(8)0023The budget director of Heather's Florist has prepared the following sales budget. The company had $250,000 in accounts receivableon July 1. Heather's Florist normally collects 100 percent of accounts receivable in the month following the month of sale.Requireda. Complete the schedule of cash receipts by filling in the missing amounts.b. Determine the amount of accounts receivable the company will report on its third quarter pro forma balance sheet.Complete this question by entering your answers in the tabs below.Required ARequired BDetermine the amount of accounts receivable the company will report on its third quarter pro forma balance sheet.Accounts receivable< Required ARequired B>< Prev2 of 5here to search(eD 回12insprt scdeletehomef2f4f561►DI中米$44num2.+ backspacelock5.9.3.R.ヨhomeenterH.K.pauseshiftC.N. (過)11%2400关%24%24%23The budget director of Heather's Florist has prepared the following sales budget. The company had $250,000 in accounts receivableon July 1. Heather's Florist normally collects 100 percent of accounts receivable in the month following the month of sale.Requireda. Complete the schedule of cash receipts by filling in the missing amounts.b. Determine the amount of accounts receivable the company will report on its third quarter pro forma balance sheet.Complete this question by entering your answers in the tabs below.Required ARequired BComplete the schedule of cash receipts by filling in the missing amounts.JulyAugustSeptemberSales Budget$ 000৮৪122,600Cash sales86,000$ 000'00000$154,000 $ 183,000Sales on account0000Total budgeted sales208,6002$Schedule of Cash ReceiptsCurrent cash salesPlus: Collections from accounts receivableTotal budgeted collections$ 320,000 $ 168,000$4185,000( Required ARequired B >37°Fre to search(f10f12insprt scdeletehomef481#3'num->backspacelock9.6.4.5.8.日enterH.pause

The budget is prepared to estimate the requirements for the future period.

question by entering your answers in the tabs below. Required A Required B Complete the schedule of cash receipts by filling in the missing amounts. July August September Sales Budget Cash sales 70,000 $ 84,000 2$ 86,000 Sales on account 84,000 99,000 122,600 Total budgeted sales $154,000 $ 183,000 $ 208,600 Schedule of Cash Receipts Current cash sales Plus: Collections from accounts receivable Total budgeted collections $ 320,000 $ 168,000 $ 2$ 185,000

question by entering your answers in the tabs below. Required A Required B Complete the schedule of cash receipts by filling in the missing amounts. July August September Sales Budget Cash sales 70,000 $ 84,000 2$ 86,000 Sales on account 84,000 99,000 122,600 Total budgeted sales $154,000 $ 183,000 $ 208,600 Schedule of Cash Receipts Current cash sales Plus: Collections from accounts receivable Total budgeted collections $ 320,000 $ 168,000 $ 2$ 185,000

