Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required...

Transcribed Image Text:

Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Complete the schedule of expected cash collections. Schedule of Expected Cash Collections May June Cash sales Credit sales Total collections April $ 43,200 22,400 $ 65,600 $ Required 4 0 $ Quarter 0 $ Required 5 Required 1 Required 2 Required 3 Required 4 Required 5 Complete the merchandise purchases budget and the schedule of expected cash disburs Merchandise Purchases Budget April May $ 54,000 $57,750 46,200 100,200 57,750 43,200 $57,000 Budgeted cost of goods sold Add desired ending merchandise inventory Total needs Less beginning merchandise inventory Required purchases $57,750 $ Budgeted cost of goods sold for April = $72,000 sales x 75% = $54,000. Add desired ending inventory for April = $57,750 × 80% = $46,200. March purchases April purchases May purchases June purchases Total disbursements May Schedule of Expected Cash Disbursements-Merchandise Purchases June April $25,800 28,500 28,500 June $54,300 $28,500 0 0 0 Quarter $ 0 0 Quarter $ 25,800 57,000 82,800 Complete the cash budget. (Cash deficiency, repayments and interest should be indicated by a minus sign.) Shilow Company Cash Budget April Beginning cash balance Add collections from customers Total cash available Less cash disbursements: For inventory For expenses For equipment Total cash disbursements Excess (deficiency) of cash available over disbursements Financing: Borrowings Repayments Interest Total financing Ending cash balance $ 8,100 65,600 73,700 69 54,300 15,860 2,100 72,260 1,440 0 1,440 $ May 0 0 0 0 0 69 June 0 0 0 0 0 Quarter EA 0 0 0 0 0 Income Statement For the Quarter Ended June 30 Cost of goods sold: Selling and administrative expenses: 0 0 0 0 0 0 Required 1 Required 2 Required 3 Prepare a balance sheet as of June 30. ....... Current assets: Total current assets Total assets Stockholders' equity: Shilow Company Balance Sheet June 30 Assets Required 4 Liabilities and Stockholders' Equity Total liabilities and stockholders' equity Required 5 $ $ 0 0 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Complete the schedule of expected cash collections. Schedule of Expected Cash Collections May June Cash sales Credit sales Total collections April $ 43,200 22,400 $ 65,600 $ Required 4 0 $ Quarter 0 $ Required 5 Required 1 Required 2 Required 3 Required 4 Required 5 Complete the merchandise purchases budget and the schedule of expected cash disburs Merchandise Purchases Budget April May $ 54,000 $57,750 46,200 100,200 57,750 43,200 $57,000 Budgeted cost of goods sold Add desired ending merchandise inventory Total needs Less beginning merchandise inventory Required purchases $57,750 $ Budgeted cost of goods sold for April = $72,000 sales x 75% = $54,000. Add desired ending inventory for April = $57,750 × 80% = $46,200. March purchases April purchases May purchases June purchases Total disbursements May Schedule of Expected Cash Disbursements-Merchandise Purchases June April $25,800 28,500 28,500 June $54,300 $28,500 0 0 0 Quarter $ 0 0 Quarter $ 25,800 57,000 82,800 Complete the cash budget. (Cash deficiency, repayments and interest should be indicated by a minus sign.) Shilow Company Cash Budget April Beginning cash balance Add collections from customers Total cash available Less cash disbursements: For inventory For expenses For equipment Total cash disbursements Excess (deficiency) of cash available over disbursements Financing: Borrowings Repayments Interest Total financing Ending cash balance $ 8,100 65,600 73,700 69 54,300 15,860 2,100 72,260 1,440 0 1,440 $ May 0 0 0 0 0 69 June 0 0 0 0 0 Quarter EA 0 0 0 0 0 Income Statement For the Quarter Ended June 30 Cost of goods sold: Selling and administrative expenses: 0 0 0 0 0 0 Required 1 Required 2 Required 3 Prepare a balance sheet as of June 30. ....... Current assets: Total current assets Total assets Stockholders' equity: Shilow Company Balance Sheet June 30 Assets Required 4 Liabilities and Stockholders' Equity Total liabilities and stockholders' equity Required 5 $ $ 0 0

Answer rating: 100% (QA)

A Schedule of Expected Cash Collections Total sales A Cash sales A60 Credit ... View the full answer