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Score: 0 of 20 pts 11 of 14 (14 completa) HW Score: 60.05%, 58.85 of 98 pts X P22-42A (similar to) Roti Hain More Info Oirala Office Supply's March 31, 2018, Lalance sheet follows: (Click the icon ta view the balance sheet) The budgel commille of Omaha Office i (Click the icon to view the data.) i Data Table Requirement 1. Prepare Omaha's sales budget for April and May 2018. Round all amounts to the nearest dolg b. Sales in April are expected to be S120,000. Omaha forecasts that monthly sales will increase 2% over April sales in May. June's sales will increase by 4% over Apri sales. July sales will Increase 20% over April sales Omahe maintains Inventory of $8,000 plus 25% of the cost of goods sold budgeted for the folowing month. Cost of goods sold equal 50% of sales revenue Monthly salaries amount to $9.000. Sales commissions equal 5% of sales for that month Other monthly expenses are as follows: Rant: $3,4010 Depreciation: 5400 - Insurance: 8200 - Income tax: S2, 100 d. Omaha Office Supply Sales Budget April and May, 2018 April May $ 120,000 S 122,400 Tolal budgeted sales Requirement 2. Prepare Omsha's Inventory, purchases, and cost of goods sold budget for April and Mey 30.000 Print Done 15,000 23.000 1,500 5 89,500 May B1.200 Omaha Supply Company Inventory, Purchases, and Cost of Goods Sold Budget April and May, 2018 April Cast of goods sold $ 60,000 $ Plus: Dasira anding merchandise inventory 23,300 Total merchandise inventory required a3,300 Less: Beginning merchandise inventary 25,000 Budgeted Purchases 60,300 $ Omaha Office Supply Balance Sheet March 31, 2018 Assets Current Assats: Cash $ Accounts Receivable Merchandise Inventory Prepaid Insurance Total Current Assets Property Plant, and Equipment: Equipment and Fixtures Less: Acumulated Depreciation Total Assets Liabilities Current Liabilities: Accounts Payable S Salaries and Commissions Payable Total Liabilities Stockholders' Equity Common Stock no par Relained Eaming Total Slackhaldens' Equity 30,000 (24,00) 23,600 6.000 $ 75,500 84,800 23,300 61,500 13,000 8,625 $ 21,925 Requirement 3. Prepare Omaha's selling and administrative axpanse budget for Apri ard May, Omaha Office Supply Selling and Administrative Expense Budget April and May, 2018 April May 21,000 32,575 Variable expenses: 53.574 $ 75,500 This question is complete. Move your cursor over or tap on the red arrows to see incorrect answers. Total abilities and Stockholders' Equity 2 X P22-42A (similar to) IR Audio Hein Moncinin Omalia Office Supply's March 31, 2018, balance sheet foloas. 2 (Click the icon to view the balance sheet.) The budget commillee of Omaha Offic (Click the icon ta view the data.) Data Table &. b. Sales in April are expected to be $120,000. Omaha forecasts that monthly selee will increase 2% over April sales in May June's sales will increase by 4% over April Sales Juty sales will increase 20% wer April sales. Omaha maintains inventory af S4.000 plus 25% of the cost of goods sold budgeted for the following month. Cost of goous sold equal 50% of sales revenue Monthly salaries around to $9,000. Sales commissions ecual 5% of sales for that month. Other monthly expenses are as folows: - Rent $3,400 Depreciation: 8400 Insurance: $200 Income tax: 32,100 May d. Omaha Supply Company Inventory, Purchase, and Coot of Goode Sold Budget April and May, 2018 April Coat of goods sold 1s 60,000 $ Plus: Desired ending merchandise inventory 23 300 Total merchandise inventory required 43300 Les Heginning merchandise inventory 23.000 60.300 3 Budgeted Purchases 61,200 23.600 44.400 23.300 61.500 30.000 15.000 29.000 Print Omaha Office Supply Balance Sheet March 31, 2018 Assets Current Assets: Cash 3 Accounts Receivable Merchandise inventory Prepaid Insurance Total Current Assels Property, Plant, and Equipment: Foulomant and Fixtures Less Accumulated Depreciation Tolal Assets Done 1.500 3 69,500 Requirement 3. Prepare Omaha's saling and administrative expanse budget for April and May