Hi this for the remaining parts uploaded again the question pleade help?
updated here are the cash receipts and payment please help?
govem The Gavin Tire Company manufactures racing tires for bicycles. Gavin sells tres for 570 each. Gavin is Other data for Gavin Tire Company planning for the next year by developing a master budget by Quarters. Gavin's balance sheet for December Click the icon to view the other data) 31. 2018, follows: Click the icon to view the balance sheet.) Read the resuirements manufacturing overens unge, S OOS SOIG DUS song and some expense o r canon, can paymes, and can allocated based on direct labor hours. Round all calculations to the nearest dollar Begin by preparing the sales budget Gavin Tre Company tales Budget For the Year Ended December 31, 2019 Ft Second Third Quarter Quarter Quarter 1.200 1,400 1.600 Quarter Bugheres to be sold $ S 112.000 120.000 420.000 4000 8.000 $ $ Prepare the production budget Review the dont you above Check A . (Unless otherwise noted, assume all of the following events occurred during 2018 and that any balances given are stated as of December 31, 2018.) a. Budgeted sales are 1,200 tires for the first quarter and expected to increase by 200 tires per quarter. Cash sales are expected to be 20% of total sales, with the remaining 80% of sales on account. b. Finished Goods Inventory on December 31, 2018 consists of 400 tires at $25 each. c. Desired ending Finished Goods Inventory is 20% of the next quarter's sales, first quarter sales for 2020 are expected be 2,000 tires. FIFO inventory costing method is used d. Raw Materials Inventory on December 31, 2018, consists of 800 pounds of rubber compound used to manufacture the tires. e. Direct materials requirements are 2 pounds of a rubber compound per tire. The cost of the compound is $7.00 per pound. 1. Desired ending Raw Materials Inventory is 40% of the next quarter's direct materials needed for production; desired ending inventory for December 31, 2019 is 800 pounds, indirect materials are insignificant and not considered for budgeting purposes. Each tire requires 0.60 hours of direct labor, direct labor costs average $16 per hour. h. Variable manufacturing overhead is $1 per tire. 1. Fixed manufacturing overhead includes $2,000 per quarter in depreciation and $14,500 per quarter for other costs, such as utilities, insurance, and property taxes, 1. Fixed selling and administrative expenses include $13,000 per quarter for salarios: $5,100 per quarter for above rent; $1,050 per quarter for insurance; and $1,500 per quarter for depreciation k. Variable selling and administrative expenses include supplies at 3% of sales. RS Gavin Tire Company Balance Sheet December 31, 2018 Assets muta ocate I, schedule egin b Current Assets: Cash Accounts Receivable 40,000 22,000 5,600 Raw Materials Inventory 10,000 77,600 Budget Sales Finished Goods Inventory Total Current Assets Property, Plant, and Equipment: Equipment Less: Accumulated Depreciation SSL Total s 168,000 (77,000) Prepare 91.000 Total Assets $ Review 168,600 Liabilities (77,000) 91,000 Less: Accumulated Depreciation 168,600 Total Assets Liabilities 17,000 Current Liabilities: Accounts Payable Stockholders' Equity Common Stock, no par Retained Earnings Total Stockholders' Equity 130,000 21,600 151,600 168,600 Total Liabilities and Stockholders' Equity prus, ana Requirements 1. Prepare Gavin's operating budget and cash budget for 2019 by quarter. Required schedules and budgets include: sales budget, production budget, direct materials budget, direct labor budget, manufacturing overhead budget, cost of goods sold budget, selling and administrative expense budget, schedule of cash receipts, schedule of cash payments, and cash budget Manufacturing overhead costs are allocated based on direct labor hours. Round all calculations to the nearest dollar. 