Unlock document.
This document is partially blurred.
Unlock all pages and 1 million more documents.
Get Access
An asterisk (*) will appear to the right of an incorrect entry. The essay answer will not be graded.
Enter a zero in cells you would otherwise leave blank.
1.
June July August
Estimated cash receipts from:
Cash sales
Collections from accounts receivable
Total cash receipts
Estimated cash payments for:
Manufacturing costs
Selling and administrative expenses
Capital expenditures
Other purposes:
Income tax
Dividends
Total cash payments
Cash increase (decrease)
Cash balance at beginning of month
Cash balance at end of month
Minimum cash balance
Excess (deficiency)
Supporting calculations:
Collections of accounts receivable:
Sales on
Account Percentage
June July August
April sales
May sales:
Collected in June
Collected in July
June sales:
Collected in July
Collected in August
July sales
Payments for manufacturing costs:
Costs on
Account Percentage
Payments
Paid in June:
Incurred in May
Incurred in June
Total
Paid in July:
Incurred in June
Incurred in July
Total
Paid in August:
Incurred in July
Incurred in August
MERCURY SHOES INC.
Cash Budget
For the Three Months Ending June 30, 2016
Key Code:
Cells with non-gray backgrounds are protected and cannot be edited.
[Key code here]
Answers are entered in the cells with gray backgrounds.
Instructions
0%
Problem 21(6)-4B
Name:
Section:
Score:
Total
2.
[Key essay answer here]
An asterisk (*) will appear to the right of an incorrect entry. The essay answer will not be graded.
Enter a zero in cells you would otherwise leave blank.
1.
June July August
Estimated cash receipts from:
Cash sales 16,000$ 18,500$ 20,000$
Collections from accounts receivable 138,000 146,400 157,500
Other purposes:
Income tax - 24,000 -
Dividends - - 15,000
Total cash payments 96,200$ 136,800$ 274,400$
Supporting calculations:
Collections of accounts receivable:
Sales on
Account Percentage June July August
April sales 120,000$ 40% 48,000$ -$ -$
May sales:
Payments for manufacturing costs:
Costs on
Account Percentage Payments
Paid in June:
Incurred in May 13,000$
Incurred in June 54,000 80% 43,200
Total 56,200$
Paid in July:
Paid in August:
Incurred in July 70 000 20% 14 000$
MERCURY SHOES INC.
Cash Budget
For the Three Months Ending June 30, 2016
Key Code:
Cells with non-gray backgrounds are protected and cannot be edited.
Problem 21(6)-4B
Name:
Solution
Section:
Score:
Instructions
Answers are entered in the cells with gray backgrounds.
ON
2.
The budget indicates that the minimum cash balance will not be maintained in August. This is due
to the capital expenditures requiring significant cash outflows during this month. This situation can
An asterisk (*) will appear to the right of an incorrect entry.
1.
Sales
Cost of goods sold:
Direct materials
Direct labor
Factory overhead
Cost of goods sold
Gross profit
Operating expenses:
Selling expenses:
Sales salaries and commissions
Advertising
Miscellaneous selling expense
Total selling expenses
Administrative expenses:
Office and officers salaries
Supplies
Miscellaneous admin. expenses
Total administrative expenses
Total operating expenses
Income before income tax
Income tax expense
Net income
Supporting calculations for budgeted income statement:
Factory overhead: Office and officers salaries:
Variable overhead Fixed portion
Depreciation Variable portion
Other Total
Total
Sales salaries and commissions: Supplies expense:
Fixed portion Fixed portion
Variable portion Variable portion
Total Total
Miscellaneous selling expenses: Miscellaneous administrative expenses:
Fixed portion Fixed portion
Variable portion Variable portion
Total Total
2.
Problem 21(6)-5A
Name:
Section:
Budgeted Balance Sheet
REGINA SOAP CO.
Budgeted Income Statement
For the Year Ending December 31, 2017
REGINA SOAP CO.
0%
Score:
Key Code:
Cells with non-gray backgrounds are protected and cannot be edited.
[Key code here]
Answers are entered in the cells with gray backgrounds.
Instructions
Current assets:
Cash
Accounts receivable
Inventories:
Finished goods
Work in process
Materials
Prepaid expenses
Total current assets
Property, plant, and equipment:
Plant and equipment
Less accumulated depreciation
Total assets
Current liabilities:
Accounts payable
Common stock
Retained earnings
Total stockholders' equity
Total liabilities and stockholders' equity
Supporting calculations for budgeted balance sheet:
Cash balance:
Balance, January 1, 2017
Plus cash from operations:
Net income (from budgeted income statement)
Depreciation (add back noncash item)
Less planned nonoperating cash outflows:
Dividends to be paid in 2017
Plant and equipment to be acquired in 2017
Balance, December 31, 2017
Retained earnings balance:
Balance, January 1, 2017
Plus expected net income for 2017
Less dividends to be paid in 2017
Balance, December 31, 2017
For the Year Ending December 31, 2017
Assets
Stockholders' Equity
Liabilities
An asterisk (*) will appear to the right of an incorrect entry.
1.
