Hype Sports Inc. is a retailer of clothing and sports equipment. The following is Hype Sports' sales forecast by quarter for the upcoming year. Hype Sports Inc. Forecasted Sales For the Year Ended December 31, 2021 Q1 Q2 Q3 Q4 Total Sales $106,000 $288,000 $357,000 $258,000 $1,009,000 In addition, sales in Q3 and Q4 of 2020 totaled $129,000 and $195,000 respectively. According to the company's sales records, 50% of sales are made in cash and the remaining 50% are made on account (i.e. credit sales). Assume the following historical trends were noted by management regarding credit sales: 48% of credit customers pay during the quarter in which the sale took place 31% of credit customers pay in the quarter immediately following the quarter of sale 14% of credit customers pay in the second quarter following the quarter of sale The remaining 7% of credit sales are uncollectible Do not enter dollar signs or commas in the input boxes. Round your answers to the nearest whole number. a) Calculate the forecasted sales for each quarter (separate revenue into cash and credit sales). Hype Sports Inc. Forecasted Sales For the Year Ended December 31, 2021 Sales Cash Sales (@50% of quarter's sales) $ Credit Sales (@50% of quarter's sales) $ Q1 Q2 Q3 Q4 Total $ b) Prepare the cash receipts section of the 2021 cash budget (on a quarterly basis) Hype Sports Inc. Cash Receipts For the Year Ended December 31, 2021 Cash Sales Current Collections (48%) Previous Quarter Collection (31%) Two Previous Quarter Collection (14%) Total Cash Receipts Q1 $ Q2 Q3 Q4 Total $ Tyler Sheen is the owner of HLO Incorporated. He provided the selected opening balances as at June 1, 2019 and the budgeted information for June and July 2019. Selected Opening Balances as of June 1, 2019 Cash Accounts Receivable Inventory Long-term Assets Accounts Payable Stockholder's Equity Budgeted Amounts For the month of June: Total Revenue $111,300 72,000 60,000 685,000 44,400 876,000 $290,000 Total General and Administration Costs 193,000 Total Capital Expenditures For the month of July: Total Revenue 197,000 411,300 Total General and Administration Costs 177,000 Total Capital Expenditures 269,000 Do not enter dollar signs or commas in the input boxes. Round your answer to the nearest dollar Do not enter dollar signs or commas in the input boxes. Round your answer to the nearest dollar The company's monthly depreciation represents 10% of general and administration costs. 70% percent of the general and administration costs (excluding depreciation) are paid in the month in which they are incurred, and the rest is recorded in accounts payable to be paid in the next month. Of the $197,000 capital expenditures for June, $91,000 will be paid in July. The remaining amount will be paid in the month in which they are incurred. a) Calculate the total cash disbursement for the month of June. General Administration costs from May $ General Administration costs from June $ Capital Expenditure $ Total cash disbursement for June $ b) Calculate the total cash disbursement for the month of July. General Administration costs From June $ General Administration costs From July $ Capital Expenditure from June $ Capital Expenditure from July $ Total cash disbursement for July $ Take me to the text Hype Sports Inc. is a retailer of clothing and sports equipment. The following is Hype Sports' sales forecast by quarter for the upcoming year. Hype Sports Inc. Forecasted Sales For the Year Ended December 31, 2021 Q1 Q2 Q3 Q4 Total Sales $106,000 $288,000 $357,000 $258,000 $1,009,000 In addition, sales in Q3 and Q4 of 2020 totaled $129,000 and $195,000 respectively. According to the company's sales records, 50% of sales are made in cash and the remaining 50% are made on account (i.e. credit sales). Assume the following historical trends were noted by management regarding credit sales: 48% of credit customers pay during the quarter in which the sale took place 31% of credit customers pay in the quarter immediately following the quarter of sale 14% of credit customers pay in the second quarter following the quarter of sale The remaining 7% of credit sales are uncollectible Do not enter dollar signs or commas in the input boxes. Round your answers to the nearest whole number. a) Calculate the forecasted sales for each quarter (separate revenue into cash and credit sales). Hype Sports Inc. Forecasted Sales For the Year Ended December 31, 2021 Sales Cash Sales (@50% of quarter's sales) $ Credit Sales (@50% of quarter's sales) $ Q1 Q2 Q3 Q4 Total b) Prepare the cash receipts section of the 2021 cash budget (on a quarterly basis) Hype Sports Inc. Cash Receipts For the Year Ended December 31, 2021 Cash Sales Current Collections (48%) Previous Quarter Collection (31%) Two Previous Quarter Collection (14%) $ Total Cash Receipts Q1 Q2 Q3 Q4 $ $ A Total The following is Alpha Hardware Corporation's income statement for the year ended May 31, 2019: Alpha Hardware Corporation Income Statement For the Year Ended May 31, 2019 Revenues Cost of Goods Sold Gross Profit Expenses: Administrative Costs $28,000 Selling Costs $18,000 Salaries $100,000 Rent $24,000 Total Expenses $830,000 $480,000 $350,000 Net Income $170,000 $180,000 Salaries are comprised of $70,000 in manager's salaries and $30,000 in office employees' salaries Alpha Hardware is a small business and it does not intend to spend a lot of time and money on budgeting. The manager has determined the 2020 budgeted income statement should simply reflect the following predicted changes from the 2019 income statement: Revenues will increase by 1.5% Gross profit will increase by 5% Selling costs will decrease by 5% Managers' salaries will increase by 10% Administrative costs, office employees' salaries, and rent expense will remain the same Do not enter dollar signs or commas in the input boxes. Prepare the budgeted income statement for the year ending May 31, 2020 using the incremental budgeting approach. Alpha Hardware Corporation Budgeted Income Statement For the Year Ended May 31, 2020 Budgeted Revenues $ Budgeted Cost of Goods Sold $ Budgeted Gross Profit $ +A Budgeted Expenses: Administrative Costs Selling Costs Salaries Rent +A A $ EA Total Budgeted Expenses +A +A Budgeted Net Income $ +A The Shoe Shop Company manufactures two types of shoes; dress and casual shoes. For the month of May, the company plans to produce 19,000 pairs of dress shoes and 19,000 pairs of casual shoes. Both types of shoes are produced in the assembling and finishing departments. The direct labor rates for assembling and finishing departments are $15.00 per hour and $16.00 per hour respectively. The following table indicates the amount of direct labor hours required for each type of shoe: Assembling Finishing Dress shoes 30 minutes per pair 30 minutes per pair Casual shoes 30 minutes per pair 15 minutes per pair Calculate the budgeted direct labor cost. Do not enter dollar signs or commas in the input boxes. Round all answers to 2 decimal places. 19000 Dress Shoes Cost per unit of input ($/hour) Assembling Amount of Inputs per unit (minutes) Total Cost per unit of input ($/hour) Finishing Amount of Inputs per unit (minutes) Total 15 Casual 19000 15 Shoes 16 16