Prepare the cash budget for all 4 quarters for Tinted Toy Company.

((The rest of the photos are to help with the cash budget))

V Cash Budget For the Year Ended December 31, 2019 First Quarter No Beginning cash balance Cash receipts Cash available Cash payments Capital expenditures Purchases of direct materials Direct labor Manufacturing overhead Seling and administrative expenses Income taxes Interest expense Total cash payments Ending cash balance before financing Minimum cash balance desired Projected cash excess (declency) Financing Borrowing Principal payments Total effects of financing Ending cash balance Total 6,400 70 A 448,000 Tinted Toy Company Sales Budget For the Year Ended December 31, 2019 First Second Third Fourth Quarter Quarter Quarter Quarter Budgeted sets to be sold 1,300 1,500 1,700 1,900 Sales price per unit 70||$ 70 l $ 70 S 70||$ Total sales 91,000 $105,000 $ 119,000 133,000 $ Prepare the production budget Review the sales budget you prepared above Tinted Toy Company Production Budget For the Year Ended December 31, 2019 First Second Third Quarter Quarter Quarter Budgeted sets to be sold 1,300 1,500 1.700 450 510 Plus Desired sets in ending inventory 570 Total sets needed 1,750 2010 2,270 150 450 510 Less: Sets in beginning inventory 1,600 1,560 1.760 Budgeted sets to be produced Prepare the direct materials budget. Fourth Quarter Total 1.900 630 6,400 630 2,530 570 7,030 150 1.960 6,880 Enter any number in the edit fields and then click Check Answer 22 parts remaining Third Fourth Quarter Quarter Total 1,760 1.960 6,880 Review the production budget you prepared above. Tinted Toy Company Direct Materials Budget For the Year Ended December 31, 2019 First Second Quarter Quarter Budgeted sets to be produced 1,600 1,560 Direct materials per set (pounds) 7 Direct materials needed for production 11 200 10,920 Plus Desired direct materials in ending inventory 1,092 1,232 Total direct materials needed. 12.292 12,152 Less Direct materials in beginning inventory 1,050 1,092 Budgeted purchases of direct materials 11 242 11,060 $ 1||$ 115 Direct materials cost per pound 5 11,242||$ 11,0605 Budgeted cost of direct materials purchases 7 48 160 12,320 1,372 13,720 1,050 1,050 13,692 1,232 14,770 1,372 49,210 1050 48.160 12,460 1||$ 13,398 1||$ X 12.460 $ 13,398 $ 48,160 Tinted Toy Comp Balance Sheet December 31, 2018 Current Ash 76150 Preparating overhead det (Albreviations used VOH to manufacturing overbod TCH-fled manufacturing Benidos os pared by Border you Ted Toy Company Manufacturing Cvetail Budget For the Year Ended Dec 31, 2015 Hist Second Third Fourth Quarter Que Quarter Quarter Tot usted to be produced 1,500 1. 1,760 1968 5.000 VOH 5 4.2015 420 420 5 4208 420 Budud VOH 5 6,72015 8:52 7,1905 22325 21.096 Buted TH Doproti 2,500 2.500 2.500 2.100 10,000 10 016 de property taxes 10,916 10 911 10916 43,664 13416 To bodo 13,416 13,416 11416 53.664 20,1365 19.s 20,000 21618 $2.500 Budtad mentetturing overhead coats DU 490 16 520 2.064 5 82.556 Huddingeveed costs Predatorned bedste Before the cost of good old budget Calculate the projected manufacturing course for 2017 (Rondallant to the 5 760 Demo Enter any number one and then click Chic Art $ 15.000 Account Reclable -55.000 Raw Materiale intory Fshed Goods Inventory TO Total Curents Property. Plant and Equipment Ent 205,000 Les Accued Depreciation 139.000 Total Assets $ Liabilities Cutres Accor Paste Stockholders Equity Commes Stock 1 100 000 Bet dags 56.150 Tua Stockh Total Sol 5 167,000 23.150 . II 17.000 Se 226,150 21.150 Don 22.art Temu Wuugeldala for linted Toy Company: Click the icon to view the other data) Read the girements Y Cost of Goods Sold Budget For the Year Ended December 31, 2019 First Second Third Quarter Quarter Quarter Fourth Quarter Total S $ 5 100 Beginning inventory Sets produced and sold in 2019 Total budgeted cost of goods sold 5,100 26,680$ 34,800 $ 39,440||$ 44,080 145,000 $ 31,780||$ 34,800||$ 39,440 $ 44,080$ 150 100 Prepare the selling and administrative expense budget Review the sales budget you prepared above Tinted Toy Company Selling and Administrative Expense Budget For the Year Ended December 31, 2019 First Second Third Quarter Quarter Quarter Fourth Quarter Total $ 10,000$ 10 000 $ 10,000 5 Salaries Expense Rent Expense 10,000 $ 1 800 450 40,000 7,200 1,800 1.800 450 1,800 450 Insurance Expense 1,800 Depreciation Expense 450 500 2,730 500 3,150 500 3,570 500 3,990 2,000 13440 Suppliers Expense 5 15,4805 15,900 $ 16,32015 16,740||$ 64,440 Total budgeted selling and administrative expense Drenare the cock rocainte but wanna folenter in the table leave the innifaldamida natantor a orn and then click Check Answer Cash Receipts from Customers First Second Third Fourth Quarter Quarter Quarter Quarter Total Total sales $ 91000 $ 105,000 $ 119.000 133 000 $ 448.000 First Second Third Fourth Quarter Quarter Quarter Quarter Total Cash Receipts from Customers; Accounts Recevable balance December 31, 2018 S 55.000 Histoir Cash sales 36.400 istou-Credit sales, collection of Qu. 1 sales in Qur. 1 27.300 Ist Otr Credit sales, collection of Ott 1 sales in Qtr. 2 $ 27 300 2nd Q.Cash sales 42,000 31.500 $ 31,500 47 600 2nd ot Credit salos, collection of ou 2 salos in Qtr 2 2nd or Credit sales collection of otr. 2 sales in Qtr 3 1318 kati Oash sales Brd te Credit sales collection of Ota 3 sales in Q3 Brd Kit Credit sales collection of our sales in a 41 QuCash sales 35,700 $ 35.700 53,200 39.900 114,800 $ 128,800 $ 4th our Credit sales collection of Qtr 4 sales in @tri 4 S 118,700 S 100,800 $ 463 100 Total cash receipts from customers ny number in the edit fields and then click Check Answer ash Payments First Third Fourth Second Quarter Quarter Quarter Quarter Total otal direct materials purchases $ 1132425 11 060 12 4605 13 3981 48160 First Third Fourth Second Quarter Quarter Quarter Quarter Total $ 17.000 10.118 $ 1. 