Kline Sisters Company operates a gift shop where peak sales and
activity occur in the months...
Kline Sisters Company operates a gift shop where peak sales and
activity occur in the months of December and January. Data
regarding the store's operations follow:
Sales are budgeted at $360,000 for January, 320,000 for
February, and $250,000 for March and $240,000 in April.
Collections are expected to be 30% in the month of sale, 65% in
the month following the sale, 3% in the second month following sale
and 2% uncollectible.
The cost of goods sold is 76% of...
Webster Company has the following
sales budget.
January
$200,000
February 
Webster Company has the following
sales budget.
January
$200,000
February
$240,000
March
$300,000
April
$360,000
Cost of
sales is 70% of sales. Sales are collected 40% in the month of sale
and 60% in the following month. Webster keeps inventory equal to
double the coming month's budgeted sales requirements. It pays for
purchases 80% in the month of purchase and 20% in the month after
purchase. Inventory at the beginning of January is
$190,000. Webster...
Depotissimo " , has predicted the following sales for the first
four months of 2015
January...
Depotissimo " , has predicted the following sales for the first
four months of 2015
January
$ 7,000
March
$ 15,000
February
$ 12,000
April
$ 18,000
Monthly purchases of raw materials accounts for 50 % of sales
forecast for the next month.
Of total raw material purchases , payments are 50% in cash in
the same month and 50% on credit. Of credit purchases 70% is paid
in the following month and 30% is paid in two months.
Predicted...
Mary and Kay, Inc., a distributor of cosmetics throughout
Florida, is in the process of assembling...
Mary and Kay, Inc., a distributor of cosmetics throughout
Florida, is in the process of assembling a cash budget for the
first quarter of 20x1. The following information has been extracted
from the company’s accounting records:
All sales are on account. Sixty percent of customer accounts are
collected in the month of sale; 35 percent are collected in the
following month. Uncollectibles amounting to 5 percent of sales are
anticipated, and management believes that only 20 percent of the
accounts...
Morgan Company's budgeted income statement reflects the
following amounts:
Sales
Purchases
Expenses
January
$
117,000
$...
Morgan Company's budgeted income statement reflects the
following amounts:
Sales
Purchases
Expenses
January
$
117,000
$
75,000
$
23,700
February
107,000
63,000
23,900
March
122,000
78,250
26,700
April
127,000
81,500
28,300
Sales are collected 50% in the month of sale, 25% in the month
following sale, and 24% in the second month following sale. One
percent of sales is uncollectible and expensed at the end of the
year.
Morgan pays for all purchases in the month following purchase
and takes...
The controller of Harrington Company estimates sales and
production for the first four months of 2020...
The controller of Harrington Company estimates sales and
production for the first four months of 2020 as follows:
January
February
March
April
Sales
$28,700
$38,200
$50,900
$25,800
Production in units
1,100
1,500
1,800
2,800
Sales are 40% cash and 60% on account, and 60% of credit sales
are collected in the month of the sale. In the month after the
sale, 40% of credit sales are collected. It takes 4 kg of direct
materials to produce a finished unit, and...
ABC Company, a retailer, prepares its master budget on a
quarterly basis. The following data has...
ABC Company, a retailer, prepares its master budget on a
quarterly basis. The following data has been assembled to assist in
preparation of the master for the first quarter. a. As of December
31 (the end of the prior quarter), the company’s general ledger
showed the following account balances. ASSETS LIABILITIES AND
EQUITY Cash $ 47,000 Accounts Payable $ 92,000 Accounts Receivable
224,000 Capital Stock 500,000 Inventory 60,000 Retained Earnings
109,000 Buildings and Equipment (net of depreciation) 370,000 TOTAL
ASSETS...
6-43 cash budgeting, budgeted balance sheet
(Continuation 016-42) (Appendix)
Refer to the information in Problem 6-42....
6-43 cash budgeting, budgeted balance sheet
(Continuation 016-42) (Appendix)
Refer to the information in Problem 6-42.
Budgeted balances at January 31, 2018 are as follows:
Cash
?
Accounts
receivable
?
Inventory
?
Property. plant and equipment
(net) $1,175,600
Accounts
payable
?
Long-term
liabilities
182,000
Stockholders'
equity
?
Selected budget information for December 2017 follows:
Cash balance, December 31,
2017
$124,000
Budgeted
sales
1,650,000
Budgeted materials
purchases
820,000
Customer invoices are payable within 30 days. From past
experience, Skulas’s...
Month
Budgeted Cash Sales
Budgeted Credit Sales
Budgeted Cash Purchases
Budgeted Credit Purchases
December
8,000
21,000...
Month
Budgeted Cash Sales
Budgeted Credit Sales
Budgeted Cash Purchases
Budgeted Credit Purchases
December
8,000
21,000
January
9,000
23,000
February
11,000
25,000
March
77,800
12,000
12,000
22,000
March
68,500
12,500
12,500
23,500
May
72,000
12,300
12,300
24,500
Wages & other operating expenses are estimated as
follows:
Month
Wages
Other Expenses
March
20,000
28,000
April
17,500
22,000
May
20,000
23,000
Newequipment purchased in February for $16,750 istobepaid
forin April.
New furniture purchased in March for $15,000 isto be paid...