equired: Prepare a schedule of expected cash collections for July, August, and September. -a. Prepare a merchandise purchases budget for July, August, and September. Also compute total merchandise purchases for the uarter ended September 30. b. Prepare a schedule of expected cash disbursements for merchandise purchases for July, August, and September. Prepare an income statement for the quarter ended September 30. Prepare a balance sheet as of September 30.
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- A companys controller is adjusting next years budget to reflect the impact of an expected 3 percent inflation rate. Listed below are selected items from next years budget before the adjustment. After adjusting for the 3 percent inflation rate, what is the companys total budget for the selected items before taxes for next year? a. 858,150 b. 860,412 c. 810,971 d. 858,971Required information [The following information applies to the questions displayed below.] Beech Corporation is a merchandising company that is preparing a master budget for the third quarter of the calendar year. The company's balance sheet as of June 30th is shown below: Beech Corporation Balance Sheet June 30 Assets Cash Accounts receivable Inventory Plant and equipment, net of depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity $ 94,000 145,000 59,400 222,000 $520,400 $ 83,000 331,000 106,400 $ 520,400 Beech's managers have made the following additional assumptions and estimates: 1. Estimated sales for July, August, September, and October will be $330,000 $350,000, $340,000, and $360,000, respectively. 2. All sales are on credit and all credit sales are collected. Each month's credit sales are collected 35% in the month of sale and 65% in the month following the sale. All of the…Required information [The following information applies to the questions displayed below.] Beech Corporation is a merchandising company that is preparing a master budget for the third quarter of the calendar year. The company's balance sheet as of June 30th is shown in the picture provided: Beech's managers have made the following additional assumptions and estimates: Estimated sales for July, August, September, and October will be $360,000, $380,000, $370,000, and $390,000, respectively. All sales are on credit and all credit sales are collected. Each month's credit sales are collected 35% in the month of sale and 65% in the month following the sale. All of the accounts receivable at June 30 will be collected in July. Each month's ending inventory must equal 25% of the cost of next month's sales. The cost of goods sold is 60% of sales. The company pays for 40% of its merchandise purchases in the month of the purchase and the remaining 60% in the month following the purchase. All of…
- Required Information TES-417 Inc. is a retaller. Its accountants are preparing the company's 2nd quarter master budget. The company has the following balance sheet as of March 31. TES-417 Inc. Balance Sheet March 31 Assets Accounts receivable Inventory 129,880 52, see 217,000 Plant and equipment, net of depreciation. Total assets $ 480.500 Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings 55, see Total liabilities and stockholders' equity $ 480.500 TES-417 accountants have made the following estimates: 1. Sales for April, May, June, and July will be $280,000, $300,000, $290,000, and $310,000, respectively. 2. All sales are on credit. Each month's credit sales are collected 35% in the month of sale and 65% in the month following the sale. All of the accounts receivable at March 31 will be collected in April. 3. Each month's ending inventory must equal 25% of next month's cost of goods sold. The cost of goods sold is 75% of sales. The company pays for…Required Information TES-417 Inc. is a retailer. Its accountants are preparing the company's 2nd quarter master budget. The company has the following balance sheet as of March 31. TES-417 Inc. Balance Sheet March 31 Assets Cash Accounts receivable 129,808 Inventory 52,508 217,000 Plant and equipment, net of depreciation Total assets Liabilities and Stockholders' Equity ps payable 347,808 Retained earnings Total liabilities and stockholders' equity 488,508 TES-417 accountants have made the following estimates: 1. Sales for April, May, June, and July will be $280,000, $300,000, $290,000, and $310,000, respectively. 2. All sales are on credit. Each month's credit sales are collected 35% in the month of sale and 65% in the month following the sale. All of the accounts receivable at March 31 will be collected in April. 3. Each month's ending inventory must equal 25% of next month's cost of goods sold. The cost of goods sold is 75% of sales. The company pays for 40% of its merchandise…Wheeling Company is a merchandiser that provided a balance sheet as of September 30 as shown below: Wheeling Company Balance Sheet September 30 Assets Cash Accounts receivable. Inventory Buildings and equipment, net of depreciation Total assets Liabilities and Stockholders' Equity Accounts payable. Common stock Retained earnings Total liabilities and stockholders' equity The company is in the process of preparing a budget for October and has assembled the following data: $ 70,800 130,000 59,400 276,000 $ 536,200 Required: 1. Using the information provided, calculate or prepare the following: a. The budgeted cash collections for October. b. The budgeted merchandise purchases for October. 1. Sales are budgeted at $440,000 for October and $450,000 for November. Of these sales, 35% will be for cash; the remainder will be credit sales. Forty percent of a month's credit sales are collected in the month the sales are made, and the remaining 60% is collected in the following month. All of the…
