Prompt Cash Budget Income Statement Master Budget Excel Assignment; Hillard Company, an office supplies specialty store, prepares its master budget on a quarterly basis. The following data have been assembled to assist in preparation of the master budget for the first quarter: a. C. As of December 31 (the end of the prior quarter), the company's General Ledger shows: Debits Credits Cash Accounts Receivable Inventory Buildings & Equipment (Net of Depreciation) Accounts Payable e. Capital Stock Retained Earnings d. The company's gross profit rate is 45% of gross sales. 229,000 159,250 33,000 550,000 b. Actual Sales for December and budgeted sales for the next four months are as follows: December (Actual) January February March April 971,250 Balance Sheet 245,000 750,000 500,000 375,000 299,500 112,000 461,750 397,500 971,250 Sales are 25% for cash and 75% on credit. All payments on credit sales are colected in the month following the sale. The accounts receivable at December 31 are a result of December credit sales. 2 a. Inventory Purchases budget: b. Schedule of cash disbursements for purchase: 3 Schedule of cash disbursements for expenses: Monthly expenses are budgeted as follows: salaries and wages, $75,000 per month; advertising, $55,000 per month; shipping, 5.6% of sales; depreciation, $19,000 per month; other expenses, 3% of sales. At the end of each month, inventory is to be on hand equal to 20% of the following month's sales needs, stated at cost. g. 40% of a month's inventory purchases is paid for in the month of purchase; the other 60% is paid for in the following month. h. If required, make necessary assumptions and state them in the answer document. Required Using this data, complete the following budgets & statements for the first quarter: 1 Schedule of expected cash collections: 4 Cash Budget: 5 Prepare an income statement for the quarter ending March 31 as shown in this chapter. (Do an Income statement for Jan., Feb., March, and full quarter) 6 Prepare a balance sheet as of March 31. Name:

Master Budget Excel Assignment; Hillard Company, an office supplies specialty store, prepares its master budget on a quarterly basis. The following data have been assembled to assist in preparation of the master budget for the first quarter: Name: b. Actual Sales for December and budgeted sales for the next four months are as follows: \begin{tabular}{|l|l|} \hline December (Actual) & 245,000 \\ \hline lanuary & 750,000 \\ \hline February & 500,000 \\ \hline March & 375,000 \\ \hline April & 299,500 \\ \hline \end{tabular} Sales are 25% for cash and 75% on credit. All payments on credit sales are colected in the month following the sale. The accounts receivable at December 31 are a result of December credit sales. Monthly expenses are budgeted as follows: salaries and wages, $75,000 per month; advertising, $55,000 per month; shipping, 5.6% of sales; depreciation, $19,000 per month; other expenses, 3% of sales. f. At the end of each month, inventory is to be on hand equal to 20% of the following month's sales needs, stated at cost. 9. 40% of a month's inventory purchases is paid for in the month of purchase; the other 60% is paid for in the following month. h. If required, make necessary assumptions and state them in the answer document. Required Using this data, complete the following budgets \& statements for the first quarter: 1 Schedule of expected cash collections: 2 a. Inventory Purchases budget: b. Schedule of cash disbursements for purchase: 3 Schedule of cash disbursements for expenses: 4 Cash Budget: 5 Prepare an income statement for the quarter ending March 31 as shown in this chapter. (Do an Income statement for Jan., Feb., March, and full quarter) 6 Prepare a balance sheet as of March 31. Master Budget Excel Assignment; Hillard Company, an office supplies specialty store, prepares its master budget on a quarterly basis. The following data have been assembled to assist in preparation of the master budget for the first quarter: Name: b. Actual Sales for December and budgeted sales for the next four months are as follows: \begin{tabular}{|l|l|} \hline December (Actual) & 245,000 \\ \hline lanuary & 750,000 \\ \hline February & 500,000 \\ \hline March & 375,000 \\ \hline April & 299,500 \\ \hline \end{tabular} Sales are 25% for cash and 75% on credit. All payments on credit sales are colected in the month following the sale. The accounts receivable at December 31 are a result of December credit sales. Monthly expenses are budgeted as follows: salaries and wages, $75,000 per month; advertising, $55,000 per month; shipping, 5.6% of sales; depreciation, $19,000 per month; other expenses, 3% of sales. f. At the end of each month, inventory is to be on hand equal to 20% of the following month's sales needs, stated at cost. 9. 40% of a month's inventory purchases is paid for in the month of purchase; the other 60% is paid for in the following month. h. If required, make necessary assumptions and state them in the answer document. Required Using this data, complete the following budgets \& statements for the first quarter: 1 Schedule of expected cash collections: 2 a. Inventory Purchases budget: b. Schedule of cash disbursements for purchase: 3 Schedule of cash disbursements for expenses: 4 Cash Budget: 5 Prepare an income statement for the quarter ending March 31 as shown in this chapter. (Do an Income statement for Jan., Feb., March, and full quarter) 6 Prepare a balance sheet as of March 31