Estimated sales Sales Purchases Ending inventory Administrative salaries Marketing expense Sales commissions Rent expense Depreciation expense Utilities Taxes $560,000 567,923 294,823 50,320 7,500 1,100 2,500 10%* 5%** 2%** 15%*** *of next month's sales **of sales ***of income before taxes Sales are expected to increase each month by 10%. Prepare a budgeted income statement.
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- You are provided with the following information taken from Sage Hill Inc's March 31, 2027, balance sheet. Cash Accounts receivable Inventory Property, plant, and equipment, net of depreciation Accounts payable Common stock Retained earnings 1 2 3. 5. 6. 7. Additional information concerning Sage Hill Inc. is as follows. Gross profit is 24% of sales. Actual and budgeted sales data: March (actual) April (budgeted) March April $18.840 $47.100 $62460 $12,280 72.700 23.120 37,100 123,400 22,910 Sales are both cash and credit, Cash collections expected in April are: 152.900 12.320 (40% of $47.100) (60% of $72,700) Half of a month's purchases are paid for in the month of purchase and half in the following month Cash disbursements expecte Purchases March Purchases April $22,910 28,910 $51820 Cash operating costs are anticipated to be $12,110 for the month of April. Equipment costing $2,530 will be purchased for cash in April. The company wishes to maintain a minimum cash balance of $12,240. An…You are provided with the following information taken from Wildhorse Inc.'s March 31, 2025, balance sheet. Cash Accounts receivable Inventory Property, plant, and equipment, net of depreciation Accounts payable Common stock Retained earnings 1. 2. 3. 4. 5. Additional information concerning Wildhorse Inc. is as follows. 6. 7. Gross profit is 25% of sales. Actual and budgeted sales data: March (actual) April (budgeted) March April Purchases March $48,200 $19,280 42,420 $61,700 Purchases April $11,600 70,700 20,180 36,010 Sales are both cash and credit. Cash collections expected in April are: (40% of $48,200) (60% of $70,700) 120,800 22,560 154,500 11.680 Half of a month's purchases are paid for in the month of purchase and half in the following month. Cash disbursements expecte $22,560 28,320 $50,880 Cash operating costs are anticipated to be $12,630 for the month of April. Equipment costing $2,560 will be purchased for cash in April. The company wishes to maintain a minimum cash balance…Byanong prepares the cash budget for the month of November 2022. Estimates for the month include the following: Sales P250,000 Gross profit rate 50% Decrease in inventories P 10,000 Increase in accounts payable 15,000 What are the estimated cash disbursements for inventory in November 2022?
- BELOW IS THE INCOME STATEMENT FOR NEW COMPANY FOR JANUARY 2020 SALES PER UNIT $75 SALES VOLUME 185000 $13,875,000 COSTS COST OF GOODS SOLD 8,960,250 MARKETING AND ADMIN (FIXED) 1,500,000 TOTAL COSTS 10,460,250 OPERATING PROFIT 3,414,750 TAXES 1,126,868 2,287,882 0.33 PROFIT AFTER TAXES PREPARE A BUDGET FOR FEBRUARY TAKING INTO ACCOUNT THE FOLLOWING SALES VOLUME WILL INCREASE 30 PERCENT UNIT SALE VALUE WILL DECREASE 5 PERCENT COST OF GOODS SOLD WILL INCREASE LIKE SALES MARKETING AND ADMIN WILL DECREASE 6 PERCENT TAX RATE WILL INCREASE 3 PERCENTAGE POINTSUse the information given below to prepare the following for Altech Limited for July and August 2021:1.1 Debtors Collection Schedule 1.2 Cash Budget Note: Provide separate monetary columns for each month. Where applicable, round off amounts to the nearest Rand.Information:Extract of Statement of Comprehensive Income for the month ended 30 June 2021RSales 200 000Cost of sales 100 000Rent income 8 000Advertising 4 000Salaries and wages 10 000Rates and taxes 1 200Electricity 3 000Other operating expenses 9 000Additional information:1. The business uses a fixed mark-up of 100% on cost.2. Sales are expected to increase by 10% each month.3. Thirty percent (30%) of the sales are for cash and the balance is on credit. Collections from credit sales are as follows: 40% in the month of the sale, and these customers are entitled to a 2% discount; 55% one month after the sale. The balance is usually written off as bad debts.4. Closing Inventories are kept at a constant level. 50% of purchases…Please draft a budgeted receipt schedule from debtors for the period of 1 January 2023 to 30 June 2023. Month of 2023 Budgeted total sales: 1. January 140 000 2. February 132 000 3. March 128 000 4. April 115 000 5. May 120 000 6. June 150 000 Additional information: Total sales for September 2022, October 2022, November 2022 and December 2022 were R 120 000, R128 000 and R134 000 and R140 000 respectively. The goods sold on credit were 60% of actual sales. Customers will pay their debt as follows: . ⚫ 0% in the first month after the month of sale • 60% in the second month after the month of sale • 30% in the third month after the month of sale 10% in the fourth month after the month of sale
