sance des De 35 vided her Assets C Ground Company Balance Sheet December 31 Accounts Receivable Love Plant and Equipement, net of depreciation Total Assets $12.500 Llabilities and Stockholms Equity Accounts Payable Notes Payable Capital sock, no ar Retained Earnings 22.500 105 2009 Total Liabidities Stockholders Equity 25.000 KO 100 DO Inflow and In anticipation of preparing the operating bodget for the upcoming period, the time has gathered the following informatie Fifty percent of sales each month are cash sales and it percent of the credit sales are collected in the month of Salewad the remainder is calle next month. Sales and budgeted at $160.000 for Juary y percent credit lothlon athlow (6) Inventory purchases are expected to total $100.000 during luyla percent of all purchases are paid for in the month of purchase and the remainder in following month. The inventory account is expected to have a 520,000 balance (c) Selling and administrative expenses for January w budgeted 550,000 (ende depreciation) plus 10% of sales SEA expenses are paid in cash. Depreciation is $1.500 for the month of January Depreciatia is a non cash expe leuw The notes payable and all interest charpes will be paid in January. The interes atthew So aan ander plans to purchase a new display case for the showroom $4,500 during January O Groveland Company requires at least a $10,000 cash balance at the end of funds are needed, they borrow from the bank in increments of $1.000. Their balance is zero Required: Prepare a cash budget in good form for January. Be sure to show What is Groveland's loun balance on January 312 5200 Form 1 sance des De 35 vided her Assets C Ground Company Balance Sheet December 31 Accounts Receivable Love Plant and Equipement, net of depreciation Total Assets $12.500 Llabilities and Stockholms Equity Accounts Payable Notes Payable Capital sock, no ar Retained Earnings 22.500 105 2009 Total Liabidities Stockholders Equity 25.000 KO 100 DO Inflow and In anticipation of preparing the operating bodget for the upcoming period, the time has gathered the following informatie Fifty percent of sales each month are cash sales and it percent of the credit sales are collected in the month of Salewad the remainder is calle next month. Sales and budgeted at $160.000 for Juary y percent credit lothlon athlow (6) Inventory purchases are expected to total $100.000 during luyla percent of all purchases are paid for in the month of purchase and the remainder in following month. The inventory account is expected to have a 520,000 balance (c) Selling and administrative expenses for January w budgeted 550,000 (ende depreciation) plus 10% of sales SEA expenses are paid in cash. Depreciation is $1.500 for the month of January Depreciatia is a non cash expe leuw The notes payable and all interest charpes will be paid in January. The interes atthew So aan ander plans to purchase a new display case for the showroom $4,500 during January O Groveland Company requires at least a $10,000 cash balance at the end of funds are needed, they borrow from the bank in increments of $1.000. Their balance is zero Required: Prepare a cash budget in good form for January. Be sure to show What is Groveland's loun balance on January 312 5200 Form 1
