Dilly Farm Supply is located in a small town in the rural west. Data regarding the store's operations follow: • Sales are budgeted at $290,000 for November, $310,000 for December, and $210,000 for January. • Collections are expected to be 65% in the month of sale and 35% in the month following the sale. • The cost of goods sold is 80% of sales. • The company desires to have an ending merchandise inventory at the end of each month equal to 70% of the next month's cost of goods sol Payment for merchandise is made in the month following the purchase. • Other monthly expenses to be paid in cash are $21,100. • Monthly depreciation is $21,000. • Ignore taxes. Balance Sheet October 31 Assets Cash $ 25,000 Accounts receivable 77,000 Merchandise inventory Property, plant and equipment, net of $624,000 accumulated depreciation 162,400 1,026,000 Total assets $ 1,290,400 Liabilities and Stockholders' Equity Accounts payable $ 239,000 Common stock 740,000 Retained earnings 311,400 Total liabilities and stockholders' equity $ 1,290,400 Retained earnings at the end of December would be:

Top executive officers of Tildon Company, a merchandising firm, are preparing the next year’s budget. The controller has provided everyone with the current year’s projected income statement.     Current Year Sales revenue $ 1,600,000   Cost of goods sold   1,120,000   Gross profit   480,000   Selling & administrative expenses   190,000   Net income $ 290,000       Cost of goods sold is usually 70 percent of sales revenue, and selling and administrative expenses are usually 10 percent of sales plus a fixed cost of $30,000. The president has announced that the company’s goal is to increase net income by 15 percent.    Required The following items are independent of each other:   Prepare a pro forma income statement. What percentage increase in sales would enable the company to reach its goal? The market may become stagnant next year, and the company does not expect an increase in sales revenue. The production manager believes that an improved production…

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Bramble Corporation is a small wholesaler of gourmet food products. Data regarding the store's operations follow:   Sales are budgeted at $460,000 for November, $440,000 for December, and $430,000 for January. Collections are expected to be 45% in the month of sale and 55% in the month following the sale. The cost of goods sold is 80% of sales. The company would like to maintain ending merchandise inventories equal to 60% of the next month's cost of goods sold. Payment for merchandise is made in the month following the purchase. Other monthly expenses to be paid in cash are $25,200. Monthly depreciation is $16,200. Ignore taxes.   Balance SheetOctober 31 Assets     Cash $ 20,000 Accounts receivable   70,000 Merchandise inventory   153,000 Property, plant and equipment, net of $572,000 accumulated depreciation   1,094,000 Total assets $ 1,337,000       Liabilities and Stockholders' Equity     Accounts payable $ 254,000 Common stock   820,000 Retained earnings…

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Rooney Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory purchases budget. Rooney’s policy is to maintain an ending inventory balance equal to 15 percent of the following month’s cost of goods sold. April’s budgeted cost of goods sold is $82,000.   Required Complete the inventory purchases budget by filling in the missing amounts. Determine the amount of cost of goods sold the company will report on its first quarter pro forma income statement. Determine the amount of ending inventory the company will report on its pro forma balance sheet at the end of the first quarter.

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