Assets Liabilities & Owners' Equity Liabilities Owners' Equity Cash Accounts Receivable Inventory Buildings & equipment

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: Assets Liabilities Owners Equity Liabilities Owners Equity Cash Accounts Receivable Inventory Buildings Equipment 1 (39.37 KiB) Viewed 24 times

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Assets Liabilities & Owners' Equity Liabilities Owners' Equity Cash Accounts Receivable Inventory Buildings & equipment (net) Accounts Payable . Nordic Company Balance Sheet March 31, 2020 Capital Stock Retained earnings Total Assets Total liab. & Owners' equity IMPORTANT instructions! When entering your answers, make sure you format them in WITHOUT the $. For example: • Positive Numbers: 123,000 NOT $123,000. Negative Numbers: (123,000) NOT ($123,000) $15,750 $84,000 $22,050 $374,675 I $496,475 $32,025 $332,500 $131,950 $496,475

The marketing department has estimated sales in units as follows: March (actual) 21,000 April 24,500 May 29,750 June 31,500 July 17,500 The selling price of each unit is $5.

Clue #7- Cash Budget Equipment purchases during the quarter will be: . April $20,125 . May $5,250 Dividends of $6,125 will be paid in June. Management wants to maintain a minimum cash balance of $10,000. The company has an agreement with a local bank that allows the company to borrow in increments of $1,000 at the beginning of each month, up to a total loan balance of $30,000. Interest is 1% per month . Nordic can repay the loan at the end of the quarter if it is able to do so. . The beginning cash balance has been given to you. What amount will Nordic Company plan to borrow (repay) during June? Note: Repayments must be listed in parenthesis.

Hide hint for Question 10 Hint #1: Beginning cash plus cash received less cash disbursed equals cash excess or deficiency. Hint #2: Borrowing occurs in $1,000 increments. Repayments are only made at quarter end and include interest for the time any funds were borrowed. Hint #3: Check figure: May ending cash balance = $10,586. Question 11 (6 points) Clue #8- Balance Sheet You should have all the information in your various schedules. How much are the current assets at June 30th? A/

Clue #8- Balance Sheet You should have all the information in your various schedules. Ⓒ How much are the current assets at June 30th? Hide hint for Question 11 Hint #1: Definition of current assets: Assets expected to be converted to cash within one year or the operating cycle whichever is longer. Hint #2: Think about information found on the cash budget, cash collections schedule and the merchandise purchases budget. Hint #3: Check figure: Inventory at June 30 a $15,750.