124 ash Payments Direct Materials: Accounts Payable balance December 31, 2018 1st Qolu i direct material purchases paid in Qtr 1 Ist Qt-Oir 1 direct material purchases paid in Qtr 2 2nd our Oice direct material purchases paid in Qta2 2nd on 2 direct material purchases paid in dtr 3. 3rd Qu Que direct material purchases paid in Q10 31 Brd ou 3 direct material purchases paid in te 4th Quotr. 4 direct material purchases paid in QUA Total payments for direct materials 9.954 $ 1. 106 11 214 $ 1246 12:058 27.118 11,078 12,320 13,304 | S 63.820 Direct Labor 6,552 6./20 7.392 8.232 28.896 Total payments for direct labor Manufacturing Overhead: Click the icon to view the other data Read the requirements Director: Total payments for direct labor 6,720 6,552 7,392 8,232 29.896 6,720 6552 8.232 Manufacturing Overhead: Variable manufacturing overhead Utilities, insurance, property taxes Total payments for manufacturing overhead 7,392 10,916 28,896 43,664 10,916 10,916 10,916 17,636 17,468 18,308 19,148 72.560 10.000 10,000 10,000 10,000 40,000 1,800 1 800 1,800 1,800 7 200 Selling and Administrative Expenses: Salaries Expense Rent Expense Insurance Expense Supplies Expense Total payments for Selling and Admin. expenses 450 450 1,800 450 2,730 450 3,570 3.150 3.990 13,440 14,980 15,400 15,820 16,240 62,440 Income Taxes: 3,500 3,500 3,500 3,500 14,000 Total payments for income taxes Capital Expenditures: 20,000 20,000 Total payments for capital expenditures AREA Anl Yol YA 1 of 1 (1 complete) i More Info (Unless otherwise noted, nssume all of the following events occurred during 2018 and that any balancas given are stated as of December 31, 2018.) a. Budgeted sales are 1.300 sets for the first quarter and expected to increase by 200 sets per quarter Cash sales are expected to be 40% of total sales, with the remaining 60% of sales on account Sets are budgeted to sell for $70 per set b. Finished Goods Inventory on December 31, 2018, consists of 150 sets at $34 each c. Desired ending Finished Goods Inventory is 30% of the next quarter's sales, first quarter sales for 2020 are expected to be 2.100 sets. FIFO inventory costing method is used d. Raw Materials Inventory on December 31, 2018, consists of 1,050 pounds Direct materials requirement is 7 pounds per set. The cost is 1 per pound e. Desired ending Raw Materials Inventory is 10% of the next quarter's direct materials needed for production, desired ending inventory for December 31, 2019. is 1,050 pounds, indirect materials are Insignificant and not considered for budgeting purposes f. Each set requires 0.30 hours of direct labor direct labor costs average 14 per hour g. Variable manufacturing overhead is $4.20 per set h. Fixed manufacturing overhead includes $2,500 per quader in depreciation and $10,916 per quarter for other costs, such as utilities, insurance, and property taxes, 1 Fixed selling and administrative expenses include $10,000 per quarter for salaries $1.800 per quarter for rent, $450 per quarter for Insurance, and $500 per quarter for depreciation 1. Variable selling and administrative expenses include supplies at 3% of sales k. Capital expenditures include $20,000 for new manufacturing equipment to be purchased and paid for in the first quarter I Cash receipts for sales on account are 50% in the quarter of the sale and 50% in the quarter following the sale, Accounts Receivable balance on December 31, 2018, is expected to be received in the first quarter of 2019, uncollectible accounts are considered insignificant and not considered for budgeting purposes m. Direct materials purchases are paid 90% in the quarter purchased and 10% in the following quarter, Accounts Payable balance on December 31, 2018, is expected to be paid in the first quarter of 2019 n. Direct labor, manufacturing overhead, and selling and administrative costs are paid in the quarter incurred o. Income tax expense is projected at $3,500 per quarter and is paid in the quarter incurred p. Tinted desires to maintain a minimum cash balance of $30.000 and borrows from the local bankas needed in increments of $1,000 at the beginning of the quarter principal repayments are made at the beginning of the quarter when excess funds are available and in increments of $1,000. Interest is 6% per year and paid at the beginning of the quarter based on the amount outstanding from the previous quarter Print Done Clear All