Omaha Office Supply Selling and Administrative Expense Budget April and May, 2018 April May 30.000 (24,000) 8,000 75,500 Variable expenses: Commissione Expense $ 6.000 $ 6,120 Liabilities Current Liabilities: 9,000 S Fixed expenses: Salaries Expense Rent Expense Depreciation Experise Accounts Payable Salaries and Commissions Payable 13,000 3.925 3.400 400 9,000 3.400 400 200 Total Liabilities 3 21,925 Insurance Expense 200 Stockholders' Equity 13.000 Total fixed expenses 13.000 Common Stock, no per 21.000 32,575 $ 19,000 19,120 Total selling and administrative expenses Retained Earringe Tocal Stockholders' Equity 53,575 This question is complete. Move your cursor over or tap on the red arrows to see incorrect answers. Total Liabities and Stockholders' Equity $ 75,500 ? P22-42A (similar to) Question Help Omaha Office Suppy's March 31, 2018 balance sheet tolonas: Click the icon to view the balance sheel.) The budget committee of Omaha Office Supply as assembled the following data: i (Click the icon lo view the la More Info Read the wirements Requirement 1. Prepare Omaha's sales budge: for Auri and Way 2018. Round all amounts to the nearest colar. Omaha Office Supply Sales Budget April and May, 2018 A Data Table b. Salee in April are expected to be $140,000. Omshe forecasts that monthly sales will increase 2% over April sales in Way, June's sales will increase by 4% over April Sales July sales wil inancase 20% aver Aarl sales. Omaha maintains inventory of $2,000 plus 25% of the cost of goods sald budgeted for the following month. Cost of goods sold equal 50% of sales revenue. Murithly salaries articunt to S9,000. Sales Comuniciris equal 5% of sales for that month. Olher morihly experises are as follows: Rent: $2,600 Dapreciation: $600 Insurance: S200 Income Lax: S1,700 April May d. Total budgeted sales Omaha Office Supply Balance Sheet March 31, 2018 Assets Curant Assets Print Dane also save this $ 29.000 32.000 25.500 2. 200 Cash Accounts Receivable Marchandise Inventory Prepaid Insurance Total Current Assets Property, Pant, and Equipment Equipment and Fixtures Less. Accumulated Depreciation S 82.700 30,000 (26,000) 4,000 S 86,700 Talaaleset Liabilities Current Liabilities: Accounts Payable Salaries and Commissions Payable Total Liabities S 15,000 7.900 Enter any number in the edit fields and then click Check Answer. ? $ 22,800 2 parts remaining Check Answer Stockholders' Equity P22-42A (similar to) Question Help 0 Date Table Supply has assermbled the following cala: Omaha Office Supply's March 31, 2018, balance sheet follows: (Cick the icon to view the balance sheet.) More Info March 31, 2018 Assets Requirement 1. Prepare Oratra's sales bucget for Auri ard May 2018. Round al and Current Assets 3 23,000 Omaha Office Supply Sales Budget April and May, 2018 April 32,000 25,500 2,200 a. Sales in April are expected to be $140,000. Omaha forecasts that monthly sales will increase 2% over April sales in May, June's sales will increase by 4% over Aarl sales, Juty sales will increase 20% aver Anri alas. b. Omaha maintains inventory of S4.000 plus 25% of the cost of goods sold budgeted for the following month. Cost of goods sold equal 50% of sales revenue. c. Monthly salaries amount to $9.000. Sales commissions equal 5% of sales for that month. d. Other monthly expenses are as follows: Rent: $2,600 Depreciation: $500 Insurance: $200 Income tax: $1,700 May Accounts Receivable Merchandise Inventory Prepaid Insurance Total Current Assets Property, Plant, and Equipment: Equipment and Fixtures Lass: Accumulated Depreciation 22,700 Talal budgeled sales 30,000 uleyse solve the (25,000) 4,000 $ Print 86,700 Done 15,000 7.800 $ Tolal Assale Liabilities Current Lieblities: Accounts Payable S Salaries and Commissions Payable Total Lebles Stockholders' Equity Common Stock, na par Ratained Eamings Total Stockholders' Equity Total Liabilities and Stockholders' Equity 22.800 12,000 45,900 63.900 $ 86.700 Entus any nurrber in the edit fields and then click Check Answer. Print Done