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter8: Budgeting

Section: Chapter Questions

Problem 18E

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Pilsner Inc. purchases raw materials on account for use in production. The direct materials purchases budget shows the following expected purchases on account: Pilsner typically pays 25% on account in the month of billing and 75% the next month. Required: 1. How much cash is required for payments on account in May? 2. How much cash is expected for payments on account in June?
Cash Budget The controller of Feinberg Company is gathering data to prepare the cash budget for July. He plans to develop the budget from the following information: a. Of all sales, 40% are cash sales. b. Of credit sales, 45% are collected within the month of sale. Half of the credit sales collected within the month receive a 2% cash discount (for accounts paid within 10 days). Thirty percent of credit sales are collected in the following month; remaining credit sales are collected the month thereafter. There are virtually no bad debts. c. Sales for the second two quarters of the year follow. (Note: The first 3 months are actual sales, and the last 3 months are estimated sales.) d. The company sells all that it produces each month. The cost of raw materials equals 26% of each sales dollar. The company requires a monthly ending inventory of raw materials equal to the coming months production requirements. Of raw materials purchases, 50% is paid for in the month of purchase. The remaining 50% is paid for in the following month. e. Wages total 105,000 each month and are paid in the month incurred. f. Budgeted monthly operating expenses total 376,000, of which 45,000 is depreciation and 6,000 is expiration of prepaid insurance (the annual premium of 72,000 is paid on January 1). g. Dividends of 130,000, declared on June 30, will be paid on July 15. h. Old equipment will be sold for 25,200 on July 4. i. On July 13, new equipment will be purchased for 173,000. j. The company maintains a minimum cash balance of 20,000. k. The cash balance on July 1 is 27,000. Required: Prepare a cash budget for July. Give a supporting schedule that details the cash collections from sales.
Cash budget The controller of Mercury Shoes Inc. instructs you to prepare a monthly cash budget for the next three months. You are presented with the following budget information: The company expects to sell about 10% of its merchandise for cash. Of sales on account, 60% are expected to be collected in the month following the sale and the remainder the following month (second month after sale). Depreciation, insurance, and property tax expense represent 12,000 of the estimated monthly manufacturing costs. The annual insurance premium is paid in February, and the annual property taxes are paid in November. Of the remainder of the manufacturing costs, 80% are expected to be paid in the month in which they are incurred and the balance in the following month. Current assets as of June 1 include cash of 42,000, marketable securities of 25,000, and accounts receivable of 198,000 (150,000 from May sales and 48,000 from April sales). Sales on account in April and May were 120,000 and 150,000, respectively. Current liabilities as of June 1 include 13,000 of accounts payable incurred in May for manufacturing costs. All selling and administrative expenses are paid in cash in the period they are incurred. An estimated income tax payment of 24,000 will be made in July. Mercury Shoes regular quarterly dividend of 15,000 is expected to be declared in July and paid in August. Management desires to maintain a minimum cash balance of 40,000. Instructions Prepare a monthly cash budget and supporting schedules for June, July, and August. On the basis of the cash budget prepared in part (1), what recommendation should be made to the controller?
Cash budget The controller of Bridgeport Housewares Inc. instructs you to prepare a monthly cash budget for the next three months. You are presented with the following budget information: The company expects to sell about 10% of its merchandise for cash. Of sales on account, 70% are expected to be collected in the month following the sale and the remainder the following month (second month following sale). Depreciation, insurance, and property tax expense represent 50,000 of the estimated monthly manufacturing costs. The annual insurance premium is paid in January, and the annual property taxes are paid in December. Of the remainder of the manufacturing costs, 80% are expected to be paid in the month in which they are incurred and the balance in the following month. Current assets as of September 1 include cash of 40,000, marketable securities of 75,000, and accounts receivable of 300,000 (60,000 from July sales and 240,000 from August sales). Sales on account for July and August were 200,000 and 240,000, respectively. Current liabilities as of September 1 include 40,000 of accounts payable incurred in August for manufacturing costs. All selling and administrative expenses are paid in cash in the period they are incurred. An estimated income tax payment of 55,000 will be made in October. Bridgeports regular quarterly dividend of 25,000 is expected to be declared in October and paid in November. Management desires to maintain a minimum cash balance of 50,000. Instructions Prepare a monthly cash budget and supporting schedules for September, October, and November. On the basis of the cash budget prepared in part (1), what recommendation should be made to the controller?
aw The budget director of Heather's Florist has prepared the following sales budget. The company had $320,000 in accounts receivable on July 1. Heather's Florist normally collects 100 percent of accounts receivable in the month following the month of sale. Required a. Complete the schedule of cash receipts by filling in the missing amounts. b. Determine the amount of accounts receivable the company will report on its third quarter pro forma balance sheet. Complete this question by entering your answers in the tabs below. Required A Required B Complete the schedule of cash receipts by filling in the missing amounts. July August Sales Budget Cash sales Sales on account Total budgeted sales Schedule of Cash Receipts Current cash sales Plus: Collections from accounts receivable Total budgeted collections $ September 62,000 $ 84,000 $ 95,000 102,000 $ 157,000 $ 186,000 85,000 124,600 $209,600 $ 382,000 $ 179,000 $ 187,000
