Need this Accounting problem finished before midnight 12/15/17. Should be fairly
ID: 2598171 • Letter: N
Question
Need this Accounting problem finished before midnight 12/15/17. Should be fairly easy for somebody familiar with the subject.
Thanks in advance!
2 Buildings and equipment (net) 6 0 2 9 b. Actual sales for December and budgeted sales for the next four months are as follows ecember(actual) $267,000 following sale. The accounts receivable at December 31 are a result of December credit sales d. The company's gross margin is 40% of sales. (In other words, cost of goods sold is 60% of sales.) 0 depreciation on new assets acquired during the quarter, will be $44,820 for the quarter. Each month's ending inventory should equal 25% of the following month's cost of goods sold f. h. During February, the company will purchase a new copy machine for $2,700 cash. During March i. j. other equipment will be purchased for cash at a cost of $78,500 During January, the company will declare and pay $45,000 in cash dividends. Management wants to maintain a minimum cash balance of $30,000. The company has an plus accumulated interest at the end of the quarter Using the data above, complete the following statements and schedules for the first quarter: 1. Schedule of expected cash collections Schedule of Expected Cash Collections January February MarchExplanation / Answer
HILLYARD CO
INCOME STATEMENT
FOR QTR ENDED MARCH 31
ASSETS
$
$
SALES
1315000
COS
OP INV
60300
PURCHASES
760200
CL INV
31500
789000
GP
526000
SELLING & ADMN
SALARIES & WAGES
96000
ADVERTISING
192000
SHIPPING EXP
65750
OTHER EXPE
39450
DEP ON MAHICNES
44820
DIVIDENDS
425000
-863020
LOSS FOR YEAR
-337020
BALANCE SHEET
HILLYARD CO
BALANCE SHEET
MARCH 31
ASSETS
NON CURRENT ASSETS
$
$
BUILDING & EQUIPMENT( NET)
403380
CURRENT ASSETS
INVENTORY
31500
ACCOUNT REC
251200
CASH
107075
336375
TOTAL ASSETS
739755
LIABILITIES AND STOCKHOLDERS EQUITY
CURRENT LIABILITIES:
ACC PAY
86400
STOCKHOLDERS’ EQUITY:
COMMON STOCK
500000
RETAINED EARN
107675
LOSS FOR QTR
-337020
270655
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY
357055
HILLYARD CO
Cash Budget
January, February, and March 2018
January
February
March
Cash receipts from customers
294000
441400
542000
Total cash available
Cash payments for:
Merchandise
Purchases of machine
2700
78500
Sales salaries
32000
32000
32000
Pay to suppliers
225600
293700
244725
advt
64000
64000
64000
Shipping
20100
29950
15700
Other exp
12060
17970
9420
Interest on bank loan
dividens
45000
Total cash payments
398760
NET
-104760
Preliminary cash balance
57000
minimum
30000
Ending cash balance
30000
Loan balance
January
February
March
Loan balance - Beginning of month
Additional loan (loan repayment)
Loan balance - End of month
------------------Collected in--------------
March 31
Total
January
February
March
Receivable
Accounts Receivable - January 1
213600
Credit sales from:
DEC
213600
January
80400
321600
February
119800
479200
March
62800
Total collection of receivables
294000
441400
542000
CASH DISBURSEMENTS ACC PAYABLE
Total
January
February
March
Payable
Accounts Payable - January 1
90225
90225
January purchases
135375
135375
February purchases
158325
158325
March purchases
86400
Total cash paid for merchandise
225600
293700
244725
Cos BUDGET $000’s
Total
January
February
March
sales
402
599
314
cos
241.2
359.4
188.4
Cl inv
89.850
47.100
31.500
pur
270.750
316.650
172.8
HILLYARD CO
INCOME STATEMENT
FOR QTR ENDED MARCH 31
ASSETS
$
$
SALES
1315000
COS
OP INV
60300
PURCHASES
760200
CL INV
31500
789000
GP
526000
SELLING & ADMN
SALARIES & WAGES
96000
ADVERTISING
192000
SHIPPING EXP
65750
OTHER EXPE
39450
DEP ON MAHICNES
44820
DIVIDENDS
425000
-863020
LOSS FOR YEAR
-337020
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