2. Prepare Gavin's annual financial budget for 2019, including budgeted income statement and budgeted balance sheet. ers' Eq Cash Receipts from Customers First Quarter Total sales Second Quarter 98,000 Second Quarter 84,000 Third Quarter 112,000 Third Quarter Total 420,000 Fourth Quarter 126,000 Fourth Quarter First Quarter Total 22,000 Cash Receipts from Customers: Accounts Receivable balance, December 31, 2018 1st Qtr.-Cash sales 1st Qtr-Credit sales, collection of Qur. 1 sales in Qur. 12 1st Otr-Credit sales collection of Otr 1 sales in D 2 he way to many M O ULIUS I CO Tu vyuids. Gavili seilsures IUI S7 edin. Gavili is anning for the next year by developing a master budget by quarters. Gavin's balance sheet for December 1. 2018, follows: (Click the icon to view the balance sheet.) the data for Gavin (Click the icon to Read the requirement 1st Qtr.-Credit sales, collection of Qtr. 1 sales in Qtr. 2 2nd Qtr.-Cash sales 2nd Qtr.Credit sales, collection of Qtr. 2 sales in Qtr. 2 2nd Qur-Credit sales, collection of Qtr. 2 sales in Qtr. 3 3rd Qur.-Cash sales 3rd Qtr.-Credit sales, collection of Qtr. 3 sales in Qtr. 3 3rd Qtr.-Credit sales, collection of Qtr. 3 sales in Qtr. 4 4th Qtr.-Cash sales 4th Qtr.-Credit sales, collection of Qtr. 4 sales in Qtr. 4 Total cash receipts from customers Accounts Receivable balance, December 31, 2019: 4th Otr d it sans enlloctinn of Otr 4 salas 1st Qtr.-Credit sales, collection of Qtr. 1 sales in Qtr. 2 2nd Qtr.-Cash sales 2nd Qtr.--Credit sales, collection of Qtr. 2 sales in Qtr. 2 2nd Qtr.--Credit sales, collection of Qtr. 2 sales in Qtr. 3 3rd Qtr.-Cash sales 3rd Qtr.-Credit sales, collection of Qtr. 3 sales in Qtr. 3 3rd Qtr.-Credit sales, collection of Qtr. 3 sales in Qtr. 4 4th Qtr.-Cash sales 4th Qtr-Credit sales, collection of Qtr. 4 sales in Qtr. 4 Total cash receipts from customers Accounts Receivable balance, December 31, 2019: 4th Or Credit als lection of Oir 4 salas number in the edit fields and then click Check Answer Read the requirements. (Click the icon to view the balance sheet.) 2nd Qtr-Cash sales 2nd Qtr.-Credit sales, collection of Qtr. 2 sales in Qtr. 2 2nd Qtr.-Credit sales, collection of Qtr. 2 sales in Qtr 3 3rd Qtr-Cash sales 3rd Qtr.-Credit sales, collection of tr. 3 sales in Qtr. 3 3rd Qtr - Credit sales, collection of tr. 3 sales in Qtr. 4 4th Qtr-Cash sales 4th Qtr.-Credit sales, collection of tr. 4 sales in Qtr. 4 Total cash receipts from customers Accounts Receivable balance, December 31, 2019: 4th Qur-Credit sales, collection of Qtr. 4 sales in Qtr. 1 of 2020 then click check Answer Direct Materials Budget For the Year Ended December 31, 2019 First Second Quarter Quarter 1,080 1,440 Third Fourth Quarter Quarter Total 1,640 1,840 6,000 Budgeted tires to be produced 2,880 3.680 12,000 800 800 1.152 3,280 1,472 4,752 1,312 3,440 4.480 12,800 800 1,152 1,472 3,008 Direct materials per tire Direct materials needed for production 2,160 Plus: Desired direct materials in ending inventory Total direct materials needed 3,312 800 Less: Direct materials in beginning inventory Budgeted purchases of direct materials Direct materials cost per pound Budgeted cost of direct materials then it fields and then click Check Answer. 12,000 2,512 3,040 7.00 21.280 7.00 24,080 $ $ 7.00 $ 21,056 $ 7.00 84.000 $ $ collection of Piony o UTC year by developing a master budget by quarters. Gridley's balance sheet for December 31, 2018, follows: (Click the icon to view the balance sheet.) (Click the icon to view the other data) Read the requirements Cash Payments collection of s. collection of First Second Quarter Third Quarter Fourth Quarter Quarter Total 240 os, collection of Total direct materials purchases First Fourth from customers Second Quarter Third Quarter Quarter Total Quarter able balance, Dec ales, collection of Cash Payments Direct Materials: