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Nomads balance sheet on December 31, 20Y1 is as follows: Assets cash: 124,000 Accounts receivable [a]: 304,000 Inventory: 120,000 Prepaid insurance: 36,000 PP&E, net of

Nomads balance sheet on December 31, 20Y1 is as follows:

Assets

cash: 124,000

Accounts receivable [a]: 304,000

Inventory: 120,000

Prepaid insurance: 36,000

PP&E, net of accumulated depreciation: 796,000

Total assets: 1,380,000

Liabilities and Stockholders Equity

Accounts payable [b]: 163,800

Dividends payable: 50,000

Common stock: 1,000,000

Retained earnings: 166,200

Total liabilities & stockholders equity: $1,380,000

5. Budgeted income statement, 20Y2 (6 months)

Sales

2,700,000

Sales budget

Cost of goods sold

1,620,000

Purchases budget

Gross margin

1,080,000

Selling and administrative expenses

555,000

S&A expense budget

Operating income

525,000

Interest expense

n.a.

Income tax expense

130,000

Cash budget

Net income

395,000

6. Budgeted balance sheet, June 30, 20Y2

Assets

Cash

315,400

Cash budget

Accounts receivable

400,000

Sales budget

Inventory

156,000

Purchases budget

Prepaid insurance

18000

Jan 1 balance less insurance expense

PP&E, net of depreciation

90000

Jan 1 balance plus acquisitions less depreciation

Total assets

979,400

I need help with the chart below

Liabilities and Stockholders Equity

Accounts payable

Purchases budget

Common stock

Jan 1 balance

Retained earnings

Jan 1 balance plus net income

Total liabilities and stockholders equity

7. Budgeted statement of cash flows, 20Y2 (6 months)

Cash provided by operating activities

Net income

Income statement

+ Depreciation

S&A expenses budget

Increase in accounts receivable

Comparative balance sheets

Increase in inventory

Comparative balance sheets

+ Decrease in prepaid insurance

Comparative balance sheets

+ Increase in accounts payable

Comparative balance sheets

Total

Cash used in investing activities

Equipment purchases

Cash budget

Cash used in financing activities

Dividends paid

Cash budget

Increase in cash balance

Check figures:

Total budgeted sales revenue is $2,700,000

Total budgeted cash collections are $2,604,000

Total budgeted inventory purchases are $1,656,000

Budgeted cash payments for inventory purchases are $1,605,600

Budgeted cash balance on June 30 is $315,400

Budgeted net income is $395,000

Budgeted total assets on June 30 is $1,775,400

Cash provided by operating activities is $391,400

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