- Splish Company has accumulated the following budget data for the year 2022: 1. 2. 3. 4. 5. 6. 19 Sales: 27,900 units; unit selling price $82 Cost of one unit of finished goods: direct materials, 2 kg at $5 per kilogram; direct labour, 3 hours at $13 per hour; and manufacturing overhead, $6 per direct labour hour Inventories (raw materials only): beginning, 9,900 kg; ending, 14,100 kg Raw materials cost: $5 per kilogram Selling and administrative expenses: $201,000 Income taxes: 30% of income before income taxesThe income statement for the first quarter of 2019 was as follows: Income Statement For the Quarter Ended March 31, 2019 Sales Cost of goods sold Gross profit Operating expenses ales salaries Rent expense Depreciation Utilities Miscellaneous Total operating expenses Net income $52,000 24,000 12,000 3,600 12,800 $720,000 396,000 324,000 104,400 $219,600 Prepare a budgeted quarterly income statement in tabular form for the first quarter of 2020.Saudi Agricultural Company, engaged in manufacturing bricks and other relevant items and most of the transaction accomplished in 'Cash' only. The company is giving following transactions for the year 2020, you are required to prepare 'CASH BUDGET' for three months from February to April. Following are company policies for paying and receiving Cash: 1. 20% Sales is for cash and the remaining amount is realized in the month following that of sales. Suppliers Supply raw materials at one month's credi 3. Wage-bill is paid in first week of next month. 4. Overheads are paid in cash in the same month. 5. Monthly rent payment is ` 1,000. 6. Advance Income Tax of ` 15,000 is payable in April. 7. Bonus of ` 10,000 is payable to workers in February. 8. Plant Costing 80,000 is due to be installed in February. The part of the bill will be paid in March amounting to ` 18,500. 9. Half year interest on 12% ` 50,000 Debentures is to be received in February and August every year. 10. Cash at Bank on 1st…
- Sales Revenue Cost of Goods Sold Income from Operations Selling and Administrative Expenses Budgeted Income Statement For the Year Ending December 31, 2022 Income from Operations Interest Expense Income before Income Taxes Interest Expense Not Income (Loss) $ 326,400 (166,380) i 160,020 88,500 i 71,520 (4,130 67,390 (13,478 53912Budgeted Income Statement For the year ended December 31,2020 Sales(all on credit) 280 000 Cost of goods sold 128 000 Gross income 152 000 Administrative expenses 53 600 Operating income 98 400 Interest Expense 2 400 Income before tax 96 000 Income tax (40%) 38 400 Net income 57 600 Additional details: Accounts Receivable Year 1- 80,000; Year 2- 56,000 Inventory Year 1- 56,000; Year 2- 64,000 Accounts Payable Year 1- 62,400; Year 2- 68,000 (Use 360 days) Compute the following: 1. Merchandise Inventory turnover 2. Average age of inventories or number of days of inventory 3. Receivables turnover ratio 4. Average age of receivables or number of receivables average collection…Budgeted Selling and Administrative Expenses Salary Expense Sales Commissions 5% of Sales Insurance Expense Rent Depreciation on equipment Utilities Total Operating Expenses Schedule of Cash Payments for Selling_and Administrative Expenses Salary Expense 100% of Prior Month Sales Commissions Insurance Expense Rent 100% of Prior Months Utilities Expense Total Payments for Selling and Administrative Expenses October 46,000 23,000 20,000 24,000 28,500 2,900 144,400 ? 23,100 20,000 ? 3,000 ? November December 46,500 47,000 23,500 23,300 20,000 20,000 24,000 24,000 28,500 28,500 3,100 3,300 145,600 146,100 46,500 ? 20,000 ? ? ? ? ? 20,000 24,000 ? ? What is the total amount of Selling and Administrative expenses for the fourth quarter that the company will report on its pro forma income statement?