of 2ookrintrences-Required information[The following information applies to the questions displayed below]Built-Tight is preparing its master budget. Budgeted sales and cash payments follow:Budgeted salesBudgeted cash payments forDirect materialsDirect laborOverheadSalesCash receipts from:July$ 63,500Total cash receipts16,2604,14020,300Sales to customers are 25% cash and 75% on credit. Sales in June were $57,000. All credit sales are collected in themonth following the sale. The June 30 balance sheet includes balances of $17,000 in cash and $5,100 in loans payable. Aminimum cash balance of $17,000 is required. Loans are obtained at the end of any month when the preliminary cashbalance is below $17,000. Interest is 1% per month based on the beginning-of-the-month loan balance and is paid at eachmonth-end. Any preliminary cash balance above $17,000 is used to repay loans at month-end. Expenses are paid in themonth incurred and consist of sales commissions (10% of sales), office salaries ($4,100 per month), and rent ($6,600 permonth).BUILT-TIGHTSchedule of Cash Receipts from SalesJuly$August$79,5001. Prepare a schedule of cash receipts for the months of July, August, and September.13,5403,46016,9000$August September$ 63,500 $ 79,500 $ 48,500September$48,5000 $S13,8603,54017,3000*** of 2ookrintrences-Required information[The following information applies to the questions displayed below]Built-Tight is preparing its master budget. Budgeted sales and cash payments follow:Budgeted salesBudgeted cash payments forDirect materialsDirect laborOverheadSalesCash receipts from:July$ 63,500Total cash receipts16,2604,14020,300Sales to customers are 25% cash and 75% on credit. Sales in June were $57,000. All credit sales are collected in themonth following the sale. The June 30 balance sheet includes balances of $17,000 in cash and $5,100 in loans payable. Aminimum cash balance of $17,000 is required. Loans are obtained at the end of any month when the preliminary cashbalance is below $17,000. Interest is 1% per month based on the beginning-of-the-month loan balance and is paid at eachmonth-end. Any preliminary cash balance above $17,000 is used to repay loans at month-end. Expenses are paid in themonth incurred and consist of sales commissions (10% of sales), office salaries ($4,100 per month), and rent ($6,600 permonth).BUILT-TIGHTSchedule of Cash Receipts from SalesJuly$August$79,5001. Prepare a schedule of cash receipts for the months of July, August, and September.13,5403,46016,9000$August September$ 63,500 $ 79,500 $ 48,500September$48,5000 $S13,8603,54017,3000***

Lets understand the basics.Budget is prepared by management in order to estimate future profit and…

Built-Tight is preparing its master budget. Budgeted sales and cash payments follow: September $48,500 Budgeted sales Budgeted cash payments for Direct materials Direct labor Overhead July $63,500 16,260 4,140 20,300 August $79,500 13,540 3,460 16,900 13,860 3,540 17,300 Sales to customers are 25% cash and 75% on credit, Sales in June were $57,000. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $17,000 in cash and $5,100 in loans payable minimum cash balance of $17,000 is required. Loans are obtained at the end of any month when the preliminary cash balance is below $17,000. Interest is 1% per month based on the beginning-of-the-month loan balance and is paid at ea month-end. Any preliminary cash balance above $17,000 is used to repay loans at month-end. Expenses are paid in the month incurred and consist of sales commissions (10% of sales), office salaries ($4,100 per month), and rent ($6,600 pe month).

Built-Tight is preparing its master budget. Budgeted sales and cash payments follow: September $48,500 Budgeted sales Budgeted cash payments for Direct materials Direct labor Overhead July $63,500 16,260 4,140 20,300 August $79,500 13,540 3,460 16,900 13,860 3,540 17,300 Sales to customers are 25% cash and 75% on credit, Sales in June were $57,000. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $17,000 in cash and $5,100 in loans payable minimum cash balance of $17,000 is required. Loans are obtained at the end of any month when the preliminary cash balance is below $17,000. Interest is 1% per month based on the beginning-of-the-month loan balance and is paid at ea month-end. Any preliminary cash balance above $17,000 is used to repay loans at month-end. Expenses are paid in the month incurred and consist of sales commissions (10% of sales), office salaries ($4,100 per month), and rent ($6,600 pe month).

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter4: Financial Planning And Forecasting

Section: Chapter Questions

Problem 4P

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Budgeted income statement and supporting budgets The budget director of Jupiter Helmets Inc., with the assistance of the controller, treasurer, production manager, and sales manager, has gathered the following data for use in developing the budgeted income statement for May: Prepare a cost of goods sold budget for May. Work in process at the beginning of May is estimated to be $4200. and work in process at the end of May is desired to be $3800.
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Sales, production, direct materials purchases, and direct labor cost budgets The budget director of Gourmet Grill Company requests estimates of sales, production, and other operating data from the various administrative units every month. Selected information concerning sales and production for July is summarized as follows: Estimated sales for July by sales territory: Estimated inventories at July 1: Desired inventories at July 31: Direct materials used in production: Anticipated purchase price for direct materials: Direct labor requirements: Instructions Prepare a sales budget for July. Prepare a production budget for July. Prepare a direct materials purchases budget for July. Prepare a direct labor cost budget for July.