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LO 1 TAB1B Newport Tie Company 2 3 Actual Sales for March and budgeted sales ($) for April-July are as follows: 4 March (actual) 82.000 5 April 85.000 6 May 95.000 7 June 90.000 8 July 75.000 9 10 Collection on Sales 11 Sales collected Current Month 30% 12 Sales collected Following Month 70% 13 14 Cost of Goods Sold (percentage of sales) 65% 15 16 Desired ending invenories (Percentage of following month's COGS) 20% 17 18 Inventory Purchases Paid as follows 19 in month of purchase 50% 20 In following month 50% 21 22 Variable Monthly Expenses (percentage of sales) 23 Shipping 4% 24 Other expenses 6% 25 26 Fixed Monthly Expenses 27 Salaries and wages $10.000 28 Advertising 8.000 29 80 Fixed Quarterly Expenses 31 Depreciation 6.000 TAB1. DATA TAB2. BUDGET TAB3. INCOME STATEMENT TAB4. BALAI Ready ( A 14 Cost of Goods Sold (percentage of sales) 65% 16 20% 50% 50% 4% 6% 16 Desired ending invenories (Percentage of following month's COGS) 17 18 Inventory Purchases Paid as follows 19 In month of purchase 20 In following month 21 22 Variable Monthly Expenses (percentage of sales) 28 Shipping 24 Other expenses 25 26 Fixed Monthly Expenses 27 Salaries and wages 28 Advertising 29 30 Fixed Quarterly Expenses 31 Depreciation 32 83 Equipment Purchases during the Quarter 34 April $10.000 8.000 6.000 35 May 11.500 2.000 5.500 86 37 Dividends declared and paid in June 88 39 Agreement with Bank 40 Borrowing increments 41 Maximum borrowing amount 42 Interest Rate per month 43 Repayment increments 44 Required minimum balance $1.000 $25.000 196 1.000 $7.000 5 TAB1. DATA TAB2. BUDGET TAB3. INCOME STATEMENT | TAB4. BALAN Ready D F G E F TAB1A Newport Tie Company Balance Sheet 31-Mar-21 Assets Current assets: Cash Accounts Receivable Inventory Total current assets Buildings and equipment net Total Assets Liabilities and Stockholders' Equity Liabilities: Accounts Payable 9.000 57.400 11.050 77.450 254,100 331,550 26.845 Stockholders' Equity Common stock Retained Earnings Total Stockholders' Equity Total Liabilities and Stockholders' Equity 103,555 201.150 304.705 331.550 c D E June Quarter TE 31 S2 183 342 35 NEWPORT TIE COMPANY 38 Cash Budget 37 For the three month period ending June 30.2021 38 39 April 40 Beginning cash balance May 9.000 41 Add cash collections 42 Total cash available 9.000 -13 44 Less cash disbursements 45 Inventory purchases 46 Selling and Administrative 47 Equipment purchases 48 Didends 49 Total cash disbursements 50 Excess (deficiency) of cash available over disbursements 9,000 51 52 Financing 63 Borrowings 64 Repayments 55 Interest 56 Total financing 57 Ending cash balance 9.000 58 59 60 61 IT IE (E TY LE TAB 1. DATA TAB2. BUDGET TAB3. INCOME STATEMENT D. TABA RAIANCE CLICET H29 fx E F For cells in this based on infor 2 8 $270,000 (Given inform (Hint: The con A B C Newport Tie Company 2 Income Statement 3 For the Quarter Ended June 30, 2021 4 5 Sales 6 Cost of Goods Sold 7. Gross Margin 8 Selling and Administrative Expenses 9 Salaries and wages 10 Shipping Advertising 12 Depreciation 13 Other expenses 14 Net operating income 5 Other Expenses and Losses 6 Interest Expense 7 Net Income (loss) 9 0 1 (Excel formul D F bc (Hi (Ex C Newport Tie Company Balance Sheet B At June 30, 2021 4 5 6 Assets Current assets 8 Cash 9 Accounts Receivable 10 Inventory 11 Total current assets 12 Buildings and equipment, net 13 Total Assets 14 Liabilities and Stockholders' Equity 15 Liabilities: 16 Accounts Payable 17 Note Payable 18 Total Liabilities 19 20 Stockholders' Equity: 21 Common stock 22 Retained Earnings 23 Total Stockholders' Equity 24 Total Liabilities and Stockholders' Equity 25 26 27 28 29 (Exo (Hin $0 (Exce 103.555 (Give 108.555 (Excel