Enter any number in the edit fields and then click Check Answer Check Answer Close Clear All Skip Ahead Choo er in the edit fields 12 parts 12 remaining SOF (Click the avin Tire Company manufactures racing tires for bicycles. Gavin sells tires for $/0 each. U. ng for the next year by developing a master budget by quarters. Gavin's balance sheet for December 18, follows: Click the icon to view the balance sheet.) Read the reg! Manufacturing Overhead Budget For the Year Ended December 31, 2019 First Second Third Quarter Quarter Quarter 1,080 1,440 Fourth Quarter Total 6,000 Budgeted tires to be produced 1,840 1,640 $ 1,080 $ 1,440 $ 1,640 $ 1,840 $ 6,000 VOH cost per tire Budgeted VOH Budgeted FOH Depreciation Utes, Insurance, property taxes 2,000 14,500 16,500 17,580 2,000 14,500 16,500 17,940 2,000 14,500 16,500 18,140 2,000 14,500 16,500 18,340 8,000 58,000 66,000 Total budgeted FOH Budgeted manufacturing overhead costs $ $ $ $ 72.000 Enter any number in the edit fields and then click Check Answer 10 mins parts Clear All W os collection of Review the manufacturing overhead budget you prepared above hes, collection of First es Second Quarter Third Quarter Fourth Quarter Quarter Total ales, collection of s from customers Manufacturing Overhead: Variable manufacturing overhead Utilities, insurance, property taxes ivable balance, Det sales, collection of Total payments for manufacturing overhead Enter any number in the edit fields and then click Check Answer. Check Answer Close Skip Ahead Clear All nber in the edit fields 10 parts 0 remaining ing 8 go pa F2 * OUR W icon to view the balance sheet.) Wo icon to view the other data) Read the requirements s, collection of es, collection of First Second Quarter Quarter Third Quarter Fourth Quarter Total as, collection of Income Taxes: from customers Total payments for income taxes Capital Expenditures: able balance, Dec les, collection of Total payments for capital expenditures har in the edit fields and then click Check Answer. govem The Gavin Tire Company manufactures racing tires for bicycles. Gavin sells tres for 570 each. Gavin is Other data for Gavin Tire Company planning for the next year by developing a master budget by Quarters. Gavin's balance sheet for December Click the icon to view the other data) 31. 2018, follows: Click the icon to view the balance sheet.) Read the resuirements manufacturing overens unge, S OOS SOIG DUS song and some expense o r canon, can paymes, and can allocated based on direct labor hours. Round all calculations to the nearest dollar Begin by preparing the sales budget Gavin Tre Company tales Budget For the Year Ended December 31, 2019 Ft Second Third Quarter Quarter Quarter 1.200 1,400 1.600 Quarter Bugheres to be sold $ S 112.000 120.000 420.000 4000 8.000 $ $ Prepare the production budget Review the dont you above Check A . (Unless otherwise noted, assume all of the following events occurred during 2018 and that any balances given are stated as of December 31, 2018.) a. Budgeted sales are 1,200 tires for the first quarter and expected to increase by 200 tires per quarter. Cash sales are expected to be 20% of total sales, with the remaining 80% of sales on account. b. Finished Goods Inventory on December 31, 2018 consists of 400 tires at $25 each. c. Desired ending Finished Goods Inventory is 20% of the next quarter's sales, first quarter sales for 2020 are expected be 2,000 tires. FIFO inventory costing method is used d. Raw Materials Inventory on December 31, 2018, consists of 800 pounds of rubber compound used to manufacture the tires. e. Direct materials requirements are 2 pounds of a rubber compound per tire. The cost of the compound is $7.00 per pound. 