Simid.pdf X + Adobe Acrobat | chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/viewer.html?pdfurl=https%3A%2F%2Fclasses.lanecc.edu%2Fpluginfile.php%2F4900807... [ * S :: Apps M Gmail YouTube PV Maps In In the News: Base. Reading List Adobe Acrobat Simid Open in desktop app DE Tools . .. Simid Sports Company Estimated Balance Sheet Tools X December 31, 2011 Assets Using these tools uploads your file to Cash $18,000 Adobe Document Cloud. Accounts Receivable $262,500 Inventory $75,000 Total Current Assets $355,500 Convert Equipment $270,000 Less Acc. Depreciation $33,750 $236,250 Total Assets $591,750 PDF to Word Liabilities and Equity PDF to JPG Accounts Payable $180,000 Bank Loan Payable $7,500 PDF to Excel Taxes Payable (Due 3/15) $45,000 Total Liabilities $232,500 PDF to PPT Common Stock $236,250 Retained Earnings $123,000 Compress PDF Total Equity $359,250 Total Liabilities and Equity 591,750 Convert to PDF To prepare a master budget for January, February, and March of 2012, management gathered the following information: Edit 1. Simid Sports' single product is purchased for $30 per unit and resold for $55 per unit. The expected inventory level of 2,500 units on December 31, 2011 is more than management's AT Merge PDFS desired level for 2012, which is 20% of the next month's expected sales (in units). Expected sales are: January, 3,500 units; February, 4,500 units; March, 5,500 units; and April 5,000 units. 9 Reorder Pages 2. Cash sales and credit sales represent 25% and 75%, respectively, of total sales. Of the credit sales 60% is collected in the first month after the month of sale and 40% in the second month Rotate Pages after the month of sale. For the December 31, 2011, accounts receivable balance, $62,500 is collected in January and the remaining $200,000 is collected in February. Delete Pages 3. Merchandise purchases are paid for as follows: 20% in the first month after the month of purchase and 80% in the second month after the month of purchase. For the December 31, * Split PDF 2011, accounts payable balance, $40,000 is paid in January and the remaining $140,000 is paid in February. 1 12 - + C Sign & ProtectSimid.pdf X + Adobe Acrobat | chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/viewer.html?pdfurl=https%3A%2F%2Fclasses.lanecc.edu%2Fpluginfile.php%2F4900807... ( * S :: Apps M Gmail YouTube V Maps In In the News: Base.. Reading List Adobe Acrobat Simid Open in desktop app DE Tools . .. Sales commissions equal to 20% of sales are paid each month. Sales salaries (excluding Tools X commissions) are $30,000 per year. 5. General and administrative salaries are $72,000 per year. Maintenance expense equals $1,000 Using these tools uploads your file to per month and is paid in cash. Adobe Document Cloud. 6. Equipment reported on the December 31, 2011, balance sheet was purchased in January 2011. It is being depreciated over eight years under the straight-line methods with no salvage value. The following amounts for new equipment purchases are planned in the coming quarter; Convert January, $18,000; February, $48,000; and March, $14,400. This equipment will be depreciated under the straight-line method over eight years with no salvage value. A full month's PDF to Word depreciation is taken for the month in which equipment is purchased 7. The company plans to acquire land at the end of March at a cost of $75,00, which will be paid PDF to JPG with cash on the last day of the month. 8. Simid Sports has a working arrangement with its bank to obtain additional loans as needed. PDF to Excel The interest rate is 12% per year, and interest is paid at each month-ed based on the beginning balance. Partial or full payments on these loans can be made on the last day of the month. The PDF to PPT company has agreed to maintain a minimum ending cash balance of $12,500 in each month. Compress PDF 9. The income tax rate for the company is 40%%. Income taxes on the first quarter's income will not be paid until April 15th. Convert to PDF Required Prepare a master budget for each of the first three months of 2012; including the following component budgets (show supporting calculations as needed and round amounts to the nearest dollar): Edit 1. Monthly sales budgets (showing both budgeted unit sales and dollar sales). 2. Monthly merchandise purchases budgets. AT Merge PDFS 3. Monthly selling expense budget. 4. Monthly general and administrative budgets. 9 Reorder Pages 5. Monthly capital expenditures budgets 6. Monthly cash budgets. Rotate Pages 7. Budgeted income statement for the entire quarter (not each month). 8. Budgeted balance sheet as of March 31, 2012. Delete Pages * Split PDF Check Figures Budgeted purchases: Budgeted cash balance: T 2 12 C Sign & ProtectSimid.pdf X + Adobe Acrobat | chrome-extension://efaidnomnnnibpcajpcglclefindmkaj/viewer.html?pdfurl=https%3A%2F%2Fclasses.lanecc.edu%2Fpluginfile.php%2F4900807... [ * S :: Apps M Gmail YouTube PV Maps In In the News: Base.. Reading List Adobe Acrobat Simid Open in desktop app DE Tools . .. depreciation is taken for the month in which equipment is purchased 7. The company plans to acquire land at the end of March at a cost of $75,00, which will be paid Tools X with cash on the last day of the month. 8. Simid Sports has a working arrangement with its bank to obtain additional loans as needed. The interest rate is 12% per year, and interest is paid at each month-ed based on the beginning Using these tools uploads your file to balance. Partial or full payments on these loans can be made on the last day of the month. The Adobe Document Cloud. company has agreed to maintain a minimum ending cash balance of $12,500 in each month. 9. The income tax rate for the company is 40%. Income taxes on the first quarter's income will Convert not be paid until April 15th. PDF to Word Required Prepare a master budget for each of the first three months of 2012; including the following component PDF to JPG budgets (show supporting calculations as needed and round amounts to the nearest dollar): PDF to Excel 1. Monthly sales budgets (showing both budgeted unit sales and dollar sales). 2. Monthly merchandise purchases budgets. PDF to PPT 3. Monthly selling expense budget. 4. Monthly general and administrative budgets. Compress PDF 5. Monthly capital expenditures budgets 6. Monthly cash budgets. Convert to PDF 7. Budgeted income statement for the entire quarter (not each month). 8. Budgeted balance sheet as of March 31, 2012. Check Figures Edit Budgeted purchases: Budgeted cash balance: 9 Merge PDFs . January - $57,000 . January - $15,050 . February - $141,000 February - $105,150 9 Reorder Pages Budgeted selling expense: Budgeted total assets as of 3/31: . January - $41,000 . $784,325 Rotate Pages February - $52,000 Delet Split F 1 2 12 4 + Sign & Protect