as the ones in the questions. this is my 4th time posting this.
- Answer A Though D And Put The Data In A Table Labeled The Same As The Ones In The Questions This Is My 4th Time Posting 1 (77.72 KiB) Viewed 69 times
and they're wrong. they aren't labeled correctly. I will not upvote
if the questions i've asked are not put into a table that matches
the above tables.
- Answer A Though D And Put The Data In A Table Labeled The Same As The Ones In The Questions This Is My 4th Time Posting 2 (58.3 KiB) Viewed 69 times
not paying for another service.
Sunny and Clear, Inc. is a small wholesale distributor of consumer goods. The company generates a gross margin shown in the blue table. The percent of cash sales is shown in the blue table; the remainder is sold on account and is collected one month later. Accounts receivable on June 30, 2020 are the result of June credit sales. Actual and budgeted sales for Click here to create your "Blue Table." June (actual) July August $45,000 $52.000 $56,000 23% 25% 35% Gross Margin Cash Sales Ending Inventory Inventory purchases paid in cash Other Expenses September $60,000 48% October $50,000 8% Save your file to preserve this table. Complete the assignments on the "Display Budget Schedules" tab. The company plans for each month's ending inventory to be the blue table percentage of the following month's budgeted cost of goods sold. Inventory cash purchases are shown in the blue table; the rest is paid for in the following month. The accounts payable on June 30 are the result of June purchases of inventory. All monthly expenses were paid monthly. Monthly expenses included: commissions, $9,000; rent, $1,200; other expenses (excluding depreciation), are reflected in the blue table as a percent of sales. Depreciation is $1,300 for the quarter and includes depreciation on new assets acquired during the quarter. The assets acquired for cash during the quarter included equipment of $2,100 in July and $3,000 in August. The company wishes to maintain a minimum cash balance of $3,000 at the end of each month. The company has a financing facility that allows the company to borrow in increments of $1,000 at the beginning of each month from a local bank, up to a total loan balance of $30,000. The interest rate on these loans is 1.5% per month, and interest is not compounded. The company, when able, repays the loan plus accumulated interest at the end of the quarter.
Additional information: Current assets as of June 30: Cash Accounts receivable Inventory Buildings and equipment, net Accounts payable Capital stock Retained earnings $4,000 $29,250 $7.100 $102,550 $22,400 $99,000 $21,500 Required: Using the data above, for quarter ending September 2020, prepare the following: a. The schedule of the expected cash collections b. The merchandise purchases budget c. The schedule of expected cash disbursements - Merchandise purchases d. The schedule of expected cash disbursement-Selling and administrative expenses e. The cash budget f. An absorption costing income statement for the quarter ending September 2020 8. A balance sheet as of September 30, 2020 *Provide a short write up (2-3 paragraphs) of the cashflow situation at this company after you completed the budgets. What are your concerns and what would you recommend to management?
Required: Using formulas with cell references to the data in the "Data Source" tab, prepare the following for the quarter ending September 2020: a. The schedule of the expected cash collections b. The merchandise purchases budget c. The schedule of expected cash disbursements - Merchandise purchases d. The schedule of expected cash disbursements -Selling and administrative expenses e. The cash budget f. An absorption costing income statement, for the quarter ending September 2020 g. A balance sheet as of September 30, 2020.
a. Schedule of the expected cash collections Sunny and Clear Inc. Schedule of the expected cash collections For the Quarter ended September 30 July August September Quarter Column1 Accounts receivable 6/30 July sales August Sales September Sales Total cash collections $
b. Merchandise purchases budget: Sunny and Clear Inc. Merchandise purchases budget For the Quarter Ended September 30 August September July Quarter Column1 Budgeted sales revenue Cost of goods sold plus: Desired ending inventory total inventory required Less: beginning inventory Amount of inventory to purchase $
C. Schedule of expected cash disbursements - Merchandise Purchases July August September Quarter Column1 Accounts payable 6/30 July purchases August purchases September Total cash disbursements $
d. Schedule of expected cash dishbursement-Selling and administrative expense July August September Quarter Column1 Budgeted Sales Variable rate (other expense) variable expense $ Total S + A expense noncash expense cash S+A expense
Answer to Question : Father & Sons a) Expected Cash Collection For the Quarter ended September 30 July August September Quarter Budgeted Sales $ 52,000 $ 56,000$ 60,000 $1,68,000 Cash Sales $ 13,520$ 14,550 $ 36,000$ 64,080 Calculation (52000*0.26) (56000*0.26) (60000*0.26) Credit Collections: $ 29,250 $ 38,480$ 41,440 $1,09,170 Calculation (52000*0.74) (56000*0.74) Total Cash collections 42,770 $ 53,040 $ 77,440 $1,73,250 (42770+ (13520 53040 + Calculation 29250) (14560 + 38480) (36000 +41440) 77440) + Answer to Question : b) Inventory Purchase Budget For the Quarter ended September 30 July August September Quarter Budgeted Cost of Goods Sold(77% of Sales) $ 40,040 $ 43,120$ 46,200 $1,29,360 Calculation (52000*0.77) (56000*0.77) (60000*0.77) Add: Desired Ending Inventory (35% of the following month Cost of goods sold) $ 15,0925 16,170 S 12,936 $ 12,936 (48000*0.77 Calculation (43120*0.35) (46200*0.35) *0.35) Total Needs $ 55,132$ 59,290 $ 59,136 $1,42,296 (40040 + (43120 + (46200 + (129360+ Calculation 15092) 16170) 12936) 12936) Less: Beginning Inventory $ 14,014 $ 15,092 $ 16,170 $ 14,014 Calculation (40040*0.35) (43120*0.35) (46200*0.35) Required Inventory Purchase $ 41,118$ 44,198 $ 42,966 $1,28,282 Calculation (55132 - 14014) (59290 - 15092) (59136 - 16170) (142296 - 14014)
Answer to Question : Father & Sons c) Expected Cash disbursements for purchases For the Quarter ended September 30 July August September Quarter June Purchase $ 22,400 July Purchase $ 19,737$ 21,381 Calculation (41118*0.48) (41118*0.52] August Purchase $ 21,215$ 22,983 Calculation (44198*0.48) (44198 0.52) September Purchase $ 20,624 Calculation (42966*0.48) Total Cash Disbursement for Purchase $ 42,137 S 42.596$ 43,607 $ 1,28,340 142137 + (22400+ 42596 + Calculation 19737) (21381 +21215) (2298320624) 43607) Answer to Question : Father & Sons d) Expected Cash disbursements for expenses For the Quarter ended September 30 July August September Quarter Commissions $ 9,000 $ 9,000S 9,000 $ 27,000 Rent $ 1,200 $ 1,200 $ 1,200 $ 3,600 Other Expenses (896 of Sales) $ 4,160S 4,4805 4,800 $ 13,440 Calculation (52000*0.08) (56000*0.08) (60000*0.08) Total Cash Disbursement for expenses $ 14,360 $ 14,680$ 15,000 $ 44,040 (27000 + (9000 + 1200 + 9000 + 1200 + (9000 + 1200 + 3600 + Calculation 4160 + 14360) 448 + 14680) 4800 + 15000) 13440) Note: Depreciation is a non-cash expense hence we will not include in cash disbursement for expenses