Required information Problem 22-2A (Algo) Manufacturing- Cash budget a.pdf

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Required information Problem 22-2A (Algo) Manufacturing: Cash budget and schedule of cash payments LO P2 [The following information applies to the questions displayed below.] Built-Tight is preparing its master budget. Budgeted sales and cash payments follow: July August September Budgeted sales $ 62,500 $ 78,500 $ 49,500 Budgeted cash payments for Direct materials 16,460 13,740 14,060 Direct labor 4,340 3,660 3,740 Overhead 20,500 17,100 17,500 Sales to customers are 25% cash and 75% on credit. Sales in June were $58,000. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $21,000 in cash and $5,300 in loans payable. A minimum cash balance of $21,000 is required. Loans are obtained at the end of any month when the preliminary cash balance is below $21,000. Interest is 1% per month based on the beginning-of-the-month loan balance and is paid at each month-end. Any preliminary cash balance above $21,000 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 ($4,300 per month), and rent ($6,800 per month)..

Required information
Problem 22-2A (Algo) Manufacturing: Cash budget and schedule of cash payments LO P2
[The following information applies to the questions displayed below.]
Built-Tight is preparing its master budget. Budgeted sales and cash payments follow:
July August September
Budgeted sales $ 62,500 $ 78,500 $ 49,500
Budgeted cash payments for
Direct materials 16,460 13,740 14,060
Direct labor 4,340 3,660 3,740
Overhead 20,500 17,100 17,500
Sales to customers are 25% cash and 75% on credit. Sales in June were $58,000. All credit sales
are collected in the month following the sale. The June 30 balance sheet includes balances of
$21,000 in cash and $5,300 in loans payable. A minimum cash balance of $21,000 is required.
Loans are obtained at the end of any month when the preliminary cash balance is below $21,000.
Interest is 1% per month based on the beginning-of-the-month loan balance and is paid at each
month-end. Any preliminary cash balance above $21,000 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 ($4,300 per month), and rent ($6,800 per month).

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Homework 7 instructions | help [The following information applies to the questions displayed below.] Near the end of 2013, the management of Dimsdale Sports Co., a merchandising company, prepared the following estimated balance sheet for December 31, 2013. DIMSDALE SPORTS COMPANY Estimated Balance Sheet December 31, 2013 Assets Cash $ 36,500 Accounts receivable 520,000 Inventory 105,000 Total current assets 661,500 Equipment $ 545,000 Less accumulated depreciation 68,125 Equipment, net 476,875 Total assets $ 1,138,375 Liabilities and Equity Accounts payable $ 370,000 Bank loan payable 14,000 Taxes payable (due 3/15/2014) 90,000 Total liabilities $ 474,000 Common stock 471,000 Retained earnings 193,375 Total stockholders’ equity 664,375 Total liabilities and equity $ 1,138,375 To prepare a master budget for January, February, and March of 2014, management gathers the following information. a. Dimsdale Sports’ single product is purchased for $20 per unit and resold for $53 per unit. The expected inventory level of 5,250 units on December 31, 2013, is more than management’s desired level for 2014, which is 20% of the next month’s expected sales (in units). Expected sales are: January, 7,250 units; February, 9,250 units; March, 10,500 units; and April, 10,000 units. b. Cash sales and credit sales represent 20% and 80%, respectively, of total sales. Of the credit sales, 63% is collected in the first month after the month of sale and 37% in the second month after the month of sale. For the December 31, 2013, accounts receivable balance, $130,000 is collected in January and the remaining $390,000 is collected in February. c. Merchandise purchases are paid for as follows: 20% in the first month after the month of purchase and 80% in the second month after the month of purchase. For the December 31, 2013, accounts payable balance, $75,000 is paid in January and the remaining $295,000 is paid in February. d. Sales commissions equal to 20% of sales are paid each month. Sales salaries (excluding commissions) are $72,000 per year. e. General and administrative salaries are $132,000 per year. Maintenance expense equals $2,100 per month and is paid in cash. f. Equipment reported in the December 31, 2013, balance sheet was purchased in January 2013. It is being depreciated over eight years under the straight-line method with no salvage value. The following amounts for new equipment purchases are planned in the coming quarter: January, $36,000; February, $95,000; and March, $29,000. This equipment will be depreciated under the straight-line method over eight years with no salvage value. A full month’s depreciation is taken for the month in which equipment is purchased. g. The company plans to acquire land at the end of March at.

