Beruflich Dokumente
Kultur Dokumente
Class:
Problem 07-18
Requirement 1:
MINDEN COMPANY
Schedule of cash receipts:
Cash sales-May
Collections on accounts receivable:
April 30 balance
May sales
Total cash receipts
Schedule of cash payments for purchases:
April 30 accounts payable balance
May purchases
Total cash payments
60,000
54,000
70,000
$
184,000
Correct!
$
63,000
48,000
$
111,000
Correct!
MINDEN COMPANY
Cash Budget
For the Month of May
Cash balance, beginning
Add receipts from customers
Total cash available
Less disbursements:
Purchase of inventory
Selling and administrative expenses
Purchases of equipment
Total cash disbursements
Excess of receipts over disbursements
Financing:
Borrowings-note
Repayments-note
Interest
Total financing
Cash balance, ending
9,000
184,000
193,000
111,000
72,000
6,500
189,500
3,500
20,000
14,500
100
5,400
$
8,900
Correct!
Student Name:
Class:
Problem 07-18
Requirement 2:
MINDEN COMPANY
Budgeted Income Statement
For the Month of May
Sales
Cost of goods sold:
Beginning inventory
Add purchases
Goods available for sale
Ending inventory
Cost of goods sold
Gross margin
Selling and administrative expenses
Net operating income
Interest expense
Net income
$200,000
$30,000
120,000
150,000
(40,000)
110,000
90,000
74,000
16,000
100
$15,900
Correct!
Requirement 3:
MINDEN COMPANY
Budgeted Balance Sheet
May 31
Assets
Cash
Accounts receivable
Inventory
Plant and equipment, net of depreciation
Total assets
Liabilities and Equity
Accounts payable
Note payable
Capital stock
Retained earnings
Total liabilities and equity
$8,900
70,000
40,000
211,500
$330,400
$72,000
20,000
180,000
58,400
$330,400
Correct!
9,000
54,000
30,000
207,000
$ 300,000
63,000
14,500
180,000
42,500
$ 300,000
$ 200,000
$ 60,000
50%
$ 120,000
40%
100%
$ 40,000
$ 72,000
$
2,000
100%
$
100
$
6,500
$ 20,000