- Required information Skip to question [The following information applies to the questions displayed below.] Beech Corporation is a merchandising company that is preparing a master budget for the third quarter of the calendar year. The company’s balance sheet as of June 30th is shown below: Beech Corporation Balance Sheet June 30 Assets Cash $ 76,000 Accounts receivable 137,000 Inventory 86,100 Plant and equipment, net of depreciation 230,000 Total assets $ 529,100 Liabilities and Stockholders’ Equity Accounts payable $91,000 Common stock 312,000 Retained earnings 126,100 Total liabilities and stockholders’ equity $ 529,100 Beech’s managers have made the following additional assumptions and estimates: Estimated sales for July, August, September, and October will be $410,000, $430,000, $420,000, and $440,000, respectively. All sales are on credit and all credit sales are collected. Each month’s credit sales are collected 35% in the…Required information [The following information applies to the questions displayed below.] Lamonte Company reports the following budgeted December 31 adjusted trial balance. Debit $ 52,200 122, 200 66, 200 127,200 Cash Accounts receivable Merchandise inventory Equipment Accumulated depreciation-Equipment Accounts payable Loan payable Common stock Retained earnings (beginning year balance) Sales Cost of goods sold Loan interest expense Depreciation expense Salaries expense Totals LAMONTE COMPANY Budgeted Income Statement For Year Ended December 31 Gross profit Selling, general and administrative expenses 362,200 10, 200 12, 200 124, 200 $ 876,600 Prepare the budgeted income statement for the current year ended December 31. Ignore income taxes. $ Credit 0 0 $ 27,200 36,200 24, 200 205,500 61,300 522, 200 $ 876,600You are provided with the following information taken from Sage Hill Inc's March 31, 2027, balance sheet. Cash Accounts receivable Inventory Property, plant, and equipment, net of depreciation Accounts payable Common stock Retained earnings 1 2 3. 5. 6. 7. Additional information concerning Sage Hill Inc. is as follows. Gross profit is 24% of sales. Actual and budgeted sales data: March (actual) April (budgeted) March April $18.840 $47.100 $62460 $12,280 72.700 23.120 37,100 123,400 22,910 Sales are both cash and credit, Cash collections expected in April are: 152.900 12.320 (40% of $47.100) (60% of $72,700) Half of a month's purchases are paid for in the month of purchase and half in the following month Cash disbursements expecte Purchases March Purchases April $22,910 28,910 $51820 Cash operating costs are anticipated to be $12,110 for the month of April. Equipment costing $2,530 will be purchased for cash in April. The company wishes to maintain a minimum cash balance of $12,240. An…
- Relevant data from Picta Company’s operating budgets are presented below. The company’s financial year ends on 30 June. Quarter 1Quarter 2Sales$248,470$251,539Direct material purchases120,295128,832Direct labor76,55374,289Manufacturing overhead26,00024,400Selling and administration expenses33,50033,500Depreciation included in selling and administration expenses 2,000 2,500 Collection from customers230,524220,116Cash payments for purchases114,345118,346 Additional data:Equipment was sold in July for $8,000 and $4,500 in November. Dividends of $5,500 were paid in August. The beginning cash balance was $80,395 and a required minimum cash balance per quarter is $60,000. The company has a 15% open line of credit for $70 000 with their bank. Required: a) Use this information to prepare a cash budget for the first two quarters of the year. bi) Briefly comment on Picta Company’s expected cashflow position in the first two quarters of the year.Required Information TES-417 Inc. is a retailer. Its accountants are preparing the company's 2nd quarter master budget. The company has the following balance sheet as of March 31. TES-417 Inc. Balance Sheet March 31 Assets Cash $82,000 Accounts receivable Inventory 52,5ee 217,000 Plant and equipment, net of depreciation Total assets Liabilities and Stockholders' Equity Accounts payable 78,000 Common stock 347.000 55,500 Retained earnings Total liabilities and stockholders' equity TES-417 accountants have made the following estimates: 1. Sales for April, May, June, and July will be $280,000, $300.000, $290,000, and $310,000, respectively. 2. All sales are on credit. Each month's credit sales are collected 35% in the month of sale and 65% in the month following the sale. All of the accounts receivable at March 31 will be collected in April. 3. Each month's ending inventory must equal 25% of next month's cost of goods sold. The cost of goods sold is 75% of sales. The company pays for 40%…You are provided with the following information taken from Wildhorse Inc.'s March 31, 2025, balance sheet. Cash Accounts receivable Inventory Property, plant, and equipment, net of depreciation Accounts payable Common stock Retained earnings 1. 2. 3. 4. 5. Additional information concerning Wildhorse Inc. is as follows. 6. 7. Gross profit is 25% of sales. Actual and budgeted sales data: March (actual) April (budgeted) March April Purchases March $48,200 $19,280 42,420 $61,700 Purchases April $11,600 70,700 20,180 36,010 Sales are both cash and credit. Cash collections expected in April are: (40% of $48,200) (60% of $70,700) 120,800 22,560 154,500 11.680 Half of a month's purchases are paid for in the month of purchase and half in the following month. Cash disbursements expecte $22,560 28,320 $50,880 Cash operating costs are anticipated to be $12,630 for the month of April. Equipment costing $2,560 will be purchased for cash in April. The company wishes to maintain a minimum cash balance…