Here are some important figures from the budget of Crenshaw, Inc., for the second quarter of 2019. April $689,000 302,000 May $598,000 June $ 751,000 338,000 Credit sales Credit purchases Cash disbursements 282,000 Wages, taxes, and 137,000 129,000 179,000 expenses Interest 15,600 53,500 15,600 6,600 15,600 248,000 Equipment purchases The company predicts that 5 percent of its credit sales will never be collected, 35 percent of its sales will be collected in the month of the sale, and the remaining 60 percent will be collected in the following month. Credit purchases will be paid in the month following the purchase. In March 2019, credit sales were $561,000.

Information pertaining to Noskey Corporation’s sales revenue follows:     November 2018(Actual)   December 2018(Budgeted)   January 2019(Budgeted) Cash sales $ 130,000     $ 130,000     $ 80,000   Credit sales   300,000       430,000       220,000   Total sales $ 430,000     $ 560,000     $ 300,000       Management estimates 5% of credit sales to be uncollectible. Of collectible credit sales, 60% is collected in the month of sale and the remainder in the month following the month of sale. Purchases of inventory each month include 70% of the next month’s projected total sales (stated at cost) plus 30% of projected sales for the current month (stated at cost). All inventory purchases are on account; 25% is paid in the month of purchase, and the remainder is paid in the month following the month of purchase. Purchase costs are approximately 60% of the selling price.   Required: Determine for Noskey:   1. Budgeted cash collections in December 2018 from November 2018 credit…

Preparing an operating budget—sales budget; inventory, purchases and COGS budget and S&A expense budget Ballard Office Supply’s March 31, 2018, balance sheet follows: The budget committee of Ballard Office Supply has assembled the following data. Sales in April are expected to be $160,000. Ballard forecasts that monthly sales will increase 2% over April sales in May. June’s sales will increase by 4% over April sales. July sales will increase 20% over April sales. Ballard maintains inventory of $7,000 plus 25% of the cost of goods sold budgeted for the following month. Cost of goods sold equal 50% of sales revenue. Monthly salaries amount to $3,000. Sales commissions equal 5% of sales for that month. Other monthly expenses are as follows: Rent: $3,400 Depreciation: $800 Insurance: $300  Income tax: $1,500 Requirements Prepare Ballard’s sales budget for April and May 2018. Round all calculations to the nearest dollar. Prepare Ballard’s inventory, purchases, and cost of goods…

Prepare a cash budget for the month ended May 31, 2019. Campton Company anticipates a cash balance of $89,000 on May 1, 2019. The following budgeted transactions for May 2019 present data related to anticipated cash receipts and cash disbursements:  1. For May, budgeted cash sales are $65,000 and budgeted credit sales are $505,000. (Credit sales for April were $450,000.) In the month of sale, 40% of credit sales are collected, with the balance collected in the month following sale.  2. Budgeted merchandise purchases for May are $285,000. (Merchandise purchases in April were $240,000.) In the month of purchase, 70% of merchandise purchases are paid for, and the balance is paid for in the following month.  3. Budgeted cash disbursements for salaries and operating expenses for May total $170,000.  4. During May, $25,000 of principal repayment and $4,000 of interest payment are due to the bank.  5. A $20,000 income tax deposit is due to the federal government during May.  6. A new delivery…

A company has the following information:   The production budget for the six-month period to 30 June 2022 shows that the cost of rawmaterials to be used in that period will be P331,000. Required: Calculate the cash that will be paid to suppliers during the six-month period to 30 June 2022.

Please show work2 and follow instructions

Denger

A company is working on their budgets for the year 2021. The table below has a few of their expectations for 2021. Accounts Payable on April 1 Inventory purchases in March Inventory purchases in April Inventory purchases in May $3,110 $3,659 $6,782 $6,580 Inventory purchases in $6,518 June Inventory purchases in July $7,725 Historically, this company's payment pattern for inventory purchases has been 100% on account which then get paid 15% in the month of purchase and the remainder one month following the purchase. The Accounts Payable on April 1 is the result of inventory purchases in March 2020 and thus is expected to be paid according to the pattern described above. How much should this company expect in Cash Payments for the month of May? (round to the nearest whole dollar/input code 0)

In May 2022, the budget committee of Concord Stores assembles the following data in preparation of budgeted merchandise purchases for the month of June. 1. 2. 3. 4. (a) Expected sales: June $430,000, July $516,000. Cost of goods sold is expected to be 75% of sales. Desired ending merchandise inventory is 30% of the following (next) month's cost of goods sold. The beginning inventory at June 1 will be the desired amount. Your answer is correct. Compute the budgeted merchandise purchases for June. (b) Budgeted Cost of Goods Sold Add V Total Less V CONCORD STORES Merchandise Purchases Budget For the Month Ending June 30, 2022 Desired Ending Merchandise Inventory Beginning Merchandise Inventory Required Merchandise Purchases eTextbook and Media V CONCORD STORES Budgeted Income Statement (Partial) $ Prepare the budgeted multiple-step income statement for June through gross profit. $ $ 322500 116100 438600 (96750) 341850 Attempts: 2 of 3 used

Preparing an operating budget Clipboard Office Supply's March 31, 2020, balance sheet follows: CLIPBOARD OFFICE SUPPLY Balance Sheet March 31, 2020 Assets Current Assets: Cash $ 28,000 Accounts Receivable 11,500 Merchandise Inventory 15,000 Prepaid Insurance 1,000 Total Current Assets $ 55,500 Property, Plant, and Equipment: Equipment and Fixtures 55,000 Less: Accumulated Depreciation (20,000) 35,000 Total Assets $ 90,500 Liabilities Current Liabilities: Accounts Payable $ 10,500 Salaries and Commissions Payable 1,200 Total Liabilities $ 11,700 Stockholders' Equity Common Stock 25,000 Retained Earnings 53,800 Total Stockholders' Equity 78,800 Total Liabilities and Stockholders' Equity $ 90,500