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In: Accounting
Shields Company is preparing its interim report for the second quarter ending June 30. The following...
Shields Company is preparing its interim report for the second quarter ending June 30. The following payments were made during the first two quarters: Expenditure Date Amount Annual advertising January $ 808,000 Property tax for the fiscal year February 358,000 Annual equipment repairs March 268,000 One-time research and development fee to consultant May 98,000 Required: For each expenditure, indicate the amount that would be reported in the quarterly income statements for the periods ending March 31, June 30, September 30, and December 31. Quarters Ending March 31 June 30 September 30 December 31 Advertising Property tax Equipment repairs Research and development
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ekkarill92 answered 5 months agoRelated Solutions
Branson Electronics Company is a small, publicly traded company preparing its first quarter interim report to be mailed to shareholders.
Branson Electronics Company is a small, publicly traded company preparing its first quarter interim report to be mailed to shareholders. The following information for the quarter has been compiled:
Fixed operating expenses include payments of $50,000 to an advertising firm to promote Branson through various media throughout the year. The income tax rate for Branson’s level of operations in the first quarter is 20%, but management estimates the effective rate for the entire year will be 25%.
Required:
Prepare...
The Big Chocolate Company is preparing its master budget for the 3rd quarter ending September 30....
The Big Chocolate Company is preparing its master budget for the
3rd quarter ending September 30. The following sales
units were forecasted for this 3rd quarter. In addition
to the budgets sales in units for these months, the forecasted
sales in units for October were 45,000 units. Each unit is expected
to sell for $44 per unit.
July
August
September
Sales in units
31,000
34,000
41,000
a. Prepare the sales budget for July, August, and September.
July
August
September
Forecasted...
Sienna Corporation is preparing budgets for the upcoming quarter ending June 30. Budgeted sales (in units)...
Sienna Corporation is preparing budgets for the upcoming quarter
ending June 30. Budgeted sales (in units) for the next five months
are:
April
30,000
May
90,000
June
75,000
July
51,000
August
52,500
Below is additional information that may be relevant in
preparing the budgets.
The company produces professional quality bowls that sell for
$31.50 per unit.
To guard against inventory stockouts, the company has a policy
of maintaining an ending inventory of 18 percent of the following
month’s budgeted sales....
Case #1 Sienna Corporation is preparing budgets for the upcoming quarter ending June 30. Budgeted sales...
Case #1
Sienna Corporation is preparing budgets for the upcoming quarter
ending June 30. Budgeted sales (in units) for the next five months
are:
April
30,000
May
90,000
June
75,000
July
51,000
August
52,500
Below is additional information that may be relevant in
preparing the budgets.
The company produces professional quality bowls that sell for
$31.50 per unit.
To guard against inventory stockouts, the company has a policy
of maintaining an ending inventory of 18 percent of the following
month’s...
Case #1 Sienna Corporation is preparing budgets for the upcoming quarter ending June 30. Budgeted sales...
Case #1
Sienna Corporation is preparing budgets for the upcoming quarter
ending June 30. Budgeted sales (in units) for the next five months
are:
April
30,000
May
90,000
June
75,000
July
51,000
August
52,500
Below is additional information that may be relevant in
preparing the budgets.
The company produces professional quality bowls that sell for
$31.50 per unit.
To guard against inventory stockouts, the company has a policy
of maintaining an ending inventory of 18 percent of the following
month’s...
Lopez Manufacturing Company had the following account balances for the quarter ending June 30, unless otherwise...
Lopez Manufacturing Company had the following account balances
for the quarter ending June 30, unless otherwise noted:
Work-in-process inventory
(April
1) $
149,300
Work-in-process inventory
(March
31) 181,700
Finished goods inventory
(January
1) 550,000
Finished goods inventory
(March
31) 513,000
Direct materials
used 391,000
Indirect materials
used 96,000
Direct manufacturing
labor 494,000
Indirect manufacturing
labor 212,000
Property taxes on
manufacturing plant building 35,700
Salespersons' company car
costs 19,000
Depreciation of
manufacturing
equipment 287,200
Depreciation of office
equipment 137,400
Miscellaneous plant
overhead 133,100
Plant
utilities 129,000
General office
expenses 301,000
Marketing distribution
costs 51,800
Required:
a. Prepare a...
Castor, Inc., is preparing its master budget for the quarter ended June 30. Budgeted sales and...
Castor, Inc., is preparing its master budget for the quarter
ended June 30. Budgeted sales and cash payments for merchandise for
the next three months follow:
Budgeted
April
May
June
Sales
$
30,800
$
41,200
$
25,200
Cash payments for merchandise
22,600
15,600
16,000
Sales are 75% cash and 25% on credit. All credit sales are
collected in the month following the sale. The March 31 balance
sheet includes balances of $13,200 in cash, $13,200 in accounts
receivable, $12,200 in...
Castor, Inc., is preparing its master budget for the quarter ended June 30. Budgeted sales and...
Castor, Inc., is preparing its master budget for the quarter
ended June 30. Budgeted sales and cash payments for merchandise for
the next three months follow:
Budgeted
April
May
June
Sales
$
30,800
$
41,200
$
25,200
Cash payments for merchandise
22,600
15,600
16,000
Sales are 75% cash and 25% on credit. All credit sales are
collected in the month following the sale. The March 31 balance
sheet includes balances of $13,200 in cash, $13,200 in accounts
receivable, $11,000 in...
Castor, Inc., is preparing its master budget for the quarter ended June 30. Budgeted sales and...
Castor, Inc., is preparing its master budget for the quarter
ended June 30. Budgeted sales and cash payments for merchandise for
the next three months follow:
Budgeted
April
May
June
Sales
$
31,000
$
41,000
$
25,000
Cash payments for
merchandise
22,200
15,800
16,200
Sales are 70% cash and 30% on credit. All credit sales are
collected in the month following the sale. The March 31 balance
sheet includes balances of $13,000 in cash, $13,000 in accounts
receivable, $11,000 in...
Castor, Inc., is preparing its master budget for the quarter ended June 30. Budgeted sales and...
Castor, Inc., is preparing its master budget for the quarter
ended June 30. Budgeted sales and cash payments for merchandise for
the next three months follow:
Budgeted
April
May
June
Sales
$
30,000
$
42,000
$
26,000
Cash payments for
merchandise
24,200
14,800
13,500
Sales are 80% cash and 20% on credit. All credit sales are
collected in the month following the sale. The March 31 balance
sheet includes balances of $14,000 in cash, $14,000 in accounts
receivable, $11,000 in...
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