Question
Please help me with these three problems I already post more than 10 questions and they are not too long. Please and thank you. Garden
Please help me with these three problems I already post more than 10 questions and they are not too long. Please and thank you. Garden Depot is a retailer that is preparing its budget for the upcoming fiscal year. Management has prepared the following summary of its budgeted cash flows: |
| 1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter |
Total cash receipts | $250,000 | $400,000 | $280,000 | $300,000 |
Total cash disbursements | $309,000 | $279,000 | $269,000 | $289,000 |
The companys beginning cash balance for the upcoming fiscal year will be $34,000. The company requires a minimum cash balance of $10,000 and may borrow any amount needed from a local bank at a quarterly interest rate of 3%. The company may borrow any amount at the beginning of any quarter and may repay its loans, or any part of its loans, at the end of any quarter. Interest payments are due on any principal at the time it is repaid. For simplicity, assume that interest is not compounded. |
Required: |
Complete the company's cash budget for the upcoming fiscal year. (Cash deficiency, repayments, and interest, should be indicated by a minus sign.) |
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Gig Harbor Boating is the wholesale distributor of a small recreational catamaran sailboat. Management has prepared the following summary data to use in its annual budgeting process: |
| ||
Budgeted unit sales | 780 | |
Selling price per unit | $2,110 | |
Cost per unit | $1,615 | |
Variable selling and administrative expenses (per unit) | $55 | |
Fixed selling and administrative expenses (per year) | $300,000 | |
Interest expense for the year | $27,000 | |
Required: |
Prepare the companys budgeted income statement using an absorption income statement format shown below. |
---------------------------------------------------------------------------------------------------------------------- The management of Mecca Copy, a photocopying center located on University Avenue, has compiled the following data to use in preparing its budgeted balance sheet for next year: |
| Ending Balances | |
Cash |
| ? |
Accounts receivable | $ | 8,500 |
Supplies inventory | $ | 4,700 |
Equipment | $ | 36,000 |
Accumulated depreciation | $ | 14,600 |
Accounts payable | $ | 2,200 |
Common stock | $ | 5,000 |
Retained earnings |
| ? |
The beginning balance of retained earnings was $32,000, net income is budgeted to be $16,300, and dividends are budgeted to be $2,700. |
Required: |
Prepare the companys budgeted balance sheet. (Amounts to be deducted should be indicated by a minus sign.)
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