The following data relate to the operations of Shilow Company,
Chrome File Edit View History Bookmarks People Tab Window Help 7 100% Wed Dec 9 8 44 14 PM Q ... Connect X + ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activity/... W ACC 121 Capstone Project i Saved Help Save & Exit Submit Check my work 4 Complete this question by entering your answers in the tabs below. 25 Required 1 Required 2 Required 3 Required 4 Required 5 points Prepare a balance sheet as of June 30. eBook Shilow Company Print Balance Sheet June 30 Assets Current assets: Cash $ 4,910 Accounts receivable 38,400 Inventory 28,200 Total current assets 71,510 Building and equipment-net 27,200 assets $ 198,710 Liabilities and Stockholders' Equity Accounts payable $ 21,300 Stockholders' equity: Mc raw Hill DEC O 9 OChrome File Edit View History Bookmarks People Tab Window Help 7 97% Wed Dec 9 8 52 08 PM Q ... Connect + C ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activity/q... * W ACC 121 Capstone Project i Saved Help Save & Exit Submit Check my work P Complete this question by entering your answers in the tabs below. 25 Required 1 Required 2 Required 3 Required 4 Required 5 points Prepare an absorption costing income statement for the quarter ended June 30. eBook Shilow Company Print Income Statement For the Quarter Ended June 30 Sales $ 233,000 Cost of goods sold: Beginning inventory 39.600 Purchases 163,350 Goods available for sale 202,950 Ending inventory 28,200 174,750 Gross margin 58,250 Selling and administrative expenses: Commissions 27,960 Rent 6,900 Depreciation 2,862 Other expenses Mc Hill DEC 9Chrome File Edit View History Bookmarks People Tab Window Help 7 97% Wed Dec 9 8 52 12 PM Q ... Connect + C ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activity/q... * W ACC 121 Capstone Project i Saved Help Save & Exit Submit Check my work P Complete this question by entering your answers in the tabs below. 25 Required 1 Required 2 Required 3 Required 4 Required 5 points Complete the cash budget. (Cash deficiency, repayments and interest should be indicated by a minus sign.) eBook Shilow Company Print Cash Budget April May June Quarter Beginning cash balance $ 7,500 Add collections from customers 59,600 Total cash available 37,100 0 0 Less cash disbursements For inventory 49,800 For expenses 14,180 For equipment ,500 Total cash disbursements 65,480 0 0 Excess (deficiency) of cash 1,620 available over disbursements Financing: Borrowings Repayments Interest Mc DEC 9Chrome File Edit View History Bookmarks People Tab Window Help 7 97% Wed Dec 9 8:52:17 PM Q ... Connect + C ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activity/q... * W ACC 121 Capstone Project i Saved Help Save & Exit Submit Check my work Complete this question by entering your answers in the tabs below. 25 Required 1 Required 2 Required 3 Required 4 Required 5 points Complete the merchandise purchases budget and the schedule of expected cash disbursements for merchandise purchases. eBook Merchandise Purchases Budget Print April May June Quarter Budgeted cost of goods sold $ 49,500 $53,250 $ 72,000 $ 174,750 Add desired ending merchandise inventory 42,600 57,60 28,200 28,200 Total needs 92, 100 110,850 100,200 202,950 Less beginning merchandise inventory 39,600 42,600 57,600 39,600 Required purchases $ 52,500 $68,250 $ 42,600 163,350 Budgeted cost of goods sold for April = $66,000 sales x 75% = $49,500 Add desired ending inventory for April = $53,250 x 80% = $42,600 Schedule of Expected Cash Disbursements-Merchandise Purchases April May June Quarter March purchases $ 23,550 $ of $ $ 23,550 April purchases 26,250 26,250 52,500 May purchases 34, 125 34, 125 68.250 June purchases 0 0 21,300 21,300 Total disbursements $ 49,800 $60,375 $ 55,425 $ 165,600 Mc 4 of 4 Hill DEC 9Chrome File Edit View History Bookmarks People Tab Window Help 7 97% Wed Dec 9 8 52 20 PM Q ... Connect + C ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fnewconnect.mheducation.com%252F#/activity/q... * W ACC 121 Capstone Project i Saved Help Save & Exit Submit Check my work J. WVIIIPICLE LIKE LUSII WHYEL P 4. Prepare an absorption costing income statement for the quarter ended June 30. 5. Prepare a balance sheet as of June 30. 25 Complete this question by entering your answers in the tabs below. points Required 1 Required 2 Required 3 Required 4 Required 5 eBook Print Complete the schedule of expected cash collections. Schedule of Expected Cash Collections April May June Quarter Cash sales $ 39,600 $ 42,600 $ 57,600 $ 139,800 Credit sales 20,000 26,400 28,400 74,800 Total collections $ 59,600 $ 69,000 $ 86,000 214,600 Required 1 Required 2 > Mc Hill DEC 9
