Question
Please make it all in a table form as given in other questions on chegg. Notebook Office Supply Balance Sheet March 31, 2016 Assets Current
Please make it all in a table form as given in other questions on chegg.
Notebook Office Supply | ||
Balance Sheet | ||
March 31, 2016 | ||
Assets | ||
Current Assets: |
| |
Cash | $28,000 |
|
Accounts Receivable | 32,000 |
|
Merchandise Inventory | 22,500 |
|
Prepaid Insurance | 1,300 |
|
Total Current Assets | $83,800 | |
Property, Plant, and Equipment: |
|
|
Equipment and Fixtures | 34,000 |
|
Less: Accumulated Depreciation | (24,000) | 10,000 |
Total Assets | $93,800 |
Liabilities | |||
Current Liabilities: |
|
| |
Accounts Payable | $10,000 |
| |
Salaries and Commissions Payable | 8,400 |
| |
Total Liabilities |
|
| $18,400 |
Stockholders' Equity | |||
Common Stock, no par | 23,000 |
| |
Retained Earnings |
| 52,400 |
|
Total Stockholders' Equity |
| 75,400 | |
Total Liabilities and Stockholders' Equity |
| $93,800 |
Notebook Office Supply's March 31,2016 , balance sheet follows: (Click the icon to view the balance sheet.) The budget committee of Notebook Office Supply has assembled the following data: (Click the icon to view the data.) Read the requirements. Requirement 1. Prepare Notebook's sales budget for April and May 2016. Round all amounts to the nearest dollar. More info a. Sales in April are expected to be $100,000. Notebook forecasts that monthly sales will increase 2% over April sales in May. June's sales will increase by 4% over April sales. July sales will increase 20% over April sales. Cash receipts are 60% in the month of the sale and 40% in the month following the sale. b. Notebook maintains inventory of $10,000 plus 25% of the cost of goods sold budgeted for the following month. Cost of goods sold equal 50% of sales revenue. Purchases are paid 70% in the month of purchase and 30% in the month following the purchase. c. Monthly salaries amount to $10,000. Sales commissions equal 5% of sales for that month. Salaries and commissions are paid 40% in the month incurred and 60% in the following month. d. Other monthly expenses are as follows: - Rent: $2,200, paid as incurred - Depreciation: $800 - Insurance: $100, expiration of prepaid amount - Income tax: $1,800, paid as incurred Requirements 1. Prepare Notebook's sales budget for April and May 2016. Round all amounts to the nearest dollar. 2. Prepare Notebook's inventory, purchases, and cost of goods sold budget for April and May. 3. Prepare Notebook's selling and administrative expense budget for April and May
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