Sales
1,000,000$
Cost of goods sold:
Direct materials 220,000$
Direct labor 130,000
Operating expenses:
Selling expenses:
Sales salaries and commissions 136,000$
Advertising 64,000
Total administrative expenses 135,400
Total operating expenses 391,400
Income before income tax 126,600$
Supporting calculations for budgeted income statement:
Factory overhead: Office and officers salaries:
Variable overhead 80,000$ Fixed portion 72,400$
Depreciation 40,000 Variable portion 24,000
Sales salaries and commissions: Supplies expense:
Fixed portion 46,000$ Fixed portion 5,000$
Variable portion 90,000 Variable portion 20,000
Miscellaneous selling expenses: Miscellaneous administrative expenses:
Fixed portion 6,000$ Fixed portion 4,000$
Variable portion 50,000 Variable portion 10,000
2.
REGINA SOAP CO.
Budgeted Balance Sheet
For the Year Ending December 31, 2017
A t
Instructions
Answers are entered in the cells with gray backgrounds.
ON
REGINA SOAP CO.
Budgeted Income Statement
For the Year Ending December 31, 2017
Cells with non-gray backgrounds are protected and cannot be edited.
Problem 21(6)-5A
Name:
Solution
Section:
Score:
Current assets:
Cash 135,800$
Accounts receivable 125,600
Inventories:
Finished goods 69,300$
Work in process 32,500
Materials 48,900 150,700
Current liabilities:
Accounts payable 62,000$
Supporting calculations for budgeted balance sheet:
Cash balance:
Balance, January 1, 2017 85,000$
Plus cash from operations:
Net income (from budgeted income statement) 96,600$
Retained earnings balance:
Balance, January 1, 2017 290,700$
Plus expected net income for 2017 96,600
Stockholders' Equity
Liabilities
An asterisk (*) will appear to the right of an incorrect entry.
1.
Sales
Cost of goods sold:
Direct materials
Direct labor
Factory overhead
Cost of goods sold
Gross profit
Operating expenses:
Selling expenses:
Sales salaries and commissions
Advertising
Miscellaneous selling expense
Total selling expenses
Administrative expenses:
Office and officers salaries
Supplies
Miscellaneous admin. expenses
Total administrative expenses
Total operating expenses
Income before income tax
Income tax expense
Net income
Supporting calculations for budgeted income statement:
Factory overhead: Office and officers salaries:
Variable overhead Fixed portion
Depreciation Variable portion
Other Total
Total
Sales salaries and commissions: Supplies expense:
Fixed portion Fixed portion
Variable portion Variable portion
Total Total
Miscellaneous selling expenses: Miscellaneous administrative expenses:
Fixed portion Fixed portion
Variable portion Variable portion
Total Total
2.
MESA PUBLISHING CO.
Budgeted Income Statement
For the Year Ending December 31, 2017
MESA PUBLISHING CO.
0%
Score:
Key Code:
Cells with non-gray backgrounds are protected and cannot be edited.
[Key code here]
Answers are entered in the cells with gray backgrounds.
Instructions
Budgeted Balance Sheet
Problem 21(6)-5B
Name:
Section:
Current assets:
Cash
Accounts receivable
Inventories:
Finished goods
Work in process
Materials
Prepaid expenses
Total current assets
Property, plant, and equipment:
Plant and equipment
Less accumulated depreciation
Total assets
Current liabilities:
Accounts payable
Common stock
Retained earnings
Total stockholders' equity
Total liabilities and stockholders' equity
Supporting calculations for budgeted balance sheet:
Cash balance:
Balance, January 1, 2017
Plus cash from operations:
Net income (from budgeted income statement)
Depreciation (add back noncash item)
Less planned nonoperating cash outflows:
Dividends to be paid in 2017
Plant and equipment to be acquired in 2017
Balance, December 31, 2017
Retained earnings balance:
Balance, January 1, 2017
Plus expected net income for 2017
Less dividends to be paid in 2017
Balance, December 31, 2017
For the Year Ending December 31, 2017
Assets
Liabilities
Stockholders' Equity
An asterisk (*) will appear to the right of an incorrect entry.
1.
Sales
456,000$
Cost of goods sold:
Direct materials 114,000$
Operating expenses:
Selling expenses:
Sales salaries and commissions 64,100$
Administrative expenses:
Office and officers salaries 34,400$
Supplies 5,060
Miscellaneous admin. expenses 9,520
Total administrative expenses 48,980
Supporting calculations for budgeted income statement:
Factory overhead: Office and officers salaries:
Variable overhead 18,240$ Fixed portion 7,800$
Sales salaries and commissions: Supplies expense:
Fixed portion 12,800$ Fixed portion 500$
Miscellaneous selling expenses: Miscellaneous administrative expenses:
Fixed portion 1,000$ Fixed portion 400$
2.
Problem 21(6)-5B
Name:
Solution
Section:
Budgeted Income Statement
For the Year Ending December 31, 2017
Cells with non-gray backgrounds are protected and cannot be edited.
Score:
Instructions
Answers are entered in the cells with gray backgrounds.
ON
MESA PUBLISHING CO.
MESA PUBLISHING CO.
Budgeted Balance Sheet
For the Year Ending December 31, 2017
A t
Current assets:
Cash 106,660$
Accounts receivable 23,800
Inventories:
Finished goods 16,900$
Current liabilities:
Accounts payable 14,800$
Common stock 30,000$
Supporting calculations for budgeted balance sheet:
Cash balance:
Balance, January 1, 2017 26,000$
Plus cash from operations:
Net income (from budgeted income statement) 114,660$
Retained earnings balance:
Balance, January 1, 2017 83,100$
Liabilities
Stockholders' Equity
