eM-H Connect × ONHomework neCheggStudy 1 Guided Sc e Chegg Study |Guided S > cle
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eM-H Connect × ONHomework neCheggStudy 1 Guided Sc e Chegg Study |Guided S > clertomheducation.corn/hm.tpx?--0.7522786868724813-1512248820190 x Ch9 x × Connect ACCOUNTING Ch 9 Homework Question 1 (of 1. 1000 points The folowing data relate to the operations of Shilow Company a wholesale distributor of consumer goods: Current assets as of March 31 Cash Accounts receivable Inveniory Building and equipment, net Accounts payable Capital stock Retained earmings $ 7,000 5 18,000 s 36,600 S 121,200 s 21,675 $ 150,000 S 11,125 a. The gross margin is 25% of sales b. Actual and budgeed sales dataExplanation / Answer
Schedule of expected cash collections april may june Quarter Cash Sales 36600 39600 54600 130800 Credit Sales 18000 24400 26400 68800 Total Collections 54600 64000 81000 199600 Merchandise Purchase Budget april may june Quarter Budgeted Cost of goods sold 45750 49500 68250 163500 Add:Desired ending inventory 39600 54600 25200 25200 total needs 85350 104100 93450 188700 Less:Beginning Inventory 36600 39600 54600 36600 Required purchases 48750 64500 38850 152100 Schedule of expected cash disbursments- Merchandise purchases april may june Quarter March Purchases 21675 21675 April Purchases 24375 24375 48750 May Purchases 32250 32250 64500 June Purchases 19425 19425 Total Disbursments 46050 56625 51675 154350 Cash Budget april may june Quarter Cash Bal Beginning 7000 3770 5535 11560 Add:Cash Collections 54600 64000 81000 199600 Total Cash Available 61600 67770 86535 211160 Less:Cash Disbursments For Inventory 46050 56625 51675 154350 For Operating exp Comission 7320 7920 10920 26160 Rent 1800 1800 1800 5400 Other Expenses 3660 3960 5460 13080 Equipment 1000 total cash Disbursments 59830 70305 69855 198990 Excess/Deficiency of cash 1770 -2535 16680 12170 Financing Borrowing 2000 3000 5000 repayments 5000 5000 Interest 120 120 Total Financing 2000 3000 -5120 -120 Cash Balance Ending 3770 5535 11560 11560
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