Monthly Sales Info: January (actual) February (actual) March (actual) April May 8 June 19 July 10 August 11 12 September 13 14 Unit Selling Price 15 16 Unit Purchase Price 23 Units 20,000 24,000 28,000 35,000 68,000 81,000 40,000 36,000 32,000 17 Check Figures: 18 19 June Cash Disbursements for Purchases 20 21 June Ending Cash Balance 22 24 25 26 27 8.00 5.00 Monthly Operating Expenses: Variable: Sales Commission per Wallet Fixed: Wages and Salaries Utilities Insurance Depreciation Miscellaneous Land Acquisition Dividend Payment $ $ NB Co. 309,500 10,500 $1 $22,000 $14,000 $ 1,200 $ 1,500 $ 3,000 $25,000 $12,000 Cash Accounts Receivable ** Inventory *** Prepaid Insurance Property, Plant & Equipment, net of accum depreciation Total Assets LIABILITIES & STOCKHOLDERS' EQUITY LIABILITIES: Accounts Payable Dividends Payable Total Liabilities Stockholders' Equity Capital Stock Retained Earnings Balance Sheet March 31, 2019 ASSETS Total Stockholders' Equity Total Liabilities & Stockholders' Equity **Due from February Sales March Sales ***Inventory Units $48,000 $168,000 $216,000 31,500 $ 85,750 12,000 300,000 176,850 $ 14,000 216,000 157,500 14,400 172,700 $ 574,600 97,750 476,850 $574,600

Monthly Sales Info: January (actual) February (actual) March (actual) April May 8 June 19 July 10 August 11 12 September 13 14 Unit Selling Price 15 16 Unit Purchase Price 23 Units 20,000 24,000 28,000 35,000 68,000 81,000 40,000 36,000 32,000 17 Check Figures: 18 19 June Cash Disbursements for Purchases 20 21 June Ending Cash Balance 22 24 25 26 27 8.00 5.00 Monthly Operating Expenses: Variable: Sales Commission per Wallet Fixed: Wages and Salaries Utilities Insurance Depreciation Miscellaneous Land Acquisition Dividend Payment $ $ NB Co. 309,500 10,500 $1 $22,000 $14,000 $ 1,200 $ 1,500 $ 3,000 $25,000 $12,000 Cash Accounts Receivable Inventory * Prepaid Insurance Property, Plant & Equipment, net of accum depreciation Total Assets LIABILITIES & STOCKHOLDERS' EQUITY LIABILITIES: Accounts Payable Dividends Payable Total Liabilities Stockholders' Equity Capital Stock Retained Earnings Balance Sheet March 31, 2019 ASSETS Total Stockholders' Equity Total Liabilities & Stockholders' Equity Due from February Sales March Sales *Inventory Units $48,000 $168,000 $216,000 31,500 $ 85,750 12,000 300,000 176,850 $ 14,000 216,000 157,500 14,400 172,700 $ 574,600 97,750 476,850 $574,600

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter8: Budgets And Bank Reconciliations

Section: Chapter Questions

Problem 1.3C

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How do I prepare the selling and administrative expense budget for the quarter ended March 31, 20X1?
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