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The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods: Current assets as of March 31: Cash $ 8,100 Accounts receivable $ 22,400 Inventory $ 43,200 Building and equipment, net $ 129,600 Accounts payable $ 25,800 Capital stock $ 150,000 Retained earnings $ 27,500 a. The gross margin is 25% of sales. b. Actual and budgeted sales data: March (actual) $56,000 April $72,000 May $77,000 June $102,000 July $53,000 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 months ending inventory should equal 80% of the following months budgeted cost of goods sold. e. One-half of a months 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. f. Monthly expenses are as follows: commissions, 12% of sales; rent, $2,900 per month; other expenses (excluding depreciation), 6% of sales. Assume that these expenses are paid monthly. Depreciation is $972 per month (includes depreciation on new assets). g. Equipment costing $2,100 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.

1. Complete the following schedule.

April May June Quarterly

Cash Sales 43,200 $46,200 $61,200 ?

Credit Sales $22,400 ? ?

Total Collections $65,600 $46200 $61,200 2. Complete the following:

April May June Quarter

Budgeted cost of goods sold $54000 57,750 76,500 ?

Add Desired ending inventory $46,200 ? ?

total Needs $100,200 57,750 $76,500

Less beginning inventory 43,200 ? ?

required purchases 57,000 57,750 76,500 Budgeted cost of goods sold for April = $72,000 sales 75% = $54,000. Add desired ending inventory for April = $57,750 80% = $46,200. April May June Quarter

March Purchases 25,800 ? ? ?

April Purchases 28500 28500 ? 57000

May Purchases ? ? ? ?

June Purchases ? ? ? ?

Total disbursements 3. Complete the following cash budget: (Borrow and repay in increments of $1,000. Cash deficiency, repayments and interest should be indicated by a minus sign.)

April May June Quarter

Beginning cash balance $8100

add cash collections 65,600

total cash available 73,700

less cash disbursements:

For Inventory 54300

For Expenses 15860

For equipment 2100

Total cash disbursements 72,260

Excess (deficiency) of cash 1140

Financing:

Borrowings

Repayments

Interest

Total financing

ending cash balance 1440 4. Prepare an absorption costing income statement for the quarter ended June 30. 5. Prepare a balance sheet as of June 30.

Cost of goods sold

1)

2)

3)

4)

5)

Selling and Administrative expenses:

1)

2)

3)

4)

5)

6)

7)

8)

9)

10) Prepare a balance sheet as of June 30

Current assets

1)

2)

3)

4)

5)

Total current assets

1)

Total assets

Liabilities and stockholders equity

1)

2)

Stockholders equity:

1)

2)

3)

4)

Total liabilities and stockholders equity: