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Posted: September 10th, 2021
ACCT552 Week 4 Homework Assignment
ACCT552
Week 4 Homework Assignment
Please complete the below problems and submit your answers in the Week 4 Dropbox. See “Syllabus/Due Dates for Assignments & Exams” for due date information.
Martin & Sons is a small wholesale distributor of consumer goods. The company generates a gross margin of 27% of sales. Sales are 35% for cash and 65% on credit. Credit sales are collected in the month following sale, and accounts receivable on June 30, 2014: 2024 – Essay Writing Service | Write My Essay For Me Without Delay are the result of June credit sales. Actual and budgeted sales for the period were as follows:
June (actual) $45,000
July $52,000
August $56,000
September $60,000
October $48,000
The company plans for each month’s ending inventory to be 28% of the following month’s budgeted cost of goods sold. Half of a month’s inventory purchases are paid for in the month of purchase; the other half are paid for in the month following purchase. The accounts payable on June 30 are the result of June purchases of inventory. All monthly expenses were paid monthly. Monthly expenses included: commissions, $9,000; rent, $1,200; other expenses (excluding depreciation), 5% of sales. Depreciation is $1,300 for the quarter and includes depreciation on new assets acquired during the quarter. The assets acquired for cash during the quarter included equipment of $2,100 in July and $3,000 in August. The company wishes to maintain a minimum cash balance of $3,000 at the end of each month. The company has a financing facility that allows the company to borrow in increments of $1,000 at the beginning of each month from a local bank, up to a total loan balance of $30,000. The interest rate on these loans is 1.5% per month, and interest is not compounded. The company, when able, repays the loan plus accumulated interest at the end of the quarter.
Additional information:
Current assets as of June 30:
Cash $4,000
Accounts receivable $29,250
Inventory $7,100
Buildings and equipment, net $102,550
Accounts payable $22,400
Capital stock $99,000
Retained earnings $22,499.80
Required:
Using the data above, for quarter ending September 2014: 2024 – Essay Writing Service | Write My Essay For Me Without Delay, prepare the following:
a. The schedule of the expected cash collections
b. The merchandise purchases budget:
c. The schedule of expected cash disbursements – merchandise purchases.
d. schedule of expected cash disbursement –Selling and administrative expenses
e. The cash budget:
f. An absorption costing income statement,
g. A balance sheet as of September 30.
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