60.1K

Verified Solution

Link Copied!

Required: 1. Calculate the expected cash collections for April, May, and June. 2. Calculate the budgeted merchandise purchases for April, May, and June. 3. Calculate the expected cash disbursements for merchandise purchases for April, May, and June. 4. Prepare a budgeted balance sheet at June 30th. (Hint: You need to calculate the cash paid for selling and administrative expenses during April, May, and June to determine the cash balance in your June 30 th balance sheet.) Complete this question by entering your answers in the tabs below. Calculate the expected cash collections for April, May, and June. Deacon Company is a merchandising company that is preparing a budget for the three-month period ended June 30 . The following information is avilable Budgeting Assumptions: a. 60% of sales are casti sales and 40% of sales are credit salos. Twonty percent of ol credit sales are collected in the month of sale and the temaining 80% are collected in the month subsequent to the sale. b. Budgeted sales for July are $218,000. c. 10% of merchandise inventory purchases are poid in cash at the time of the purchase. The remaining 90% of purchases are credit purchases. All purchases on credit are paid in the month subsequent to the purchase. The accounts paryoble at March 31 will be paid in April. d. Esch month's ending merchandise inwentory should equal $10,000 plus 50% of the next month's cost of goods soid. c. Depreciation expense is $1,800 per month. All other selling and administrative expenses are paid in full in the month the expense is incurred. Complete this question by entering your answers in the tabs below. Prepare a budgeted balance sheet at June 30th. (Hint: You need to calculate the cash paid for selling and administrative expenses during April, May, and June to determine the cash balance in your June 30 th balance sheet.) Complete this question by entering your answers in the tabs below. Calculate the budgeted merchandise purchases for April, May, and June. Required: 1. Calculate the expected cash collections for April, May, and June. 2. Calculate the budgeted merchandise purchases for April, May, and June. 3. Calculate the expected cash disbursements for merchandise purchases for April, May, and June. 4. Prepare a budgeted balance sheet at June 30th. (Hint: You need to calculate the cash paid for selling and administrative expenses during April, May, and June to determine the cash balance in your June 30 th balance sheet.) Complete this question by entering your answers in the tabs below. Calculate the expected cash disbursements for merchandise purchases for April, May, and June. Required: 1. Calculate the expected cash collections for April, May, and June. 2. Calculate the budgeted merchandise purchases for April, May, and June. 3. Calculate the expected cash disbursements for merchandise purchases for April, May, and June. 4. Prepare a budgeted balance sheet at June 30th. (Hint: You need to calculate the cash paid for selling and administrative expenses during April, May, and June to determine the cash balance in your June 30 th balance sheet.) Complete this question by entering your answers in the tabs below. Calculate the expected cash collections for April, May, and June. Deacon Company is a merchandising company that is preparing a budget for the three-month period ended June 30 . The following information is avilable Budgeting Assumptions: a. 60% of sales are casti sales and 40% of sales are credit salos. Twonty percent of ol credit sales are collected in the month of sale and the temaining 80% are collected in the month subsequent to the sale. b. Budgeted sales for July are $218,000. c. 10% of merchandise inventory purchases are poid in cash at the time of the purchase. The remaining 90% of purchases are credit purchases. All purchases on credit are paid in the month subsequent to the purchase. The accounts paryoble at March 31 will be paid in April. d. Esch month's ending merchandise inwentory should equal $10,000 plus 50% of the next month's cost of goods soid. c. Depreciation expense is $1,800 per month. All other selling and administrative expenses are paid in full in the month the expense is incurred. Complete this question by entering your answers in the tabs below. Prepare a budgeted balance sheet at June 30th. (Hint: You need to calculate the cash paid for selling and administrative expenses during April, May, and June to determine the cash balance in your June 30 th balance sheet.) Complete this question by entering your answers in the tabs below. Calculate the budgeted merchandise purchases for April, May, and June. Required: 1. Calculate the expected cash collections for April, May, and June. 2. Calculate the budgeted merchandise purchases for April, May, and June. 3. Calculate the expected cash disbursements for merchandise purchases for April, May, and June. 4. Prepare a budgeted balance sheet at June 30th. (Hint: You need to calculate the cash paid for selling and administrative expenses during April, May, and June to determine the cash balance in your June 30 th balance sheet.) Complete this question by entering your answers in the tabs below. Calculate the expected cash disbursements for merchandise purchases for April, May, and June

Answer & Explanation Solved by verified expert

See Answer