HELP ME PLEASE ANSWER ALL QUESTIONS IM BEGGING REALLY LOVE U GUYS. I TRY TO UNDE
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HELP ME PLEASE ANSWER ALL QUESTIONS IM BEGGING REALLY LOVE U GUYS. I TRY TO UNDERSTAND STILL STRUGGLING. THANKS any wordpage can you fix my page please
1.Sycamore Company, which expects to start operations on January 1, 2014, will sell digital cameras in shopping malls. Sycamore has budgeted sales as indicated in the following table. The company expects a 12 percent increase in sales per month for February and March. The ratio of cash sales to sales on account will remain stable from January through March.
Required:
Complete the sales budget by filling in the missing amounts. (Round your answers to 2 decimal places.)
SALES January February March
cash salee 37000
sales on account 116000
total budgeted sales 153000
b. Determine the amount of sales revenue Sycamore will report on its first quarter pro forma income statement. (Round your answer to 2 decimal places.)
14.
The budget director of Natalia’s Florist has prepared the following sales budget. The company had $240,000 in accounts receivable on July 1. Natalia’s Florist normally collects 100 percent of accounts receivable in the month following the month of sale.
Complete the schedule of cash receipts by filling in the missing amounts.
july august september
sales budget
cash sales 67000 68000 87000
sales on account 98000 104000 136600
total budgeted sales 165000 172000 223600
schedule of cash receipts
current cash sales
plus: collections from accounts receivables
total budgeted collection
b.
Determine the amount of accounts receivable the company will report on its third quarter pro forma balance sheet.
15.
Spencer Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory purchases budget. Spencer’s policy is to maintain an ending inventory balance equal to 20 percent of the following month’s cost of goods sold. April’s budgeted cost of goods sold is $79,000.
Complete the inventory purchases budget by filling in the missing amounts.
inventory purchases budget
january february march
budgeted cost of goods sold 54000 58000 64000
plus: desired ending inventory 11600
inventory needed 65600
less: beginning inventory 10,800
required purchases on account 54800
b.
Determine the amount of cost of goods sold the company will report on its first quarter pro forma income statement.
16. he budget director for Yardley Cleaning Services prepared the following list of expected selling and administrative expenses. All expenses requiring cash payments are paid for in the month incurred except salary expense and insurance. Salary is paid in the month following the month in which it is incurred. The insurance premium for six months is paid on October 1. October is the first month of operations; accordingly, there are no beginning account balances.
Determine the amount of salaries payable the company will report on its pro forma balance sheet at the end of the fourth quarter.
Determine the amount of prepaid insurance the company will report on its pro forma balance sheet at the end of the fourth quarter.
Complete the schedule of cash payments for S&A expenses by filling in the missing amounts
budgeted s&a expenses october november december
equipment lease expense 6900 6900 6900
salary expenses 5100 5600 5600
cleaning supplies 2880 2760 3050
insurance expense 1700 1700 1700
depreciation on computer 1900 1900 1900
rent 1800 1800 1800
miscellaneous expenses 800 800 800
total operating expenses 21080 21460 22150
schedule of cash payments for s&a expenses
equipment lease expence
prior month salary expense, 100%
cleaning supplies
insurance premium
depreciation on computer
rent
miscellaneous expenses
total disbursements for operating expenses 22580 17360 18150
a.Complete the sales budget by filling in the missing amounts. (Round your answers to 2 decimal places.)
SALES January February March
cash salee 37000
sales on account 116000
total budgeted sales 153000
b. Determine the amount of sales revenue Sycamore will report on its first quarter pro forma income statement. (Round your answer to 2 decimal places.)
14.
The budget director of Natalia’s Florist has prepared the following sales budget. The company had $240,000 in accounts receivable on July 1. Natalia’s Florist normally collects 100 percent of accounts receivable in the month following the month of sale.
Required: a.Complete the schedule of cash receipts by filling in the missing amounts.
july august september
sales budget
cash sales 67000 68000 87000
sales on account 98000 104000 136600
total budgeted sales 165000 172000 223600
schedule of cash receipts
current cash sales
plus: collections from accounts receivables
total budgeted collection
b.
Determine the amount of accounts receivable the company will report on its third quarter pro forma balance sheet.
15.
