Question 11 Take me to the text Not checked Marked out of 23.00 Flag question Sales Jessica Inc. provides you with the following budgeted information for two months in the current year. March April $555,000 $630,000 Inventory Costs 230,000 350,000 Capital Expenditures 110,000 0 General and Administration Costs (including amortization) 80,000 100,000 Expectations: Cash sales represent 10% of total sales All sales on account are collected in the following month 60% of March's $110,000 worth of capital expenditures is to be paid at the end of March. The remainder is to be paid in the following month. April's capital expenditure will be paid in May. Monthly amortization represents 20% of general and administration costs Inventory costs and general and administration costs are to be paid in the month in which they are incurred Dividends of $5,000 are expected to be declared in March and paid in April Jessica Inc. obtains the minimum financing needed to ensure at least a $7,000 cash balance at the end of the month through a note payable. Assume that any amount taken out of the bank loan may be repaid only at year end. As of March 1 Cash $19,000 Accounts Receivable* 188,000 Inventory 30,000 Long-Term Assets 115,000 Accumulated Depreciation 9,000 Accounts Payable 12,000 Dividends Payable (in March) 1,000 Notes Payable 265,000 Shareholder's Equity 108,000 *Comprised only of sales on account incurred in February Do not enter dollar signs or commas in the input boxes. Use the negative sign for any cash deficit. Prepare a cash budget for March and April Jessica Inc. Cash Budget for March and April March April Opening Cash Balance $ $ Receipts: Cash from sales $ $ Collection from customers $ $ Total cash available $ $ Disbursements: Inventory costs $ General and admin. costs $ Capital Expenditures $ Dividend Payment $ $ Total Cash Payments $ $ Cash Excess (Deficit) $ Financing Requirements: Notes Payable $ $ Loan Repayment Ending Cash Balance $ Check Note: The "check" button does not submit your attempt. To submit the attempt, go to the end of the quiz and click on the "submit all and finish" button. Question 12 Take me to the text Not checked Marked out of 10.00 Sarah, the sole shareholder of Madmartigan Food Truck, runs a food truck in the suburb of a large city. Her balance sheet as at July 31, 2020 is as follows: P Flag question Madmartigan Food Truck Balance Sheet As at July 31, 2020 Assets Cash $4,300 $2,100 Inventory Equipment Accumulated Depreciation $9,400 $-2,800 $13,000 Total Assets Liabilities Accounts Payable $2,400 Loan Payable $6,500 Total Liabilities $8,900 Shareholder's Equity $4,100 Total Liabilities & Shareholder's Equity $13,000 In the upcoming year, Sarah expects the following events to occur: Total revenues of $27,000 and total expenses of $12,930 Inventory is expected to increase by $700 By the end of July, 2021, Madmartigan Food Truck will owe its suppliers $3,800 No principal payments will be made on the loan payable during 2021 Purchase of new equipment for $1,600. The entire purchase will be financed through a loan payable Expect to have a cash balance of $20,000 at the end of fiscal 2021 Depreciate assets by $930 during 2021 Do not enter dollar signs or commas in the input boxes. Use the negative sign for negative values. Prepare Madmartigan Food Truck's budgeted balance sheet as at July 31, 2021. Madmartigan Food Truck Budgeted Balance Sheet As at July 31, 2021 Assets Cash $ Inventory $ Equipment $ Accumulated Depreciation $ Total Assets $ Liabilities Accounts Payable $ Loan Payable $ Total Liabilities $ Shareholder's Equity $ Total Liabilities & Shareholder's Equity $ Check Note: The "check" button does not submit your attempt.To submit the attempt, go to the end of the quiz and click on the "submit all and finish" button