_1586811456872 N ... : Apps Translate A Algonquin College.. Homepage - Algon. M McGraw-Hill Conne. Pearson MyLab and... ] Course Home Transportation Secu... 5. Prepare an income statement for the quarter ended June 30. SHILOW COMPANY Income Statement For the Quarter Ended June 30 Deduct: Cost of goods sold: Goods available for sale 0 0 Deduct: Operating expenses 9 9 em 9 ENG 5:02 PM US 13/04/2020 F7Grades - 20W_LAW1702_344 Bus x 5 Budget Assignment X C Get Homework Help With Chegg x | G how to take a screenshot on win( X + X - C ezto.mheducation.com/hm.tpx?_=0.7273823200526218_1586811456872 N ... Apps Translate A Algonquin College.. @ Homepage - Algon. M McGraw-Hill Conne. Pearson MyLab and. Course Home Transportation Secu... 6. Prepare a balance sheet as of June 30. SHILOW COMPANY Balance Sheet as of June 30 Assets Current assets Total current assets Total assets 0 Liabilities and Shareholders' Equity Current liabilities: Stockholders' equity: Total shareholders' equity 0 Total liabilities and shareholders' equity 0 ENG 5:02 PM US 13/04/2020 F7
