Fundamental Managerial Accounting Concepts 6th Edition Edmonds, Tsay, olds - Solutions

Sales March January February Cash sales Sales on account Total budgeted sales ? $ 40,000 100,000 $140,000 ?

September July August Sales Budget Cash sales Sales on account Total budgeted sales Schedule of Cash Receipts Current ca

Division First Quarter Second Quarter Fourth Quarter Third Quarter East Division West Division South Division $100,000 ?

March January February Budgeted cost of goods sold Plus: Desired ending inventory Inventory needed Less: Beginning inven

October November December Budgeted S&A Expenses Equipment lease expense Salary expense Cleaning supplies Insurance expen

Cash Budget September July August Section 1: Cash receipts Beginning cash balance Add cash receipts $ 42,500 180,000 200

April May June July Budgeted cost of goods sold $70,000 $60,000 $80,000 $86,000

August September July Salary expense Sales commissions (4 percent of sales) Supplies expense Utilities Depreciation on s

February March January Cash receipts Cash payments For inventory purchases For S&A expenses $126,000 $106,000 $100,000 9

Second Quarter Third Quarter First Quarter Fourth Quarter Total Peaches Oranges Total $220,000 $240,000 $300,000 $240,00

Salary expense (fixed) Sales commissions $18,000 5 percent of Sales 2 percent of Sales $1,400 $4,000 $4,800 $1,200 Suppl

Current Year Sales revenue $4,000,000 2,500,000 Cost of goods sold Gross profit Selling & admin. expenses 1,500,000 900,

July September August Food sales Beverage and liquor sales Total budgeted revenues $40,000 24,000 $64,000

April May Sales June Sales Budget Cash sales Sales on account Total budgeted sales Schodule of Cash Receipts Current cas

First Quarter Fourth Second Quarter Third Quarter Current Subsidiary Quarter Sales Quarter Moore Pickrell Rice $160,000

Inventory Purchases Budget February March January Budgeted cost of goods sold Plus: Desired ending inventory Inventory n

March January February Budgeted Selling and Administrative Expenses Equipment depreciation Salary expense Cleaning suppl

Cash Budget July August September Section 1: Cash Receipts Beginning cash balance Add cash receipts S 16,000 180,000 192

Balance of accounts receivable, June 30 Balance of line of credit, June 30 Budgeted cash sales for July Budgeted credit

December October November January Budgeted sales $800,000 $600,000 $750,000 $900,000

January March February $ 9,000 640 500 1,080 4,000 10,000 800 Salary expense Sales commissions Advertising expense Telep

June April May Cash receipts Cash payments For inventory purchases For S&A expenses $320,000 $470,000 $624,000 410,000 8

Second Quarter First Quarter Third Quarter Fourth Total Quarter Palm-size computers Programmable calculators Total $550,

Salary expense (fixed) Sales commissions $25,000 8 percent of Sales 4 percent of Sales $1,800 $5,000 $7,200 $2,000 Suppl

Current Year Sales revenue $8,000,000 Cost of goods sold Gross profit Selling & admin. expenses 4,800,000 3,200,000 1,28

$ 14,000 2% Desired cash cushion Interest rate per month $ 72,806 Beginning loan balance $103,162 $108,616 October Novem

Sources of Sales Estimate First Second Quarter Third Quarter Fourth Quarter Quarter $520,000 540,000 460,000 a, Sales ma