M Question 5 - Ch 9 Prob 50 marks x + V X C A ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%2525%252Fnewconnect.mheducation.com%252F#/activity/question-group/kEZASs... C X Ch 9 Prob 50 marks i Saved Help Save & Exit Submit Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question 5 Problem 9-17 Schedules of Expected Cash Collections and Disbursements; Balance Sheet [LO2] Deacon Company is a merchandising company that is preparing a budget for the second quarter of the calendar year. The following 10 information is available. points DEACON COMPANY 2 01:05:58 Balance Sheet March 31 Assets cash $ 61, 000 Accounts receivable 46, 000 Inventory 32,000 Plant and equipment, net of depreciation 99 , 000 Total assets $ 238, 000 Liabilities and Shareholders' Equity Accounts payable $ 60,000 Common shares 62,000 Retained earnings 000 '9 IT Total liabilities and shareholders' equity $ 238, 000 Budgeted Income Statements April May June Sales $ 106,000 $ 110,000 125, 000 Cost of goods sold 63, 600 66, 000 75, 000 Gross margin 42, 400 44, 000 50, 000 Selling and administrative expenses 15,000 15,000 13,000 Operating income $ 27 , 400 29,000 $ 37,000 Mc Graw Hill Type here to search O 3'C Clear ~ 9 0 7 6 ) ENG 10:53 PM 10/31/2023M Question 5 - Ch 9 Prob 50 marks x + V X C A ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%2525%252Fnewconnect.mheducation.com%252F#/activity/question-group/kEZASs... C X Ch 9 Prob 50 marks i Saved Help Save & Exit Submit Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question 5 Gross margin 42, 400 44, 060 and'as Selling and administrative expenses 15,000 13, 000 Operating income $ 27,400 $ 29,000 $ 37,000 10 Budgeting Assumptions: points 01:05:42 a. Sixty percent of sales are cash sales and 40 percent of sales are credit sales. Twenty percent of all credit sales are collected in the month of sale and the remaining 80 percent are collected in the month subsequent to the sale. b. Budgeted sales for July are $144,000 while the budgeted cost of goods sold is 60%. c. 10% of merchandise inventory purchases are paid in cash at the time of the purchase. The remaining 90% of purchases are credit purchases. All purchases on credit are paid in the month subsequent to the purchase. d. Each month's ending merchandise inventory should equal $10,000 plus 50% of the next month's cost of goods sold. e. Depreciation expense is $1,200 per month. All other selling and administrative expenses are paid in full in the month the expense is incurred. Required: 1. Calculate the expected cash collections for April, May, and June. 2. Calculate the budgeted merchandise purchases for April, May, and June. 3. Calculate the expected cash disbursements for merchandise purchases for April, May, and June. 4. Prepare a budgeted balance sheet at June 30. (Hint: You need to calculate the cash paid for selling and administrative expenses during April, May, and June to determine the cash balance in your June 30 balance sheet.) & Answer is not complete. Complete this question by entering your answers in the tabs below. Mc Graw Hill Type here to search O 3'C Clear ~ 9 0 7 6 ) ENG 10:53 PM 10/31/2023M Question 5 - Ch 9 Prob 50 marks x + V X C A ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activity/question-group/kEZASs... C X Ch 9 Prob 50 marks i Saved Help Save & Exit Submit Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question 5 Required: 1. Calculate the expected cash collections for April, May, and June. 2. Calculate the budgeted merchandise purchases for April, May, and June. 3. Calculate the expected cash disbursements for merchandise purchases for April, May, and June. 10 4. Prepare a budgeted balance sheet at June 30. (Hint: You need to calculate the cash paid for selling and administrative expenses points during April, May, and June to determine the cash balance in your June 30 balance sheet.) 01:05:28 x Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Calculate the budgeted merchandise purchases for April, May, and June. April May June Quarter Budgeted merchandise pur $ 74,600 $ 61,500 X $ 75,000 x $ 253, 100 x Mc Graw Hill Type here to search 3.C Clear ~ 9 0 ) ENG 10:53 PM 10/31/2023M Question 5 - Ch 9 Prob 50 marks x + V X C A ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activity/question-group/kEZASs... C X Ch 9 Prob 50 marks i Saved Help Save & Exit Submit Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question 5 Required: 1. Calculate the expected cash collections for April, May, and June. 2. Calculate the budgeted merchandise purchases for April, May, and June. 3. Calculate the expected cash disbursements for merchandise purchases for April, May, and June. 10 4. Prepare a budgeted balance sheet at June 30. (Hint: You need to calculate the cash paid for selling and administrative expenses points during April, May, and June to determine the cash balance in your June 30 balance sheet.) 01:05:14 x Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Calculate the expected cash disbursements for merchandise purchases for April, May, and June. April May June Quarter Budgeted cash disbursements for merchandise purchases Mc Graw Hill Type here to search 3.C Clear ~ 9 0 ) ENG 10:53 PM 10/31/2023M Question 5 - Ch 9 Prob 50 marks x + V X C A ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activity/question-group/kEZASs... C X Ch 9 Prob 50 marks i Saved Help Save & Exit Submit Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question 5 Required 1 Required 2 Required 3 Required 4 Prepare a budgeted balance sheet at June 30. (Hint: You need to calculate the cash paid for selling and administrative expenses during April, May, and June to determine the cash balance in your June 30 balance sheet.) 10 Deacon Company points Balance Sheet 01:05:03 June 30 Assets Total assets $ 0 Liabilities and Shareholders' Equity Total liabilities and stockholders' equity $ 0 Hill Type here to search O x 3'C Clear ~ 9 0 7 6 ) ENG 10:53 PM 10/31/2023