Q- Search Sheet Share ^ Insert Page Layout Formulas Data Review View Cut Copy AutoSum Fill Clear A-A Wrap Text (+ % |0400. Conditional Format Cell Formatting as Table Styles .. Merge & Center, BI Insert Delete Format Sort & Office Update To keep up-to-date with security updates, fixes, and improveents, choose Check for Updates. Check for Updates Given Data Case 08-29: CRAVAT SALES COMPANY $ 10.000 5 Minimum ending cash balance 6 Sellng price R Recent and forecast sales (in units): 9 January (actual 0 February (actual 11 March (actual) 12 Apri 13 May 14 June s July 16 August 20,000 24,000 28,000 35,000 45,000 80,000 40,000 38,000 32.000 19 Desired ending inventories (percentage 20 of next month's sales) 21 Cost of earrings 23 Purchases paid as follows: 24 In month of purchase 25 In folowing month 26 27 Collection on sales: 28 Sales colectod current month 29 Sales colecbed following monsh 30 Sales colected 2nd month folowing 50% 2 Variable monthly expenses: 3 Sales commissions (per tie) 34 S 1.00 Fixed monthly expenses 36 Wages and salaries 37 Utites 38 Insurance 9 Depreciation 40 Miscelaneous 41 42 Land purchased in May 3 Dividends declared each quarter S 22,000 S 14,000 S 1,200 S 1,500 S 3,000 5 25,000 S 12,000 45 Balance sheet at March 31: S 14.000 C08-29 Given C08-29 + 47 Cash P08-24 Given P08-24 + 110% Q- Search Sheet + Share Insert Page Layout Formulas Data Review View Cut Copy AutoSum Fill Clear A-A Wrap Text (+ % |0400. 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A1 : XV Given Data Case 08-29: Check for Updates 27 Collection on sales: 8 Sales colected current month 29 Sales colected following month 30 Sales colected 2nd month folowing 31 2 Variable monthly expenses: 33 Sales commissions (per fe) 50% 25% S 1.00 35 Fixed monthly expenses: 36 Wages and salaries 37 Uiites 38 Insurance 39 Depreciation 40 MscolaneoUS S 22,000 S 14,000 5 1.200 5 1.500 S 3.000 $ 25,000 $ 12.000 42 Land purchased in May 43 Dvidends declared cach quarter Balance sheet at March 31: 47 Cash 48 Accounts recevable 4 February sales SO March sales S1 Inventory (31,500 unts) 52 Prepaid insurance 53 Fixed assets, net of depreciation 54 Total assets S 14,000 S 48,000 168,000 218,000 57,500 14,400 172,700 74.600 Liabiities and Stockholders'Equity S B5,750 12,000 300,000 178,850 574,600 7 Accounts payable 8 Dividends payable 9 Capital stock 60 Retained 1 Total labilties and stockholders equity 63 Agreement with Bank: 64 Borrowing increments 65 Maximum borrowing amount 66 Inberest rate per month 67 Repayment increments 68 Total of interest paid each quarter 69 Required minimum cash balance 70 S 1,000 S 40,000 1% S 1,000 100% S 10,000 PO8-24Given P08-24 CO8-29 Given CO8-29+ + 110% Q- Search Sheet + Share Home Insert Page Layout Formulas Data Review View Cut Copy AutoSum Fill Clear A-A Wrap Text | .co 400 Conditional Format Cell Formatting as Table Styles Merge & Center , (+ % Paste BI Insert Delete Format Sort & Office Update To keep up-to-date with security updates, fixes, and improveents, choose Check for Updates. Check for Updates E46 CRAVAT SALES COMPANY 91a. Sales budget: 0 Budgeted sales in unts 1 Seling price per unt 12 Total sale 45,000 cels. Your final answers for 4 1b. Schedule of expectad cash collections: 15 February sales 6 March salos 7 Apri salos 8 May sales 9 June salea 20 Total cash colloctions 5 192.000 224,000 S 48,000 168,000 70,000 S 140,000 280,000 90,000 270,000 120,000 112,000 22 1G. Merchandise purchases budget: 23 Budgetod salos in units 24 Add budgeted ending inventory 25 Total needs 26 Loss beginning inventory 27 Roquired unit purchases 