v ezto.mheducation.com + 88 Lu Hom... M Question.. *BMA... fi spre... fi assi... fi assi... fi Inbox fi Inbox in Scre... 3 BMT... Lu Ann... Homework: Strategic Tools Assignment i Saved Help Save & Exit Submit Check my work 2 willIsualt JPULLS, a IlleICIalluIsilly CUIlipally, TEPUILS WIE IUIluEVIlly Naialice SITEEL al DECEITINEI JI. DIMSDALE SPORTS COMPANY Balance Sheet December 31 Assets 15 Cash $ 20, 500 points Accounts receivable 520, 000 Inventor 95, 000 Equipment $ 600, 000 Less: Accumulated depreciation 75, 000 Equipment, net 525, 000 eBook Total assets $ 1, 160, 500 Liabilities and Equity Liabilities Accounts payable $ 375, 000 Print Loan payable 13, 000 Taxes payable (due March 15) 89, 000 $ 477, 000 Equity Common stock $ 472, 000 References Retained earnings 211, 500 Total stockholders' equity 683, 500 Total liabilities and equity $ 1, 160, 500 To prepare a master budget for January, February, and March, use the following information. a. The company's single product is purchased for $20 per unit and resold for $58 per unit. The inventory level of 4,750 units on December 31 is more than management's desired level, which is 20% of the next month's budgeted sales units. Budgeted sales are January, 7,500 units; February, 8,500 units; March, 10,750 units; and April, 10,000 units. All sales are on credit. b. Cash receipts from sales are budgeted as follows: January, $277,250; February, $740,028; March, $523,973. c. Cash payments for merchandise purchases are budgeted as follows: January, $65,000; February, $327,800; March, $107,000. d. Sales commissions equal to 20% of sales dollars are paid each month. Sales salaries (excluding commissions) are $5,500 per month. e. General and administrative salaries are $12,000 per month. Maintenance expense equals $1,900 per month and is paid in cash. f. New equipment purchases are budgeted as follows: January, $38,400; February, $93,600; and March, $26,400. Budgeted depreciation expense is January, $ 6,650; February, $7,625; and March, $7,900. g. The company budgets a land purchase at the end of March at a cost of $145,000, which will be paid with cash on the last day of the month. Mc Graw HillED V U E Beztomheducationcom C; (.9 [I] + 53 E: 4' a E E M @ Horn... m Questio... u BMA... 0 spre... o assi... a assi... 0 Inbox 0 Inbox Sore... BMT... Ann... Homework: Strategic Tools Assignment 0 Saved Help Save & Exit Submit www.mwu \"you... .. wqu, v WW... . W.W.,, who\v ezto.mheducation.com + 88 Lu Hom... M Question.. *BMA ... fi spre... fi assi... fi assi... fi Inbox fi Inbox in Scre... 3 BMT... Lu Ann... Homework: Strategic Tools Assignment i Saved Help Save & Exit Submit Check my work 2 4. IVIEICHIalluise pulclases wuuyeis. 3. Selling expense budgets. 4. General and administrative expense budgets. Hint: Depreciation is included in the general and administrative budget for merchandisers. 5. Capital expenditures budgets. 15 6. Cash budgets. points 7. Budgeted income statement for entire quarter (not monthly) ended March 31. 8. Budgeted balance sheet as of March 31. Complete this question by entering your answers in the tabs below. eBook Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Print Merchandise purchases budgets. References DIMSDALE SPORTS Merchandise Purchases Budget January February March Calculation of Desired ending inventory Next period budgeted sales units Ratio of inventory to future sales Total required units Units to be purchased Cost per unit Cost of merchandise purchases Hillv ezto.mheducation.com + 88 Lu Hom... M Question.. *BMA ... fi spre... fi assi... fi assi... fi Inbox fi Inbox in Scre... 3 BMT... Lu Ann... Homework: Strategic Tools Assignment i Saved Help Save & Exit Submit Check my work 2 4. IVIEICHIalluise pulclases wuuyeis. 3. Selling expense budgets. 4. General and administrative expense budgets. Hint: Depreciation is included in the general and administrative budget for merchandisers. 5. Capital expenditures budgets. 15 6. Cash budgets. points 7. Budgeted income statement for entire quarter (not monthly) ended March 31. 8. Budgeted balance sheet as of March 31. Complete this question by entering your answers in the tabs below. eBook Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Print Selling expense budgets. References DIMSDALE SPORTS Selling Expense Budget January February March Budgeted sales Sales commissions Required 2 Required 4 > 2 Mc Graw Hillv ezto.mheducation.com + 88 Lu Hom... M Question.. *BMA ... fi spre... fi assi... fi assi... fi Inbox fi Inbox in Scre... 3 BMT... Lu Ann... Homework: Strategic Tools Assignment i Saved Help Save & Exit Submit Check my work 2 4. IVIEICHIalluise pulclases wuuyeis. 3. Selling expense budgets. 4. General and administrative expense budgets. Hint: Depreciation is included in the general and administrative budget for merchandisers. 5. Capital expenditures budgets. 15 6. Cash budgets. points 7. Budgeted income statement for entire quarter (not monthly) ended March 31. 