9. Comprehensive Cash Budget: Johnson Inc. - Additional Information: - Due to sa

Question

9. Comprehensive Cash Budget: Johnson Inc. - Additional Information: - Due to sale of equipment in the previous quarter, the company has a S140,000 cash balance on June 30. Pays a $20,000 cash dividend in August. -Purchases equipment costing $60,000 in July. - Sells property in September for $100,000 cash (cash receipt). - Maintains a $20,000 minimum cash balance. -Any loans will be taken at the end of the month. -Principal repayments occur at the end of each quarter. Pays interest at 5 percent (annual rate) when a principal payment is made Required: Prepare a comprehensive cash budget by month and in total for the quarter. Check Figure: Ending cash balance for the quarter $103,998 10. Budgeted Income Statement: Johnson Inc. applies manufacturing overhead on the basis of direct labor hours. READ ME: Do not hard key your manufacturing overhead per unit caleulation. Link to the calculation with the trailing decimals (S6.13316.....) Required: Prepare a budgeted income statement. Check Figures: Product cost per unit- $12.57; Net Loss-(888,376) 11. Budgeted Balance Sheet Johnson Inc. reports the following account balances on September 30, 2018 prior to preparing its budgeted financial statements: Land $50,000; Building (net)- $100,000; Common stock-$60,000: Equipment (net)-$50,000. Retained earnings $461,066 on September 30, 2016 (prior period) -this is not the amount that shoula go in your current year balance sheet! This is your starting balance Required Prepare a budgeted balance sheet. Check Figure: Total Assets-$443,560

Explanation / Answer

Note: There is a rounding off difference of $1 in the ending cash balance and the net loss.

4.

8.

9.

Interest = $11378 x 5% x 1/12 = $47

10.

11.

Accounts payable: 30870 30870

Related Questions

Navigate

• Browse (All)
• Browse 9
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.