Need help putting together these balance sheets. All the info is here along with my excel sheet of where it needs to go. Any help is appreciated! TY!
Current assets as of March 31 Cash $8.000 Accounts receivable Inventory Building and equipment net Accounts payable Common stock Retained eamings 520,000 $36,000 $120.000 $21,750 $150,000 512,250 a. The gross margin is 25% of sales b. Actual and budgeted sales data $50,000 March (actual) $60,000 Apni May S72.000 590.000 $48.000 June July c Sales are 60% for cash and 40% on credit Credit sales are collected in the month following sale. The accounts receivable at March 31 are a result of March credit sales. d. Each month's ending inventory should equal 80% of the following month's budgeted cost of goods sold e. One-half of a month's inventory purchases is paid for in the month of purchase the other half is paid for in the following month The accounts payable at March 31 are the result of March purchases of inventory 1 Monthly expenses are as follows commissions, 12% of salos, rent, $2,500 per month other expenses (excluding depreciation), 6% of sales Assume that these expenses are paid monthly Depreciation is $900 per month (includes depreciation on new assets) 9. Equipment costing $1,500 will be purchased for cash in April h Management would like to maintain a minimum cash balance of at least $4,000 at the end of each month The company has an agreement with a local bank that allows the company to borrow in increments of $1,000 at the beginning of each month, up to a total loan balance of $20,000 The interest rate on these loans is 1% per month and for simplicity we will assume that interest is not compounded. The company would, as far as it is able repay the loan plus accumulated interest at the end of the quarter Using the data provided above, use the Excel Template provided to prepare the following budget schedules 1. Sales Budget (Merely enter the sales data provided) 2 Schedule of Expected Cash Collections 3 Merchandise Purchases Budget 4. Schedule of Expected Cash Disbursements - Merchandise Purchases 5 Schedule of Expected Cash Disbursements - Selling and Administrative Expenses fi Cash Budget W N 2 3 Budgeted Sales March April May June July 4 5 Quarter 6 7 Schedule of Expected Cash Collections 8 April May June 9 Cash Sales $ 36,000 10 Credit Sales 20,000 11 Total Collections $ 56,000 12 13 Merchandise Purchases Budget 14 April May June 15 Budgeted Cost of Goods Sold $ 45,000 16 add: Desired Ending Inventory 43,200 17 Total Needs 88,200 18 less: Beginning Inventory 36,000 19 Required Purchases S 52,200 20 21 Quarter Schedule of Expected Cash Disbursements - Selling & Administrative April May June Quarter Commissions $ 7,200 Rent 2,500 Other Expenses 3,600 Total Disbursements $ 13,300 May June Quarter Cash Budget April $ 8,000 56,000 64,000 B 9 Cash Balance Beginning 0 Add: Cash Collections 1 Total Cash Available 2 3 Less Cash Disbursements 14 For Inventory 5 For Expenses 46 For Equipment 17 Total Cash Disbursements 48 Excess (deficiency) of Cash 49 Borrowing 50 Repayments Interect Daid 47,850 13,300 1,500 62,650 1,350 50 Repayments 51 Interest Paid (52 Ending Cash Balance