Homework 7 instructions help[The following informati.docx

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Nordic Company, a merchandising company, prepares its master budget on a quarterly basis. The following data have been assembled to assist in preparation of the master budget for the second quarter. a. As of March 31 (the end of the prior quarter), the company’s balance sheet showed the following account balances: Cash $ 9,000 Accounts receivable 48,000 Inventory 12,600 Buildings and equipment (net) 214,100 Accounts payable $ 18,300 Capital stock 190,000 Retained earnings 75,400 $ 283,700 $ 283,700 b. Actual sales for March and budgeted sales for April–July are as follows: March (actual) $60,000 April $70,000 May $85,000 June $90,000 July $50,000 c. Sales are 20% for cash and 80% on credit. All payments on credit sales are collected in the month following the sale. The accounts receivable at March 31 are a result of March credit sales. d. The company’s gross margin percentage is 40% of sales. (In other words, cost of goods sold is 60% of sales.) e. Monthly selling and administrative expenses are budgeted as follows: salaries and wages, $7,500 per month; shipping, 6% of sales; advertising, $6,000 per month; other expenses, 4% of sales. Depreciation, including depreciation on new assets acquired during the quarter, will be $6,000 for the quarter. f. Each month’s ending inventory should equal 30% of the following month’s cost of goods sold. g. Half of a month’s inventory purchases are paid for in the month of purchase and half in the following month. h. Equipment purchases during the quarter will be as follows: April, $11,500; and May, $3,000. i. Dividends totaling $3,500 will be declared and paid in June. j. Management wants to maintain a minimum cash balance of $8,000. The company has an agreement with a local bank that allows the company to borrow in increments of $1,000 at the beginning of each month, up to a total loan balance of $20,000. The interest rate on these loans is 1% per month, and for simplicity, we will assume that interest is not compounded. The company would, as far as it is able, repay the loan plus accumulated interest at the end of the quarter. Required: Using the data above, complete the following statements and schedules for the second quarter: 1. Schedule of expected cash collections: (Omit the "$" sign in your response.) Schedule of expected cash collections April May June Total Cash sales $ 14,000 $ $ $ Credit sales 48,000 Total collections $ 62,000 $ $ $ 2a. Merchandise purchases budget. (Input all amounts as positive values. Omit the "$" sign in your response.) Merchandise purchases budget April May June Total Budgeted cost of goods sold $ 42,000 * $ 51,000 $ $ : desired ending inventory 15,300 † Total needs 57,300 : beginning inventory 12,600 Required purchases $ 44,700 $ $ $ .

