Homework: Homework 6 Score: 9.71 of 10 pts 1 of 1 (1 complete) % P22-42A (similar to) Thumbtack Office Supply's March 31, 2018, balance sheet follows: :: (Click the icon to view the balance sheet.) The budge i (Click Read the Requirement 1. Prepare Thumbtack's sales budget for April and May 2018. Round all amounts to the nearest dollar. Thumbtack Office Supply Sales Budget April and May, 2018 April $ 100,000 Total budgeted sales May $ 102,000 Requirement 2. Prepare Thumbtack's inventory, purchases, and cost of goods sold budget for April and May. Thumbtack Supply Company Durchaeae and Cnet af faare Cold R. Choose from any list or enter any number in the input fields and then click Check Answer 1 of 1 (1 complet Score: 9.71 of 10 pts % P22-42A (similar to) The Thumbtack Office Supply's March 31, 2018, balance sheet follows: EE: (Click the icon to view the balance sheet.) Read May Thumbtack Supply Company Inventory, Purchases, and Cost of Goods Sold Budget April and May, 2018 April Cost of goods sold Plus: Desired ending merchandise inventory Total merchandise inventory required Less: Beginning merchandise inventory Budgeted Purchases Choose from any list or enter any number in the input fields and then click Check Answer. 4 part Clear All ce sheet follows: The budget committee of Thumbtack Office Supply has as i More Info a. di b. Sales in April are expected to be $100,000. Thumbtack forecasts that monthly sales will increase 2% over April sales in May, June's sales will increase by 4% over April sales. July sales will increase 20% over April sales. Thumbtack maintains inventory of $7,000 plus 25% of the cost of goods sold budgeted for the following month. Cost of goods sold equal 50% of sales revenue. Monthly salaries amount to $4,000. Sales commissions equal 5% of sales for that month. Other monthly expenses are as follows: Rent: $3,400 Depreciation: $600 Insurance: $300 Income tax: $1,800 d. Print Done Clear All Thumbtack Office Supply Balance Sheet March 31, 2018 Assets Current Assets: Cash Accounts Receivable Merchandise Inventory Prepaid Insurance Total Current Assets Property, Plant, and Equipment: Equipment and Fixtures 15,000 19,000 19,500 2,400 $ 55,900 55,000 Print Done i Data Table pply h $ 55,900 Total Current Assets Property, Plant, and Equipment: Equipment and Fixtures Less: Accumulated Depreciation 55,000 (23,000) 32,000 87,900 Total Assets Liabilities Current Liabilities: Accounts Payable Salaries and Commissions Payable Total Liabilities Stockholders' Equity Common Stock no par 12,000 5,250 $ 17,250 23.000 Print Done i Data Table 87,900 12,000 5,250 Total Assets Liabilities Current Liabilities: Accounts Payable Salaries and Commissions Payable Total Liabilities Stockholders' Equity Common Stock, no par Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity $ 17,250 23,000 47,650 FI 70,650 87,900 Print Done
