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1 The folowing data relate to the operations of Show Company, a wholesale dictor of consumer goods 1 110 15.00 1 150 100 150 The gross margin is 25% of sales Actual and budgeted sales data 1,00 1000 100 000 Sales are forces and 40% on credit Credit sales are collected in the month following sale. The accounts receivable at March 31 are a result of March creditsoles Each month's ending Inventory should equal 80% of the folcwing month's budgeted cost of goods or One-half of a month's inventory burchases is paid for in the month of purchase the other half is paid for in the following month. The Monthly expenses was follow commissions 128 of sales.rent $3 500 per month other expenses excluding deprecation, 6 sccounts payable Marche the end of March purchases of inventory of sales Assume that these expenses are paid monthly Depreciation is $873 per month (includes depreciation on new asset o Emipment conting $2.700 will be purchased for cash April Management would like to maintain a minimum balance of at least 54,000 the end of each month. The company has an teement with a focal 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 per month and for simply we will assume that interest is not compounded the company would say the accused Costing income statement for the quarter ended June 30. 5. Prepare a balance sheet as of June 30. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Complete the schedule of expected cash collections. Schedule of Expected Cash Collections April May June Quarter Cash sales $ 46,800 Credit sales 24,800 Total collections $71,600 $ 0 $ 0$ 0 Required Required 2 > Complete this question by entering your answers in the tabs below. Required 1 Required a Required 3 Required 4 Required 5 Complete the merchandise purchases budget and the schedule of expected cash disbursements for merchandise purchases Merchandise Purchases Budget ADRE MAY June Quarter Blodgeted cost of goods sold $58.500 562.250 Add desired ending merchandisinventory 49.000 Total needs 108,300 62.250 0 0 Les beginning merchandise inventory 46,800 Required purchase 8 61 500 562.250 $ 08 Eludgeted cost of goods sold for $78,000 sales75% = $58.500 Add desired ending inventory for A562.250 80% = 549.800 Schet of Expected Canh Disbursements Merchandise Purchases Apre May June Quarter March purchases $ 28,050 $ 28,050 Aprill purchase 30.750 330.750 61.500 May purchases Jure purchases Total disbursements $58 800 $30750 S 0 $ 89,550 Complete this question by entering your answers in the tabs below. s Requi Required 2 Recured 3 Required 4 Required Complete the cash budget. (Cash deficiency, repayments and interest should be indicated by a minus sign.) Shilaw Company Cash Budget April May June Qur Beginning cash balance $ 3.700 Add collections from customers 71,500 Total cash available 80,300 0 Les cash disbursements For inventory 58.800 For expenses 17 540 For equipment 2.700 Total cash disbursements 79,040 0 0 Excess deliciency of cash 1260 0 0 0 available over disbursens Financing Borrowings Repayments Weront Total financing 0 0 0 $ 1.2005 Os 0 Ending cash balance 5 Pen? Det Complete this question by entering your answers in the tabs below. Required: Required 2 Required Required Required Prepare an absorption costing income statement for the quarter ended June 30. Slow Coo Income Statment For the Duarter Ended June Book Cost of goods sold 0 Seding and administrative expenses 0 0 $ 0 Complete this question by entering your answers in the tabs below. Requr Road Prepare a balance sheet as of June 30 Show many June 10 Assets C Rocal 5 Liables and Stockholders' Equity Seout Tabtes and society 1 The folowing data relate to the operations of Show Company, a wholesale dictor of consumer goods 1 110 15.00 1 150 100 150 The gross margin is 25% of sales Actual and budgeted sales data 1,00 1000 100 000 Sales are forces and 40% on credit Credit sales are collected in the month following sale. The accounts receivable at March 31 are a result of March creditsoles Each month's ending Inventory should equal 80% of the folcwing month's budgeted cost of goods or One-half of a month's inventory burchases is paid for in the month of purchase the other half is paid for in the following month. The Monthly expenses was follow commissions 128 of sales.rent $3 500 per month other expenses excluding deprecation, 6 sccounts payable Marche the end of March purchases of inventory of sales Assume that these expenses are paid monthly Depreciation is $873 per month (includes depreciation on new asset o Emipment conting $2.700 will be purchased for cash April Management would like to maintain a minimum balance of at least 54,000 the end of each month. The company has an teement with a focal 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 per month and for simply we will assume that interest is not compounded the company would say the accused Costing income statement for the quarter ended June 30. 5. Prepare a balance sheet as of June 30. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Complete the schedule of expected cash collections. Schedule of Expected Cash Collections April May June Quarter Cash sales $ 46,800 Credit sales 24,800 Total collections $71,600 $ 0 $ 0$ 0 Required Required 2 > Complete this question by entering your answers in the tabs below. Required 1 Required a Required 3 Required 4 Required 5 Complete the merchandise purchases budget and the schedule of expected cash disbursements for merchandise purchases Merchandise Purchases Budget ADRE MAY June Quarter Blodgeted cost of goods sold $58.500 562.250 Add desired ending merchandisinventory 49.000 Total needs 108,300 62.250 0 0 Les beginning merchandise inventory 46,800 Required purchase 8 61 500 562.250 $ 08 Eludgeted cost of goods sold for $78,000 sales75% = $58.500 Add desired ending inventory for A562.250 80% = 549.800 Schet of Expected Canh Disbursements Merchandise Purchases Apre May June Quarter March purchases $ 28,050 $ 28,050 Aprill purchase 30.750 330.750 61.500 May purchases Jure purchases Total disbursements $58 800 $30750 S 0 $ 89,550 Complete this question by entering your answers in the tabs below. s Requi Required 2 Recured 3 Required 4 Required Complete the cash budget. (Cash deficiency, repayments and interest should be indicated by a minus sign.) Shilaw Company Cash Budget April May June Qur Beginning cash balance $ 3.700 Add collections from customers 71,500 Total cash available 80,300 0 Les cash disbursements For inventory 58.800 For expenses 17 540 For equipment 2.700 Total cash disbursements 79,040 0 0 Excess deliciency of cash 1260 0 0 0 available over disbursens Financing Borrowings Repayments Weront Total financing 0 0 0 $ 1.2005 Os 0 Ending cash balance 5 Pen? Det Complete this question by entering your answers in the tabs below. Required: Required 2 Required Required Required Prepare an absorption costing income statement for the quarter ended June 30. Slow Coo Income Statment For the Duarter Ended June Book Cost of goods sold 0 Seding and administrative expenses 0 0 $ 0 Complete this question by entering your answers in the tabs below. Requr Road Prepare a balance sheet as of June 30 Show many June 10 Assets C Rocal 5 Liables and Stockholders' Equity Seout Tabtes and society

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