b. a. Prepare a schedule of cash payments for Fein Company for the month of August. OBJECTIVE 3 C. Exercise 9-45 Cash Budget The owner of a building supply company has requested a cash budget for June. After examining the records of the company, you find the following: Cash balance on June 1 is R7,360. b. Actual sales for April and May are as follows: d. F. a. April May Cash sales R180,000 Credit sales to 00 R530,000 Total sales R389,000 c. Credit sales are collected over a three-month period: R 40% in the month of sale, 30% in the second month, and 20% in the third month. The sales collected in the third month are subject to a 2% late fee, which is paid by those customers in addition to what they owe. The remaining sales are uncollectible. d. Inventory purchases average 64% of a month's total B sales. Of those purchases, 20% are paid for in the month of purchase. The remaining 80% are paid for in the following month. Salaries and wages total R117,500 per month, including a R45,000…
Assume a merchandising company provides the following information from its master budget for the month of May Sales $ 119,000 Cost of goods sold $ 84,000 Selling and administrative expenses $ 18,000 Accounts receivable, May 1st $ 16,000 $ 26,000 Help Save & Exit Accounts receivable, May 31st If all of the company's sales are on account, what is the amount of cash collections from customers included in the cash budget for May?
The budget director of Heather's Florist has prepared the following sales budget. The company had $260,000 in accounts receivable on July 1. Heather's Florist normally collects 100 percent of accounts receivable in the month following the month of sale. Required a. Complete the schedule of cash receipts by filling in the missing amounts. b. Determine the amount of accounts receivable the company will report on its third quarter pro forma balance sheet. Complete this question by entering your answers in the tabs below. Required A Required B Complete the schedule of cash receipts by filling in the missing amounts. July August September Sales Budget Cash sales Sales on account Total budgeted sales $ 71,000 $ 71,000 $ 72,000 95,000 111,000 135,600 $ 166,000 $ 182,000 $ 207,600 Schedule of Cash Receipts Current cash sales Plus: Collections from accounts receivable Total budgeted collections $ 331,000 $ 166,000 $ 183,000
The budget director of Heather's Florist has prepared the following sales budget. The company had $50,000 in accounts receivable on July 1. Heather's Florist normally collects 100 percent of accounts receivable in the month following the month of sale, Required a. Complete the schedule of cash receipts by filling in the missing amounts. b. Determine the amount of accounts receivable the company will report on its third quarter pro forma balance sheet. Complete this question by entering your answers in the tabs below. Required A Required 8 Complete the schedule of cash receipts by filling in the missing amounts. Sales Budget Cash sales Sales on account Total budgeted sales Schedule of Cash Receipts Current cash sales Plus: Collections from accounts receivable Total budgeted collections $ $ July 40,000 $ 45,000 85,000 $ $ 90,000 $ August September 42,500 $ 54,000 96,500 $ 87,500 $ 45,000 64,800 109,800 99,000
The budget director of Heather's Florist has prepared the following sales budget. The company had $124,600 in accounts receivable on July 1. Heather's Florist normally collects 100 percent of accounts receivable in the month following the month of sale. Required a. Complete the schedule of cash receipts by filling in the missing amounts. b. Determine the amount of accounts receivable the company will report on its third quarter pro forma balance sheet. Complete this question by entering your answers in the tabs below. Required A Required B Complete the schedule of cash receipts by filling in the missing amounts. July August Sales Budget Cash sales Sales on account Total budgeted sales Schedule of Cash Receipts Current cash sales Plus: Collections from accounts receivable Total budgeted collections $ 69,000 $ 75,000 $ 92,000 100,000 175,000 $ $ 161,000 $ September
The budget director of Heather's Florist has prepared the following sales budget. The company had $360,000 in accounts receivable on July 1. Heather's Florist normally collects 100 percent of accounts receivable in the month following the month of sale. Required a. Complete the schedule of cash receipts by filling in the missing amounts. b. Determine the amount of accounts receivable the company will report on its third quarter pro forma balance sheet. Complete this question by entering your answers in the tabs below. Required A Required B Complete the schedule of cash receipts by filling in the missing amounts. July August September Sales Budget Cash sales $ 78,000 $ 68,000 $ 81,000 Sales on account 80,000 106,000 123,600 Total budgeted sales $ 158,000 $ 174,000 $ 204,600 Schedule of Cash Receipts Current cash sales Plus: Collections from accounts receivable Total budgeted collections $ 438,000 $ 148,000 $ 187,000
क A merchandising company provides the following information from its master budget for the month of Cash collections from customers Cost of goods sold Cash paid for merchandise purchases Selling and administrative expenses Cash paid for selling and administrative expenses Accounts receivable, June 1 $122,000 $ 87,000 $82,000 $29,000 $30,000 $14,000 $20,000 Accounts receivable, June 30 If all of the company's sales are on account, what is the budgeted net operating income for June? (Ignore interest and taxes.) (All answers are whole numbers - unless specified otherwise. You should NOT include the $ sign or a comma. E.g., you should type 1000 for one thousand. Negative numbers should be added with a minus sign, e.g., -1000 for a decrease or loss of one thousand.) Budgeted net operating income for September = $ 灣 Next > < Prev. 1 of 23 Air