8. Budgeted balance sheet as of March 31. Complete this question by entering your answers in the tabs below. eBook Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Print General and administrative expense budgets. Hint: Depreciation is included in the general and administrative budget for merchandisers. References DIMSDALE SPORTS General and Administrative Expense Budget January February March Total Total gen. and admin. expenses 2 Mc Graw Hillv ezto.mheducation.com + 88 Lu Hom... M Question.. *BMA ... fi spre... fi assi... fi assi... fi Inbox fi Inbox in Scre... 3 BMT... Lu Ann... Homework: Strategic Tools Assignment i Saved Help Save & Exit Submit Check my work 2 ". JuIts Nuuyew. 2. Merchandise purchases budgets. 3. Selling expense budgets. 4. General and administrative expense budgets. Hint: Depreciation is included in the general and administrative budget for merchandisers. 15 5. Capital expenditures budgets. points 6. Cash budgets 7. Budgeted income statement for entire quarter (not monthly) ended March 31. 8. Budgeted balance sheet as of March 31. eBook Complete this question by entering your answers in the tabs below. Print Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Capital expenditures budgets. References DIMSDALE SPORTS Capital Expenditures Budget January February March Total capital expenditures Mc Graw Hillv ezto.mheducation.com + 88 Lu Hom... M Question.. *BMA ... fi spre... fi assi... fi assi... fi Inbox fi Inbox in Scre... 3 BMT... Lu Ann... Homework: Strategic Tools Assignment i Saved Help Save & Exit Submit Check my work 2 ". JuIts Nuuyew. 2. Merchandise purchases budgets. 3. Selling expense budgets. 4. General and administrative expense budgets. Hint: Depreciation is included in the general and administrative budget for merchandisers. 15 5. Capital expenditures budgets. points 6. Cash budgets 7. Budgeted income statement for entire quarter (not monthly) ended March 31. 8. Budgeted balance sheet as of March 31. eBook Complete this question by entering your answers in the tabs below. Print Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Cash budgets. (Negative balances and Loan repayment amounts (if any) should be indicated with minus sign. Round your References final answers to the nearest whole dollar.) DIMSDALE SPORTS CO. Cash Budget January February March Beginning cash balance Total cash available Less: Cash payments for: 2 Mc Graw Hillv ezto.mheducation.com + 88 Lu Hom... M Question.. *BMA ... fi spre... fi assi... fi assi... fi Inbox fi Inbox in Scre... 3 BMT... Lu Ann... Homework: Strategic Tools Assignment i Saved Help Save & Exit Submit Check my work 2 ". JuIts Nuuyew. 2. Merchandise purchases budgets. 3. Selling expense budgets. 4. General and administrative expense budgets. Hint: Depreciation is included in the general and administrative budget for merchandisers. 15 5. Capital expenditures budgets. points 6. Cash budgets 7. Budgeted income statement for entire quarter (not monthly) ended March 31. 8. Budgeted balance sheet as of March 31. eBook Complete this question by entering your answers in the tabs below. Print Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Budgeted income statement for the entire first quarter (not for each month). (Round your final answers to the nearest whole References dollar.) DIMSDALE SPORTS CO. Budgeted Income Statement For Three Months Ended March 31 Selling, general and administrative expenses 2 Mc Graw Hillv ezto.mheducation.com + 88 Lu Hom... M Question.. *BMA ... fi spre... fi assi... fi assi... fi Inbox fi Inbox in Scre... 3 BMT... Lu Ann... Homework: Strategic Tools Assignment i Saved Help Save & Exit Submit Check my work 2 ". JuIts Nuuyew. 2. Merchandise purchases budgets. 3. Selling expense budgets. 4. General and administrative expense budgets. Hint: Depreciation is included in the general and administrative budget for merchandisers. 15 5. Capital expenditures budgets. points 6. Cash budgets 7. Budgeted income statement for entire quarter (not monthly) ended March 31. 8. Budgeted balance sheet as of March 31. eBook Complete this question by entering your answers in the tabs below. Print Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Budgeted balance sheet as of March 31. (Round your final answers to the nearest whole dollar.) References DIMSDALE SPORTS CO. Budgeted Balance Sheet March 31 Assets Total current assets 2 Equipment, Net Total assets Liabilities and Equity 1 inhilition Mc Graw Hillv ezto.mheducation.com + 88 Lu Hom... M Question.. *BMA... fi spre... fi assi... fi assi.. fi Inbox fi Inbox in Scre... 3 BMT... Lu Ann... Homework: Strategic Tools Assignment i Saved Help Save & Exit Submit Check my work 2 Required 1 Required 2 Required 3 Required 4 Required 5 Required 6 Required 7 Required 8 Budgeted balance sheet as of March 31. (Round your final answers to the nearest whole dollar.) 15 points DIMSDALE SPORTS CO. Budgeted Balance Sheet March 31 eBook Assets Print Total current assets References Equipment, Net Total assets Liabilities and Equity Liabilities Total liabilities Stockholders' Equity Total Stockholders' Equity Total Liabilities and Equity Mc Graw Hill