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Student Name: Class: Problem 07-17A SUTTON POINTERS CORPORATION a. Sales Budget January February March Total Sales on Account b. Sales revenue for Quarter c. and d. SUTTON POINTERS CORPORATION Schedule of Cash Receipts January Receipts from January Sales Receipts from January Sales Receipts from January Sales Receipts from February Sales Receipts from February Sales Receipts from February Sales Receipts from March Sales Receipts from March Sales Receipts from March Sales Total Accounts receivable March 31 February March April May Given Data P07-17A: SUTTON POINTERS CORPORATION Expected sales in January Growth rates for February and March Accounts receivable collected: Month of sale Month following sale Second month following sale $ 240,000 5% 70% 20% 10% Student Name: Class: Problem 07-22A MULLIGAN FRUITS CORPORATION a. Sales Budget Sales in Next Year Peaches Oranges Total b. 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter MULLIGAN FRUITS CORPORATION Budgeted Annual Income Statement Sales revenue Cost of goods sold Gross profit Selling and admin. expenses Net income c. MULLIGAN FRUITS CORPORATION Inventory Purchases Budget Peaches Sales Cost of goods sold Plus: desired ending inventory Inventory needed Less: beginning inventory Required purchases 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Oranges Sales Cost of goods sold Plus: desired ending inventory Inventory needed Less: beginning inventory Required purchases 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total Given Data P07-22A: MULLIGAN FRUITS CORPORATION Expected annual sales growth rate: Peaches Oranges Sales in Current Year Peaches Oranges Total 5% 10% 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter $ 160,000 $ 200,000 $ 320,000 $ 280,000 $ 400,000 450,000 570,000 380,000 $ 560,000 $ 650,000 $ 890,000 $ 660,000 $ Additional Information: Cost of goods sold - percentage of sales revenue Ending inventory - percentage of next period's cost of goods sold Part b. - Estimated selling and administrative expenses Part c. - Estimate of ending inventory for next year: Peaches Oranges 60% 10% $ 700,000 $ $ 20,000 40,000 Total 960,000 1,800,000 2,760,000 Student Name: Class: Problem 07-23A HAAS COMPANY a. Sales Budget Cash sales Sales on account Total budgeted sales October November December Pro Forma b. Schedule of Cash Receipts Current cash sales Plus collections from A/R Total collections October November December Pro Forma October November December Pro Forma Data November December Pro Forma Data December Pro Forma Data c. Inventory Purchases Budget Budgeted cost of goods sold Plus desired ending inventory Inventory needed Less beginning inventory Required purchases (on account) d. Schedule of Cash Payments Budget for Inventory Purchases October Payment of current month's A/P Payment for prior month's A/P Total budgeted payments e. Selling and Administrative Expense Budget October Salary expense Sales commissions Supplies expense Utilities Depreciation on store fixtures Rent Miscellaneous Total S&A expenses November Student Name: Class: Problem 07-23A f. Schedule of Cash Payments for S&A Expenses October November December Pro Forma Data October November December Pro Forma Data Salary expense Prior month sales commissions Supplies expense Prior month utilities Depreciation on store fixtures Rent Miscellaneous Total payments for S&A expenses g. Cash Budget Beginning cash balance Add cash receipts Cash available Less payments For inventory purchases For S&A expenses Purchase of store fixtures Interest expense Total budgeted payments Payment minus receipts Surplus (shortage) Financing activity Borrowing (repayment) Ending cash balance h. HAAS COMPANY Pro Forma Income Statement For the Quarter Ended December 31, 2015 Sales revenue Cost of goods sold Gross margin S&A expenses Operating income Interest expense Net income Student Name: Class: Problem 07-23A i. HAAS COMPANY Pro Forma Balance Sheet December 31, 2015 Assets Cash Accounts receivable Inventory Store fixtures Accumulated depreciation Book value of fixtures Total assets Liabilities Accounts payable Utilities payable Sales commissions payable Line of credit liability Equity Retained earnings Total liabilities and equity j. HAAS COMPANY Pro Forma Statement of Cash Flows For the Quarter Ended December 31, 2015 Cash flows from operating activities Cash receipts from customers Cash payments for inventory Cash payments for S&A expenses Cash payments for interest expense Net cash flows from operating activities Cash flows from investing activities Cash payment for store fixtures Cash flows from financing activities Net inflow from line of credit Net increase in cash Plus: Beginning cash balance Ending cash balance Given Data P07-23A: HAAS COMPANY Part a. October sales Sales in cash Sales in accounts receivable Expected sales growth per month Part b. Accounts receivable collected in month following sales Part c. Cost of goods sold as percentage of sales Ending inventory - percent of next month's cost of goods sold December estimated ending inventory Part d. Accounts payable paid in month of purchase Accounts payable paid in month following purchase Part e. Salary expense (fixed) Sales commissions (percent of sales) Supplies expense (percent of sales) Utilities (fixed) Depreciation on store equipment (fixed) Rent (fixed) Miscellaneous (fixed) Cost of store fixtures Salvage value - store fixtures Useful life (years) - store fixtures Part g. Borrowing increments Monthly interest rate Cash cushion $ 250,000 40% 60% 8% 100% 60% $ 10% 12,000 70% 30% $ $ 18,000 5% 2% 1,400 4,000 4,800 1,200 164,000 20,000 3 $ $ 1,000 1% 12,000