Project A - Group 1.xlsx
3
PROJECT A—Case 9-30 Student Name: Abdul Raheem Mohammed (D40291581) SALES BUDGET: April May June Quarter Budgeted unit sales 65,000 100,000 50,000 215,000 Selling price per unit 10 10 10 10 Total sales 650,000 ### 500,000 ### SCHEDULE OF EXPECTED CASH COLLECTIONS: April May June Quarter February sal 260,000 10% 26,000 - - 26,000 March sales 400,000 70%/10% 280,000 40,000 - 320,000 April sales 650,000 70%/10% 130,000 455,000 65,000 650,000 May sales ### 20%/70% - 200,000 700,000 900,000 June sales 500,000 20% - - 100,000 100,000 Total cash collections 436,000 695,000 865,000 ### MERCHANDISE PURCHASES BUDGET: April May June Quarter Budgeted unit sales 65,000 100,000 50,000 215,000 Add desired ending in 40% 40,000 20,000 12,000 12,000 Total needs 105,000 120,000 62,000 227,000 Less beginning inventory (26,000) (40,000) (20,000) (26,000) Required purchases 79,000 80,000 42,000 201,000 Cost of purchases @ $4 per un 316,000 320,000 168,000 804,000 BUDGETED CASH DISBURSEMENTS FOR MERCHANDISE PURCHASES: April May June Quarter Accounts payable 100,000 - - 100,000 April purchases 158,000 158,000 - 316,000 May purchases - 160,000 160,000 320,000 June purchases - - 84,000 84,000 Total cash payments 258,000 318,000 244,000 820,000 EARRINGS UNLIMITED CASH BUDGET FOR THE 3 MONTHS ENDING JUNE 30 April May June Quarter Cash balance 74,000 50,000 50,000 74,000 Add collections from customer 436,000 695,000 865,000 ### Total cash available 510,000 745,000 915,000 ###
-
Upload
peter-rodriguez -
Category
Documents
-
view
221 -
download
2
Transcript of Project A - Group 1.xlsx
Project A Case 9-30PROJECT ACase 9-30Student Name:Abdul Raheem Mohammed (D40291581)SALES BUDGET:AprilMayJuneQuarterBudgeted unit sales65,000100,00050,000215,000Selling price per unit10101010Total sales650,0001,000,000500,0002,150,000
SCHEDULE OF EXPECTED CASH COLLECTIONS:AprilMayJuneQuarterFebruary sales260,00010%26,000--26,000March sales400,00070%/10%280,00040,000-320,000April sales650,00070%/10%130,000455,00065,000650,000May sales1,000,00020%/70%-200,000700,000900,000June sales500,00020%--100,000100,000Total cash collections436,000695,000865,0001,996,000
MERCHANDISE PURCHASES BUDGET:AprilMayJuneQuarterBudgeted unit sales65,000100,00050,000215,000Add desired ending inventory40%40,00020,00012,00012,000Total needs105,000120,00062,000227,000Less beginning inventory(26,000)(40,000)(20,000)(26,000)Required purchases79,00080,00042,000201,000Cost of purchases @ $4 per unit316,000320,000168,000804,000
BUDGETED CASH DISBURSEMENTS FOR MERCHANDISE PURCHASES:AprilMayJuneQuarterAccounts payable100,000--100,000April purchases158,000158,000-316,000May purchases-160,000160,000320,000June purchases--84,00084,000Total cash payments258,000318,000244,000820,000
EARRINGS UNLIMITEDCASH BUDGETFOR THE 3 MONTHS ENDING JUNE 30AprilMayJuneQuarterCash balance74,00050,00050,00074,000Add collections from customers436,000695,000865,0001,996,000Total cash available510,000745,000915,0002,070,000
Less disbursements Merchandise purchases258,000318,000244,000820,000 Advertising 200,000200,000200,000600,000 Rent18,00018,00018,00054,000 Salaries106,000106,000106,000318,000 Commissions26,00040,00020,00086,000 Utilities7,0007,0007,00021,000 Equipment purchases-16,00040,00056,000 Dividends paid15,000--15,000Total disbursements630,000705,000635,0001,970,000
Excess (deficiency) of receipts over disbursements(120,000)40,000280,000100,000Financing: Borrowings170,00010,000-180,000 Repayments--(180,000)(180,000) Interest--(5,300)(5,300)Total financing170,00010,000(185,300)(5,300)
Cash balance, ending50,00050,00094,70094,700
EARRINGS UNLIMITEDBUDGETED INCOME STATEMENTFOR THE 3 MONTHS ENDED JUNE 30
Sales 2,150,000Variable expenses: Cost of goods sold860,000 Commissions86,000946,000Contribution Margin1,204,000Fixed expenses: Advertising600,000 Rent54,000 Salaries318,000 Utilities21,000 Insurance9,000 Depreciation42,0001,044,000Net operating income160,000Interest expense (5,300)Net income154,700
EARRINGS UNLIMITEDBUDGETED BALANCE SHEETJUNE 30
Assets:
Cash94,700Accounts receivable (see below)500,000Inventory48,000Prepaid insurance12,000Property and equipment, net964,000 Total assets1,618,700
Liabilities and Stockholders' Equity
Accounts payable, purchases84,000Dividends payable15,000Capital stock800,000Retained earnings (see below)719,700 Total liabilities and stockholders' equity1,618,700
Accounts receivable at June 30: May sales x 10% x $10100,000 June sales x 10% x $10400,000 Total500,000
Retained earnings at June 30: Balance, March 31580,000 Add net income154,700 Total734,700 Less dividends declared(15,000) Balance, June 30719,700
Sheet2
Sheet3
![[MS-XLSX]: Excel (.xlsx) Extensions to the Office Open XML ...download.microsoft.com/.../[MS-XLSX].pdf · 2.4.63 pivotTableData ... Excel (.xlsx) Extensions to the Office Open XML](https://static.fdocuments.net/doc/165x107/5aaa6ba07f8b9a72188e3700/ms-xlsx-excel-xlsx-extensions-to-the-office-open-xml-ms-xlsxpdf2463.jpg)
![[MS-XLSX]: Excel (.xlsx) Extensions to the Office Open …MS-XLSX].pdf · Excel (.xlsx) Extensions to the Office Open XML SpreadsheetML File Format](https://static.fdocuments.net/doc/165x107/5a7a97f37f8b9a09238d392c/ms-xlsx-excel-xlsx-extensions-to-the-office-open-ms-xlsxpdfexcel-xlsx.jpg)
