Sunland State sells electronic products. The controller is responsible for preparing the master budget and has accumulated th information below for the months of January, February, and March. Balances at January 1 are expected to be as follows: Cash $5,890 Accounts receivable 445,200 The budget is to be based on the following assumptions: 1. 2. 3. 4. 5. Inventories Accounts payable 6. $331,100 142,400 Each month's sales are billed on the last day of the month. Customers are allowed a 3% discount if their payment is made within 10 days after the billing date. Receivables are books gross. The company collects 60% of the billings within the discount period, 25% by the end of the month after the date of sale, an 9% by the end of the second month after the date of sale: 6% prove uncollectible. It pays 54% of all materials purchases and the selling, general, and administrative expenses in the month purchased and th remainder in the following month. Each month's units of ending inventory are equal to 130% of the next month's units of sales. The cost of each unit of inventory is $20. Selling, general, and administrative expenses, of which $2,100 is for depreciation, are equal to 15% of the current month's sales.

Hillyard Company, an office supplies specialty store, prepares its master budget on a quarterly basis. The following data have been assembled to assist in preparing the master budget for the first quarter:   As of December 31 (the end of the prior quarter), the company’s general ledger showed the following account balances:   Cash $ 43,000   Accounts receivable 202,400   Inventory 58,200   Buildings and equipment (net) 353,000   Accounts payable   $ 86,025 Common stock   500,000 Retained earnings   70,575   $ 656,600 $ 656,600   Actual sales for December and budgeted sales for the next four months are as follows:   December(actual) $ 253,000 January $ 388,000 February $ 585,000 March $ 299,000 April $ 196,000   Sales are 20% for cash and 80% on credit. All payments on credit sales are collected in the month following sale. The accounts receivable at December 31 are a result of December credit sales. The company’s gross margin is…

I need the working solution for the cash balance at the beginning month. 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:   September October November Sales $130,000   $156,000   $205,000   Manufacturing costs 55,000   67,000   74,000   Selling and administrative expenses 46,000   47,000   78,000   Capital expenditures _   _   49,000   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 $10,000 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 2021 the company “AROFAH” will prepare a cash budget. The cash receipts and disbursements plan for the first six months (January to June) are as follows: Admission Plan: Sales Receipts: Sales are made in cash as much as 50% and 50% credit of sales. Of credit sales, 60% is received one month after the month of sale and the remaining is received 2 months after the month of sale. The total receipts of receivables in January and February are IDR 200,000 and IDR 300,000, respectively. The acceptance plans are: A. The amount of sales are:     B. Other receipts are: January IDR 1,400,000                 January IDR 200,000 February IDR 1,500,000                February IDR 300,000 March IDR 1,500,000                    March IDR 100,000 April IDR 1,600,000                       April IDR 200,000 May IDR 1,700,000                       May IDR 400,000 June IDR 1,650,000                      June IDR 500,000   2. Expediture Plan : A. Purchase of raw materials:            B. Purchase of…

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: Line Item Description Sales September October November $103,000 $122,000 $166,000 Manufacturing costs 43,000 52,000 60,000 Selling and administrative expenses Capital expenditures 36,000 37,000 63,000 40,000 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 $10,000 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…

Hillyard Company, an office supplies specialty store, prepares its master budget on a quarterly basis. The following data have been assembled to assist in preparing the master budget for the first quarter:   As of December 31 (the end of the prior quarter), the company’s general ledger showed the following account balances:   Cash $ 64,000   Accounts receivable 219,200   Inventory 61,350   Buildings and equipment (net) 374,000   Accounts payable   $ 92,325 Common stock   500,000 Retained earnings   126,225   $ 718,550 $ 718,550   Actual sales for December and budgeted sales for the next four months are as follows:   December(actual) $ 274,000 January $ 409,000 February $ 606,000 March $ 321,000 April $ 217,000   Sales are 20% for cash and 80% on credit. All payments on credit sales are collected in the month following sale. The accounts receivable at December 31 are a result of December credit sales. The company’s gross margin is…

Prepare the following budgets for the months of April, May, and June: 1. Sales budget. 2. Production budget.3. Direct materials budget. The management of Zigby Manufacturing prepared the following balance sheet for March 31.  ZIGBY MANUFACTURING Balance Sheet March 31 Assets     Liabilities and Equity     Cash   $ 65,000 Liabilities     Accounts receivable   399,000 Accounts payable $ 204,500   Raw materials inventory   90,200 Loan payable 27,000   Finished goods inventory   308,028 Long-term note payable 500,000 $ 731,500 Equipment $ 630,000   Equity     Less: Accumulated depreciation 165,000 465,000 Common stock 350,000         Retained earnings 245,728 595,728 Total assets   $ 1,327,228 Total liabilities and equity   $ 1,327,228  To prepare a master budget for April, May, and June, management gathers the following information.  Sales for March total 22,800 units. Budgeted sales in units follow: April, 22,800; May, 16,000; June, 23,000; and July, 22,800.…

The following information was taken from Bonita Industries's cash budget for the month of July: Beginning cash balance $440000 Cash receipts 404000 Cash disbursements 558000 If the company's policy is to maintain a minimum end of the month cash balance of $430000, the amount the company would have to borrow in July is $286000. $144000. $10000. $26000.

Hillyard Company, an office supplies specialty store, prepares its master budget on a quarterly basis. The following data have been assembled to assist in preparing the master budget for the first quarter:   As of December 31 (the end of the prior quarter), the company’s general ledger showed the following account balances:   Cash $ 40,000   Accounts receivable 200,000   Inventory 57,750   Buildings and equipment (net) 350,000   Accounts payable   $ 85,125 Common stock   500,000 Retained earnings   62,625   $ 647,750 $ 647,750   Actual sales for December and budgeted sales for the next four months are as follows:   December(actual) $ 250,000 January $ 385,000 February $ 582,000 March $ 296,000 April $ 193,000   Sales are 20% for cash and 80% on credit. All payments on credit sales are collected in the month following sale. The accounts receivable at December 31 are a result of December credit sales. The company’s gross margin is…

The budget director of Heathers Florist has prepared the following sales budget. The company had $ 121,600 in accounts receivable on July 1. Heathers Florist normally collects 100 percent of accounts receivable in the month following the month of sale.Required Complete the schedule of cash receipts by filling in the missing amounts.Determine the amount of accounts receivable the company will report on its third quarter pro forma balance sheet.