35,000 75.500 44,000 220,000 45,000 9,000 58,500 80,000 40,000 96.000 54.000 270,500 144,500 29 Required dalar purchases 210,000 1 1d. Budgeted cash disbursements for merchandise purchases: 32 March purchases8 3 Apri purchasee 34 May purchases 5 June puschases 36 Total cash payments 5 85.750 S 85,750 220,000 146,250 S 146 250 292,500 10.000 110,000 CRAVAT SALES COMPANY Cash Budget For the Three Months Ending June 30 5 Cash balance, beginning 46 Add receipts from custamers 47 Total cash avaiable 8 Loss ceburcoments: ash baance, ending" wil be Purchase of inventory 0 Sales commssions P08-24 Given P08-24 CO8-29Given C08-29+ + 100% a- Search Sheet t Share A Home Insert Page Layout Formulas Data Review View AutoSumA 2 A-A Wrap Text Copy Fill | o 400 Conditional Format Cell Formatting as Table Styles Merge & Center , , % BI Insert Delete Format Sort & Clear Office Update To keep up-to-date with security updates, fixes, and improveents, choose Check for Updates. Check for Updates CRAVAT SALES COMPANY Cash Budgot For the Three Months Ending June 30 46Add receipts from customers h buanco, ening will be 17 Excoss (deficienoy) of rocolipts 64 Cash belance, ending Budgoted Income Stabement For the Three Months Ended June 30 Enter the appropriete dete in the yellow cels. Your answer for "Nut PO8-24Given P08-24 C08-29 Given C08-29 + 100% Q- Search Sheet + Share Home Insert Page Layout Formulas Data Review View Cut Copy Format AutoSum Fill Clear A-A Wrap Text | .co 400 Conditional Format Cell Formatting as Table Styles Merge & Center , (+ % Paste BI Insert Delete Format Sort & Office Update To keep up-to-date with security updates, fixes, and improveents, choose Check for Updates. Check for Updates E46 Budgeted Income Statement For the Three Months Ended June 30 T0 nter the appropriate duta in the yellow cels. Your answer for "Net 2 Salos in un ts T3 Saks 4 Varable expenses: 5 Cost af goods sold 6 Commsaions 17 Contribution magn T8 Fked expenses 9 Salaries and wages 1 Insurance expired 2 Dopreclation 83 Mscellaneous 84 Net operating income Budgoted Balance Sheet 91 95 Cash 96 Accounts recuvablo HNT: Use calculation below. saets will be verified cels. Your answer for Inventory 8 Unexpired insurance 9 Fxed assets, net of depreciation 100 Total assets Liabitios and Stockholders Equity 03 Accounts payable, purchases 04 Dvidends payable 105 Loans paryable, bank 06 Captal stock, no par OT Rotained 108 Total labilities and equty HNT: Use 10 Accounts rece vable at June 30: 111 May sales 112 PO8-24Given P08-24 CO8-29Given C08-29+ + 100% Q- Search Sheet + Share Home Insert Page Layout Formulas Data Review View Cut Copy AutoSum Fill Clear A-A Wrap Text (+ % |0400. Conditional Format Cell Formatting as Table Styles .. Merge & Center, Paste BI Insert Delete Format Sort & Office Update To keep up-to-date with security updates, fixes, and improveents, choose Check for Updates. Check for Updates E46 84 Net operating income Less into st expense Net income s6 9 4. Budgeted Balance Sheet June 30 the appropriate data in cels. Your arawer for Cash 6 Accounts recsvable 7 Inventory 98 Unexpred insurance 9 Fxed assets, net af depreciation 100 Total assets 102 103 Accounts payable. purcha3e8 104 Dvidends payable 05 Loans payable, bank 106 Capital slock, no par 107 Retained eaminga 108 Total labiltios and equity 109 110 Accounts reae vable at June 30 Lisbiities and Stockholders'Equity 1May sales 12 June sales 13 Total 15 Retained eamings at June 30 16 Balance. March 31 1 Total 19 Less dividends declared 20 Balance, June 30 122 126 130 PO8-24Given P08-24 CO8-29 Given C08-29 + 100%