prepare a budgeted income statement for the quarter ending December 31, 2020 Show Activity only for the quarter and not by individual months ?
Equipment costing 1,500$ will be purchased in cash during october
The company would like to maintain a balance of at least 4,000$ at the end of each month .
company can borrow in even amounts of 1,000$ at the start each month
the interest rate is 1% per month is not compounded
B C D E F G October 3 November December Quarter 14 Cash sales $58,500 $70,200 $87,750 $216,450 15 Credit sales 20,000 39,000 46,800 105,800 16 Total collections $78,500 $ 109,200 $134,550 $322,250 17 18 40% of the preceding month's sales. 19 Given. 20 21 2 Merchandise purchases budget: 65% cost 22 23 October November December Quarter 24 Budgeted cost of goods soldi $63,375 $76,050 Add desired ending $95.063 $234.488 25 merchandise $60,840.0 $76,050.0 Total needs $24.960.0 124.215 $24.960 152.100 120.023 259.448 27 Less beginning merchandise inventory 36,000 28. Required purchases 76,050 $88.215 $36,000 29 591.260 $43.973 $223,448 30 26 60.840 1For Oct sales: 578,000 sales x 50% cost ratio SRO B. D E F G H Schedule of expected cash disbursements-merchandise purchases October November December Quarter Sept. purchases $21.750 $21,750 1 October purchases 44,108 $44,108 $88,215 12 November purchases 45,630 $45,630 $91,260 23 December purchases 21.986 $21.986 44 Total disbursements $65,858 $89.738 $67,616 $223.211 45 46 Given 47 48 Schedule of expected cash disbursements-operating expenses 49 April June Quarter 50 Commissions $11.700 $14.040 $17.550 51 Rent $43.290 2.500 2,500 52 Other expenses 2.500 $7.500 $5.850.0 $7.020.0 53 Depreciation Expense $8,775.0 $21.645 $900 $900 54 Total operating expenses $900 $2,700 $20.950 524.460 55 Less Depreciation $29.725 $75.135 $900 $ 900 56 Total disbursements $ 900 $2.700 $20.050 57 $23.560 $28.825 $72,435 58 Commissions - 12 of sales May New Tab mm Student nolu x W UTF-8"Cours x My Drive-Go X Project part e Office Editing for Docs, Sheets & Slides chrome-extension://bpmcpldpdmajfigpchkice UTF-8"Course project Student Solution (2) (2).xls File Edit Insert Format Help BI USA Calibri - ** B D E F G H 3 1 2. 3 Sales Budget October November December Quarter Sales in Units 9,750 1.170 146,250 157,170 Selling price $10 $10 $10 $10 Sales in Dollars $97,500.00 0 1117,000.00 - $146,250.00 $360,750.00 5 1 Schedule of expected cash collections: Cash sales Credit sales Total collections October $58,500 20.000 $78,500 November $70,200 39.000 $109.200 December $87,750 46.800 $134,550 Quarter $216,450 105.800 $322.250 40% of the preceding month's sales. Given 2 Merchandise purchases budget: 65% cost October November December Quarter Gram B C D E F G October 3 November December Quarter 14 Cash sales $58,500 $70,200 $87,750 $216,450 15 Credit sales 20,000 39,000 46,800 105,800 16 Total collections $78,500 $ 109,200 $134,550 $322,250 17 18 40% of the preceding month's sales. 19 Given. 20 21 2 Merchandise purchases budget: 65% cost 22 23 October November December Quarter 24 Budgeted cost of goods soldi $63,375 $76,050 Add desired ending $95.063 $234.488 25 merchandise $60,840.0 $76,050.0 Total needs $24.960.0 124.215 $24.960 152.100 120.023 259.448 27 Less beginning merchandise inventory 36,000 28. Required purchases 76,050 $88.215 $36,000 29 591.260 $43.973 $223,448 30 26 60.840 1For Oct sales: 578,000 sales x 50% cost ratio SRO B. D E F G H Schedule of expected cash disbursements-merchandise purchases October November December Quarter Sept. purchases $21.750 $21,750 1 October purchases 44,108 $44,108 $88,215 12 November purchases 45,630 $45,630 $91,260 23 December purchases 21.986 $21.986 44 Total disbursements $65,858 $89.738 $67,616 $223.211 45 46 Given 47 48 Schedule of expected cash disbursements-operating expenses 49 April June Quarter 50 Commissions $11.700 $14.040 $17.550 51 Rent $43.290 2.500 2,500 52 Other expenses 2.500 $7.500 $5.850.0 $7.020.0 53 Depreciation Expense $8,775.0 $21.645 $900 $900 54 Total operating expenses $900 $2,700 $20.950 524.460 55 Less Depreciation $29.725 $75.135 $900 $ 900 56 Total disbursements $ 900 $2.700 $20.050 57 $23.560 $28.825 $72,435 58 Commissions - 12 of sales May New Tab mm Student nolu x W UTF-8"Cours x My Drive-Go X Project part e Office Editing for Docs, Sheets & Slides chrome-extension://bpmcpldpdmajfigpchkice UTF-8"Course project Student Solution (2) (2).xls File Edit Insert Format Help BI USA Calibri - ** B D E F G H 3 1 2. 3 Sales Budget October November December Quarter Sales in Units 9,750 1.170 146,250 157,170 Selling price $10 $10 $10 $10 Sales in Dollars $97,500.00 0 1117,000.00 - $146,250.00 $360,750.00 5 1 Schedule of expected cash collections: Cash sales Credit sales Total collections October $58,500 20.000 $78,500 November $70,200 39.000 $109.200 December $87,750 46.800 $134,550 Quarter $216,450 105.800 $322.250 40% of the preceding month's sales. Given 2 Merchandise purchases budget: 65% cost October November December Quarter Gram
