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Q.2 Sales Purchases Description JANUARY FEBRUARY Wages Supplies Utilities Rent Insurance Advertising Depreciation Net Profit HASF PVT.LTD BUDGETED INCOME STATEMENT FOR 1st QUARTER 1999 285,000 129,000 35,000 26,000 6,500 15,000 12,000 24,500 20,000 17,000 View sonic Receivable Trend: 323,000 168,000 37,000 23,000 = 8,700 December Sales 250,000 12,800 November Purchases = 100,000 12,000 28,500 20,000 December Purchases = 165,000 13,000 30% of Sales are collected in the month of sale MARCH 221,000 95,000 30,000 21,500 7,200 • Please make a cash budget for the months of January, February and March 1999 based on the data for 13,600 12.000 18,000 30% of Sales are collected after the month of sale 20,000 40% of Sales are collected two months after the sale is made 3,700 View sonic Payable Trend: 10% of Purchases are paid for in the month of purchase 35% of Purchases are paid after the month of purchase 55% of Purchases are paid two months after the purchase is made Additional Information: Rent and Insurance expense were prepaid at the end of 1998 All other expenses are paid for in the month they were incurred November Sales = 195,000 Please see attached Budgeted Income Statement for 1st Quarter 1999

Q.2 Sales Purchases Description JANUARY FEBRUARY Wages Supplies Utilities Rent Insurance Advertising Depreciation Net Profit HASF PVT.LTD BUDGETED INCOME STATEMENT FOR 1st QUARTER 1999 285,000 129,000 35,000 26,000 6,500 15,000 12,000 24,500 20,000 17,000 View sonic Receivable Trend: 323,000 168,000 37,000 23,000 = 8,700 December Sales 250,000 12,800 November Purchases = 100,000 12,000 28,500 20,000 December Purchases = 165,000 13,000 30% of Sales are collected in the month of sale MARCH 221,000 95,000 30,000 21,500 7,200 • Please make a cash budget for the months of January, February and March 1999 based on the data for 13,600 12.000 18,000 30% of Sales are collected after the month of sale 20,000 40% of Sales are collected two months after the sale is made 3,700 View sonic Payable Trend: 10% of Purchases are paid for in the month of purchase 35% of Purchases are paid after the month of purchase 55% of Purchases are paid two months after the purchase is made Additional Information: Rent and Insurance expense were prepaid at the end of 1998 All other expenses are paid for in the month they were incurred November Sales = 195,000 Please see attached Budgeted Income Statement for 1st Quarter 1999

Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter4: Accounting For Retail Operations
Section: Chapter Questions
Problem 4.2MBA: Sales transactions Using transactions listed in P4-2, indicate the effects of each transaction on...
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9:09 B Q.2 Sales Purchases Description JANUARY FEBRUARY Wages Supplies Utilities Rent Insurance Advertising Depreciation HASF PVT.LTD Net Profit BUDGETED INCOME STATEMENT FOR 1st QUARTER 1999 285,000 323,000 129,000 35,000 26,000 6,500 15,000 12,000 24,500 20,000 17,000 View sonic Receivable Trend: 168,000 37,000 23,000 8,700 12,800 12,000 November Sales = 195,000 28,500 20,000 November Purchases = 100,000 December Sales = 250,000 13,000 MARCH 221,000 95,000 30,000 21,500 7,200 13,600 12,000 30% of Sales are collected in the month of sale 18,000 • Please make a cash budget for the months of January, February and March 1999 based on the data for 20,000 30% of Sales are collected after the month of sale 3,700 40% of Sales are collected two months after the sale is made View sonic Payable Trend: 10% of Purchases are paid for in the month of purchase 35% of Purchases are paid after the month of purchase 55% of Purchases are paid two months after the purchase is made Additional Information: Rent and Insurance expense were prepaid at the end of 1998 KB/S ll ll 97% All other expenses are paid for in the month they were incurred December Purchases 165,000 Please see attached Budgeted Income Statement for 1st Quarter 1999 =
Transcribed Image Text:9:09 B Q.2 Sales Purchases Description JANUARY FEBRUARY Wages Supplies Utilities Rent Insurance Advertising Depreciation HASF PVT.LTD Net Profit BUDGETED INCOME STATEMENT FOR 1st QUARTER 1999 285,000 323,000 129,000 35,000 26,000 6,500 15,000 12,000 24,500 20,000 17,000 View sonic Receivable Trend: 168,000 37,000 23,000 8,700 12,800 12,000 November Sales = 195,000 28,500 20,000 November Purchases = 100,000 December Sales = 250,000 13,000 MARCH 221,000 95,000 30,000 21,500 7,200 13,600 12,000 30% of Sales are collected in the month of sale 18,000 • Please make a cash budget for the months of January, February and March 1999 based on the data for 20,000 30% of Sales are collected after the month of sale 3,700 40% of Sales are collected two months after the sale is made View sonic Payable Trend: 10% of Purchases are paid for in the month of purchase 35% of Purchases are paid after the month of purchase 55% of Purchases are paid two months after the purchase is made Additional Information: Rent and Insurance expense were prepaid at the end of 1998 KB/S ll ll 97% All other expenses are paid for in the month they were incurred December Purchases 165,000 Please see attached Budgeted Income Statement for 1st Quarter 1999 =
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