1. Desired ending Raw Materials Inventory is 40% of the next quarter's direct materials needed for production; desired ending inventory for December 31, 2019 is 800 pounds, indirect materials are insignificant and not considered for budgeting purposes. Each tire requires 0.60 hours of direct labor, direct labor costs average $16 per hour. h. Variable manufacturing overhead is $1 per tire. 1. Fixed manufacturing overhead includes $2,000 per quarter in depreciation and $14,500 per quarter for other costs, such as utilities, insurance, and property taxes, 1. Fixed selling and administrative expenses include $13,000 per quarter for salarios: $5,100 per quarter for above rent; $1,050 per quarter for insurance; and $1,500 per quarter for depreciation k. Variable selling and administrative expenses include supplies at 3% of sales. RS Gavin Tire Company Balance Sheet December 31, 2018 Assets muta ocate I, schedule egin b Current Assets: Cash Accounts Receivable 40,000 22,000 5,600 Raw Materials Inventory 10,000 77,600 Budget Sales Finished Goods Inventory Total Current Assets Property, Plant, and Equipment: Equipment Less: Accumulated Depreciation SSL Total s 168,000 (77,000) Prepare 91.000 Total Assets $ Review 168,600 Liabilities (77,000) 91,000 Less: Accumulated Depreciation 168,600 Total Assets Liabilities 17,000 Current Liabilities: Accounts Payable Stockholders' Equity Common Stock, no par Retained Earnings Total Stockholders' Equity 130,000 21,600 151,600 168,600 Total Liabilities and Stockholders' Equity prus, ana Requirements 1. Prepare Gavin's operating budget and cash budget for 2019 by quarter. Required schedules and budgets include: sales budget, production budget, direct materials budget, direct labor budget, manufacturing overhead budget, cost of goods sold budget, selling and administrative expense budget, schedule of cash receipts, schedule of cash payments, and cash budget Manufacturing overhead costs are allocated based on direct labor hours. Round all calculations to the nearest dollar. 2. Prepare Gavin's annual financial budget for 2019, including budgeted income statement and budgeted balance sheet. ers' Eq Cash Receipts from Customers First Quarter Total sales Second Quarter 98,000 Second Quarter 84,000 Third Quarter 112,000 Third Quarter Total 420,000 Fourth Quarter 126,000 Fourth Quarter First Quarter Total 22,000 Cash Receipts from Customers: Accounts Receivable balance, December 31, 2018 1st Qtr.-Cash sales 1st Qtr-Credit sales, collection of Qur. 1 sales in Qur. 12 1st Otr-Credit sales collection of Otr 1 sales in D 2 he way to many M O ULIUS I CO Tu vyuids. Gavili seilsures IUI S7 edin. Gavili is anning for the next year by developing a master budget by quarters. Gavin's balance sheet for December 1. 2018, follows: (Click the icon to view the balance sheet.) the data for Gavin (Click the icon to Read the requirement 1st Qtr.-Credit sales, collection of Qtr. 1 sales in Qtr. 2 2nd Qtr.-Cash sales 2nd Qtr.Credit sales, collection of Qtr. 2 sales in Qtr. 2 2nd Qur-Credit sales, collection of Qtr. 2 sales in Qtr. 3 3rd Qur.-Cash sales 3rd Qtr.-Credit sales, collection of Qtr. 3 sales in Qtr. 3 3rd Qtr.-Credit sales, collection of Qtr. 3 sales in Qtr. 4 4th Qtr.-Cash sales 4th Qtr.-Credit sales, collection of Qtr. 4 sales in Qtr. 4 Total cash receipts from customers Accounts Receivable balance, December 31, 2019: 4th Otr d it sans enlloctinn of Otr 4 salas 1st Qtr.-Credit sales, collection of Qtr. 1 sales in Qtr. 2 2nd Qtr.-Cash sales 2nd Qtr.--Credit sales, collection of Qtr. 2 sales in Qtr. 2 2nd Qtr.--Credit sales, collection of Qtr. 2 sales in Qtr. 3 3rd Qtr.-Cash sales 3rd Qtr.-Credit sales, collection of Qtr. 3 sales in Qtr. 3 3rd Qtr.-Credit sales, collection of Qtr. 3 sales in Qtr. 4 4th Qtr.-Cash sales 4th Qtr-Credit sales, collection of Qtr. 4 sales in Qtr. 4 Total cash receipts from customers Accounts Receivable balance, December 31, 2019: 4th Or Credit als lection of Oir 4 salas number in the edit fields and then click Check Answer Read the requirements. (Click the icon to view the balance sheet.) 