Silly Serrano Inc. has decided to purchase new capital equipment costing $450,000 cash in the next fiscal year. They also intend on selling their old equipment for $30,000 cash. Prepare the capital budget for Silly Serrano Inc. for their upcoming year-end (January 31, 2019). Do not enter dollar signs or commas in the input boxes. Use the negative sign for values that must be subtracted. Silly Serrano Inc. Capital Budget for year-ending January 31, 2019 Capital Expenditures $Answer Sale of Capital Assets $Answer Total Capital Expenditures $Answer
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Silly Serrano Inc. has decided to purchase new capital equipment costing $450,000 cash in the next fiscal year. They also intend on selling their old equipment for $30,000 cash.
Prepare the capital budget for Silly Serrano Inc. for their upcoming year-end (January 31, 2019).
Do not enter dollar signs or commas in the input boxes.
Use the negative sign for values that must be subtracted.
Silly Serrano Inc. Capital Budget for year-ending January 31, 2019 |
|
Capital Expenditures | $Answer |
Sale of Capital Assets | $Answer |
Total Capital Expenditures | $Answer
|
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- Prepare schedules for cash receipts and cash payments, and determine the ending balances for the relevant balance sheet accounts. E10.30 (LO 4, 5) Service Environmental Landscaping Inc. is preparing its budget for the first quarter of 2022. The next step is to prepare a cash receipts schedule and a cash payments schedule. The following information has been collected: 1. Clients usually pay 50% of their fee in the month when the service is provided, 40% the next month, and 10% in the second month after receiving the service. 2. Actual service revenues for 2021 and expected service revenues for 2022 are as follows: November 2021, $90,000; December 2021, $70,000; January 2022, $110,000; February 2022, $120,000; and March 2022, $130,000. 3. The company pays for purchases of landscaping supplies (direct materials) 60% in the month of purchase and 40% the following month. Actual purchases for 2021 and expected purchases for 2022 are: December 2021, $14,000; January 2022, $13,000; February…Goodies Ltd is a small wholesale business importing and supplying toys to local toy stores. At the beginning of the third quarter 2021, the owner did a cash budget for each month of the third quarter: July, August and September. Due to unforeseeable circumstances, he now expects the sales to be half of what he originally forecasted for each month and wants your help to revise the cash budget. Note: all sales are cash sales and no cash payments are affected. Goodies Ltd – Original Cash Budget for the third quarter 2021 Jul Aug Sep Cash Receipts from Sales $30,000 $40,000 $50,000 Less Cash payments: Cash paid for inventory purchase ($12,000) ($16,000) ($21,000) Cash paid for salary ($4,000) ($4,000) ($4,000) Cash paid for selling & admin expenses ($1,000) ($1,000) ($1,000) Total Payments ($17,000) ($21,000) ($26,000) =Net cash from operations $13,000 $19,000 $24,000 Add: Beginning Cash…Printing Supply of Baltimore has applied for a loan. Its bank has requested a budgeted income statement for April 2024 and budgeted balance sheet at April 30, 2024. The March 31, 2024, balance sheet follows: As Tune Printing Supply's controller, you have assembled the following additional information: a. April dividends of $6,000 were declared and paid. b. April capital expenditures of $16,200 budgeted for cash purchase of equipment. c. April depreciation expense, $500. d. Cost of goods sold, 45% of sales. e. Desired ending inventory for April is $22,800. f. April selling and administrative expenses include salaries of $32,000, 30% of which will be paid in cash and the remainder paid next month. g. Additional April selling and administrative expenses also include miscellaneous expenses of 15% of sales, all paid in April. h. April budgeted sales, $86,000, 50% collected in April and 50% in May. i. April…