Spencer Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory purchases budget. Spencer’s policy is to maintain an ending inventory balance equal to 20 percent of the following month’s cost of goods sold. April’s budgeted cost of goods sold is $79,000.
Required:Complete the inventory purchases budget by filling in the missing amounts.
inventory purchases budget
january february march
budgeted cost of goods sold 54000 58000 64000
plus: desired ending inventory 11600
inventory needed 65600
less: beginning inventory 10,800
required purchases on account 54800
b.
Determine the amount of cost of goods sold the company will report on its first quarter pro forma income statement.
16. he budget director for Yardley Cleaning Services prepared the following list of expected selling and administrative expenses. All expenses requiring cash payments are paid for in the month incurred except salary expense and insurance. Salary is paid in the month following the month in which it is incurred. The insurance premium for six months is paid on October 1. October is the first month of operations; accordingly, there are no beginning account balances.
Required: b.Determine the amount of salaries payable the company will report on its pro forma balance sheet at the end of the fourth quarter.
c.Determine the amount of prepaid insurance the company will report on its pro forma balance sheet at the end of the fourth quarter.
a.Complete the schedule of cash payments for S&A expenses by filling in the missing amounts
budgeted s&a expenses october november december
equipment lease expense 6900 6900 6900
salary expenses 5100 5600 5600
cleaning supplies 2880 2760 3050
insurance expense 1700 1700 1700
depreciation on computer 1900 1900 1900
rent 1800 1800 1800
miscellaneous expenses 800 800 800
total operating expenses 21080 21460 22150
schedule of cash payments for s&a expenses
equipment lease expence
prior month salary expense, 100%
cleaning supplies
insurance premium
depreciation on computer
rent
miscellaneous expenses
total disbursements for operating expenses 22580 17360 18150
Explanation / Answer
13a) Sales January February March Total Cash Sales 37000 41434.85 46407.02976 124841.88 Sales on account 116000 129925.15 145516.1702 391441.32 Total Sales 153000.00 171360.00 191923.20 516283.20 There is an increase of 12% per month, which means February sales = 153000 * 112% = 171360.00 March Sales = 171360 * 112% = 191923.20 % of cash sales in January = 37000/153000 * 100% = 24.18 % of on account sales in January = 116000/153000 * 100% = 75.82 Hence February Cash sales = 171360 *24.18% = 41434.85 February On account sales = 171360 * 75.82% = 129925.15 March Cash Sales = 191923.2*24.18% = 46407.02976 March on account slaes = 191923.2*75.82% = 145516.17 13b) Total sales for 1st quarter = 516283.20 (as per table above) 14a) Sales Budget July August September Total Cash Sales 67000 68000 87000 222000 Sales on account 98000 104000 136600 338600 Total Budgeted sales 165000 172000 223600 560600 Schedule of cash receipts Current Cash Sales 67000 68000 87000 222000 Add : collections from accounts receivable (previous months sale) 240000 98000 104000 442000 Total budgeted collection 307000 166000 191000 664000 14b) The company will report $ 136600 as accounts receivable in its 3rd quarter proforma balance sheet as this is September on account slaes and will be collected in October 15a) Inventory Purchase Budget January February March Total Budgeted Cost of Goods sold 54000 58000 64000 176000 Add: desired ending inventory 11600 12800 15800 40200 ( 20% of following months COGS) Inventory needed 65600 70800 79800 216200 Less Beginning inventory 10800 11600 12800 35200 required purchases on account 54800 59200 67000 181000 15b) The cost of goods sold reported in the 1st quarter will be 176000 as per table above 16a) Scheduke of Cash expenses for S&A October November December Equioment lease expenses 6900 6900 6900 Salary expenses 0 5100 5600 As salary is paid in the following month Cleaning expenses 2880 2760 3050 Insurance Expenses 10200 As 6 months insurance is paid in October = 1700*6 Rent 1800 1800 1800 Miscellaneous Expenses 800 800 800 Total Disbursement for operating expense 22580 17360 18150 16 b) The company will report $ 5600 as salary payable at the end of the the 4th quarter This is so as the salary is paid in the following month and salary for the month of December which is 5600 will be outstanding and will be paid in January 16c) Insurance Premium paid is 1700 * 6 = 10200 This is for 6 months , 3 months is current quarters expense and 3 months is prepaid Hence prepaid insurance is 1700 * 3 = 5100
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