2nd Qtr-Cash sales 2nd Qtr.-Credit sales, collection of Qtr. 2 sales in Qtr. 2 2nd Qtr.-Credit sales, collection of Qtr. 2 sales in Qtr 3 3rd Qtr-Cash sales 3rd Qtr.-Credit sales, collection of tr. 3 sales in Qtr. 3 3rd Qtr - Credit sales, collection of tr. 3 sales in Qtr. 4 4th Qtr-Cash sales 4th Qtr.-Credit sales, collection of tr. 4 sales in Qtr. 4 Total cash receipts from customers Accounts Receivable balance, December 31, 2019: 4th Qur-Credit sales, collection of Qtr. 4 sales in Qtr. 1 of 2020 then click check Answer Direct Materials Budget For the Year Ended December 31, 2019 First Second Quarter Quarter 1,080 1,440 Third Fourth Quarter Quarter Total 1,640 1,840 6,000 Budgeted tires to be produced 2,880 3.680 12,000 800 800 1.152 3,280 1,472 4,752 1,312 3,440 4.480 12,800 800 1,152 1,472 3,008 Direct materials per tire Direct materials needed for production 2,160 Plus: Desired direct materials in ending inventory Total direct materials needed 3,312 800 Less: Direct materials in beginning inventory Budgeted purchases of direct materials Direct materials cost per pound Budgeted cost of direct materials then it fields and then click Check Answer. 12,000 2,512 3,040 7.00 21.280 7.00 24,080 $ $ 7.00 $ 21,056 $ 7.00 84.000 $ $ collection of Piony o UTC year by developing a master budget by quarters. Gridley's balance sheet for December 31, 2018, follows: (Click the icon to view the balance sheet.) (Click the icon to view the other data) Read the requirements Cash Payments collection of s. collection of First Second Quarter Third Quarter Fourth Quarter Quarter Total 240 os, collection of Total direct materials purchases First Fourth from customers Second Quarter Third Quarter Quarter Total Quarter able balance, Dec ales, collection of Cash Payments Direct Materials: Enter any number in the edit fields and then click Check Answer Check Answer Close Clear All Skip Ahead Choo er in the edit fields 12 parts 12 remaining SOF (Click the avin Tire Company manufactures racing tires for bicycles. Gavin sells tires for $/0 each. U. ng for the next year by developing a master budget by quarters. Gavin's balance sheet for December 18, follows: Click the icon to view the balance sheet.) Read the reg! Manufacturing Overhead Budget For the Year Ended December 31, 2019 First Second Third Quarter Quarter Quarter 1,080 1,440 Fourth Quarter Total 6,000 Budgeted tires to be produced 1,840 1,640 $ 1,080 $ 1,440 $ 1,640 $ 1,840 $ 6,000 VOH cost per tire Budgeted VOH Budgeted FOH Depreciation Utes, Insurance, property taxes 2,000 14,500 16,500 17,580 2,000 14,500 16,500 17,940 2,000 14,500 16,500 18,140 2,000 14,500 16,500 18,340 8,000 58,000 66,000 Total budgeted FOH Budgeted manufacturing overhead costs $ $ $ $ 72.000 Enter any number in the edit fields and then click Check Answer 10 mins parts Clear All W os collection of Review the manufacturing overhead budget you prepared above hes, collection of First es Second Quarter Third Quarter Fourth Quarter Quarter Total ales, collection of s from customers Manufacturing Overhead: Variable manufacturing overhead Utilities, insurance, property taxes ivable balance, Det sales, collection of Total payments for manufacturing overhead Enter any number in the edit fields and then click Check Answer. Check Answer Close Skip Ahead Clear All nber in the edit fields 10 parts 0 remaining ing 8 go pa F2 * OUR W icon to view the balance sheet.) Wo icon to view the other data) Read the requirements s, collection of es, collection of First Second Quarter Quarter Third Quarter Fourth Quarter Total as, collection of Income Taxes: from customers Total payments for income taxes Capital Expenditures: able balance, Dec les, collection of Total payments for capital expenditures har in the edit fields and then click Check
