Becah's Boutique is a retail store carrying a wide selection of designer clothing. Becah's Boutique balance...

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Becah's Boutique is a retail store carrying a wide selection of designer clothing. Becah's Boutique balance sheet for March 31, 2021, is as follows: Becah's Boutique Balance Sheet March 31, 2021 Assets Current Assets: Cash Accounts Receivable Merchandise Inventory Prepaid Insurance Total Current Assets Property. Plant & Equipment Equipment & Fixtures Less: Accumulated Depreciation Total Assets Liabilities Current Liabilities: Accounts Payable Salaries & Commissions Payable Total Liabilities Stockholders' Equity Common Stock, no par Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity The following information is also included: $15,600 $17,000 $48,900 $1,530 $33,000 ($13,800) $19,200 $102,230 $16,000 $3,980 $83,030 $21,000 $61,250 $19,980 $82,250 $102,230 a. Sales are 70% cash and 30% on account. b. The balance in the Accounts Receivable account is the sales on account from last quarter. c. Budgeted sales for this quarter are: $49,000 in April, $79,000 in May and $60,000 in June. August sales are projected to be $68,000. d. Beginning Merchandise inventory is on the Balance Sheet. Budgeted Cost of Goods Sold averages 70% of sales. e. Budgeted Ending Merchandise Inventory is equal to $18,000 plus 70% of the next months Cost of Goods Sold. f. The monthly payroll for salaries is $2,400 plus commissions equal to 20% of sales. g. Other monthly costs include: $2,000 per month for rent, $500 for depreciation, $220 for Insurance Expense (from expiration of Prepaid Insurance), and 5% of sales for Miscellaneous Expense. Complete the following budgets for the second quarter. Becah's Boutique Sales Budget For the Quarter Ended June 30, 2021 April May June Cash Sales Sales on Account Total Sales Becah's Boutique Inventory, Purchases, & Cost of Goods Sold Budget For the Quarter Ended June 30, 2021 April May Cost of Goods Sold Plus: Desired Ending Merchandise Inventory Total Merchandise Required Less: Beginning Merchandise Inventory Budgeted Purchases Total Becah's Boutique Selling and Administration Budget For the Quarter Ended June 30, 2021 April May Variable Expenses: Commissions Expense Miscellaneous Expense Total Variable Expenses Fixed Expenses: Salaries Expense Rent Expense Depreciation Expense Insurance Expense Total Fixed Expenses Total Selling & Administrative Expenses June June Total Total Becah's Boutique is a retail store carrying a wide selection of designer clothing. Becah's Boutique balance sheet for March 31, 2021, is as follows: Becah's Boutique Balance Sheet March 31, 2021 Assets Current Assets: Cash Accounts Receivable Merchandise Inventory Prepaid Insurance Total Current Assets Property. Plant & Equipment Equipment & Fixtures Less: Accumulated Depreciation Total Assets Liabilities Current Liabilities: Accounts Payable Salaries & Commissions Payable Total Liabilities Stockholders' Equity Common Stock, no par Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity The following information is also included: $15,600 $17,000 $48,900 $1,530 $33,000 ($13,800) $19,200 $102,230 $16,000 $3,980 $83,030 $21,000 $61,250 $19,980 $82,250 $102,230 a. Sales are 70% cash and 30% on account. b. The balance in the Accounts Receivable account is the sales on account from last quarter. c. Budgeted sales for this quarter are: $49,000 in April, $79,000 in May and $60,000 in June. August sales are projected to be $68,000. d. Beginning Merchandise inventory is on the Balance Sheet. Budgeted Cost of Goods Sold averages 70% of sales. e. Budgeted Ending Merchandise Inventory is equal to $18,000 plus 70% of the next months Cost of Goods Sold. f. The monthly payroll for salaries is $2,400 plus commissions equal to 20% of sales. g. Other monthly costs include: $2,000 per month for rent, $500 for depreciation, $220 for Insurance Expense (from expiration of Prepaid Insurance), and 5% of sales for Miscellaneous Expense. Complete the following budgets for the second quarter. Becah's Boutique Sales Budget For the Quarter Ended June 30, 2021 April May June Cash Sales Sales on Account Total Sales Becah's Boutique Inventory, Purchases, & Cost of Goods Sold Budget For the Quarter Ended June 30, 2021 April May Cost of Goods Sold Plus: Desired Ending Merchandise Inventory Total Merchandise Required Less: Beginning Merchandise Inventory Budgeted Purchases Total Becah's Boutique Selling and Administration Budget For the Quarter Ended June 30, 2021 April May Variable Expenses: Commissions Expense Miscellaneous Expense Total Variable Expenses Fixed Expenses: Salaries Expense Rent Expense Depreciation Expense Insurance Expense Total Fixed Expenses Total Selling & Administrative Expenses June June Total Total

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Here are the budgets for Becahs Boutique for the second quarter ending June 30 2021 Becahs Boutique ... View the full answer