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Chapter 6 Exercises 1. Overview of the budgeting process Evaluate the comments that follow as being true or false. If the comment is false, briefly explain why. a. When assessing current performance, a comparison of actual results against a predetermined budget is generally preferred over a comparison of the current period's actual results with those of the preceding period. b. Lower level managers are inclined to work harder to achieve budgeted targets if the top–down (rather than the bottom–up) budget approach is used. c. Virtually all budgets are 1 year in duration. d. Land & Sea plans to sell 36,700 units of its single product during the coming year. If the beginning and ending finished goods inventories are 15,900 and 17,700 units, respectively, the company's production budget will reveal that 38,500 units should be manufactured. e. The last step in the construction of a master budget is the preparation of a cash budget. 2. Schedule of cash collections Sugarland Company sells a single product and anticipates opening a new facility in Charlotte on May 1 of the current year. Expected sales during the first 3 months of activity are as follows: May, $60,000; June, $80,000; and July, $85,000. Thirty percent of all sales are for cash; the remaining 70% are on account. Credit sales have the following collection pattern: Collected in the month of sale 60% Collected in the month following sale 35 Uncollectible 5 a. Prepare a schedule of cash collections for May through July. b. Compute the expected balance in Accounts Receivable as of July 31. 3. Direct material purchases budget Bass Corporation manufactures a home video recorder that requires four No. S1326 circuit boards. Anticipated production of recorders for the upcoming year follows: Quarter Production (units) First 8,000 Second 10,000 Third 12,000 Fourth 16,000 4. Bass wants to stock enough circuit boards to meet 30% of the following quarter's production needs. Circuit boards cost $2.50 each; the cost has been fairly stable during the past 6 months. 5. Assuming a beginning circuit board inventory of $23,750, prepare a direct material purchases budget for the first three quarters of the year. 6. Production and cash-outlay computations RPR Inc. anticipates that 120,000 units of product K will be sold during May. Each unit of product K requires four units of raw material A. Actual inventories as of May 1 and budgeted inventories as of May 31 follow: 7. May 1 May 31 Product K (units) 55,000 60,000 Raw material A (units) 40,000 37,000 8. Each unit of raw material A costs $8; RPR pays for all purchases in the month of acquisition. Invoices that account for 80% of the cost of materials acquired will be paid within 10 days of receipt, entitling the company to a 2% cash discount. a. Determine the number of units of product K to be manufactured in May. b. Compute the May cash outlay for purchases of raw material A. 9. Abbreviated cash budget; financing emphasis An abbreviated cash budget for ...

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1. Kayak Co. budgeted the following cash receipts (excluding cash receipts from loans received) and cash disbursements (excluding cash disbursements for loan principal and interest payments) for the first three months of next year. Cash Receipts Cash Disbursements January $ 518,000 $ 485,000 February 412,500 358,000 March 462,000 532,000 According to a credit agreement with the company’s bank, Kayak promises to have a minimum cash balance of $30,000 at each month-end. In return, the bank has agreed that the company can borrow up to $150,000 at an annual interest rate of 12%, paid on the last day of each month. The interest is computed based on the beginning balance of the loan for the month. The company repays principal on the loan with available cash on the last day of each month. The company has a cash balance of $30,000 and a loan balance of $60,000 at January 1. Prepare monthly cash budgets for each of the first three months of next year. (Amounts to be deducted should be indicated by a minus sign.) 2. Walker Company prepares monthly budgets. The current budget plans for a September ending inventory of 38,000 units. Company policy is to end each month with merchandise inventory equal to a specified percent of budgeted sales for the following month. Budgeted sales and merchandise purchases for the next three months follow. Sales (Units) Purchases (Units) July 160,000 194,000 August 330,000 324,000 September 300,000 278,000 3. Use the following information to prepare the July cash budget for Acco Co. It should show expected cash receipts and cash disbursements for the month and the cash balance expected on July 31. a. Beginning cash balance on July 1: $64,000. b. Cash receipts from sales: 35% is collected in the month of sale, 50% in the next month, and 15% in the second month after sale (uncollectible accounts are negligible and can be ignored). Sales amounts are: May (actual), $1,750,000; June (actual), $1,480,000; and July (budgeted), $1,540,000. c. Payments on merchandise purchases: 90% in the month of purchase and 10% in the month following purchase. Purchases amounts are: June (actual), $570,000; and July (budgeted), $450,000. d. Budgeted cash disbursements for salaries in July: $220,000. e. Budgeted depreciation expense for July: $15,000. f. Other cash expenses budgeted for July: $110,000. g. Accrued income taxes due in July: $90,000. h. Bank loan interest due in July: $8,500 1. Calculation of cash receipts from sales collected in May, June, July, July 31 Accounts Rec. 2. Calculation of cash payments for merchandise paid in June, July, July 31 Accounts Rec 4. Following information relates to Acco Co. a. Beginning cash balance on July 1: $40,000. b. Cash receipts from sales: 30% is collected in the month of sale, 50% in the next month, and 20% in the second month after sale (uncollectible accounts are negligible and can be ignored). S ...

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