Question
In: Accounting
Dakota Williams is one of Texas’s premiere party planners. She purchases a variety of supplies, such...
Dakota Williams is one of Texas’s premiere party planners. She purchases a variety of supplies, such as plastic tableware, stemware, and decorations, throughout the year. Dakota has prepared the following purchases budget for the coming year.
1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Budgeted purchases
$300,000 $420,000 $435,000 $515,000
Historically, Dakota has paid for 40% of her purchases in the quarter of purchase and 60% in the quarter following purchase. On December 31 of this year Dakota had a $250,000 accounts payable balance.
Required Prepare Dakota’s cash payments budget for the coming year.
Solutions
Expert Solution
| Year | ||||||||
| 1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | Total | ||||
| Purchases | $ 3,00,000 | $ 4,20,000 | $ 4,35,000 | $ 5,15,000 | ||||
| Payment for Purchase of: | ||||||||
| Beginning Accounts Payable | $ 2,50,000 | $ 2,50,000 | ||||||
| 1st Quarter | $ 1,20,000 | $ 1,80,000 | $ 3,00,000 | |||||
| 2nd Quarter | $ 1,68,000 | $ 2,52,000 | $ 4,20,000 | |||||
| 3rd Quarter | $ 1,74,000 | $ 2,61,000 | $ 4,35,000 | |||||
| 4th Quarter | $ 2,06,000 | $ 2,06,000 | ||||||
| Total | $ 3,70,000 | $ 3,48,000 | $ 4,26,000 | $ 4,67,000 | $ 16,11,000 | |||
ekkarill92 answered 1 year agoRelated Solutions
5-24 Preparing a cash payments budget (LO 4) Dakota Williams is one of Texas’s premiere party...
5-24 Preparing a cash payments budget (LO
4)
Dakota Williams is one of Texas’s premiere party planners. She
purchases a variety of supplies, such as plastic tableware,
stemware, and decorations, throughout the year. Dakota has prepared
the following purchases budget for the coming year.
1st Quarter
2nd Quarter
3rd Quarter
4th Quarter
Budgeted purchases
$300,000
$420,000
$435,000
$515,000
Historically, Dakota has paid for 40% of her purchases in the
quarter of purchase and 60% in the quarter following purchase. On...
The beginning inventory at Funky Party Supplies and data on purchases and sales for a three-month...
The beginning inventory at Funky Party Supplies and data on
purchases and sales for a three-month period ending March 31, 2016,
are as follows:
Date
Transaction
Number of Units
Per Unit
Total
Jan.
1
Inventory
2,500
$60.00
$150,000
10
Purchase
7,500
68.00
510,000
28
Sale
3,750
120.00
450,000
30
Sale
1,250
120.00
150,000
Feb.
5
Sale
500
120.00
60,000
10
Purchase
18,000
70.00
1,260,000
16
Sale
9,000
125.00
1,125,000
28
Sale
8,500
125.00
1,062,500
Mar.
5
Purchase
15,000
71.60
1,074,000...
LIFO Perpetual Inventory The beginning inventory at Funky Party Supplies and data on purchases and sales...
LIFO Perpetual Inventory
The beginning inventory at Funky Party Supplies and data on
purchases and sales for a three-month period are as follows:
Date
Transaction
Number
of Units
Per Unit
Total
Jan. 1
Inventory
2,500
$60.00
$150,000
10
Purchase
7,500
68.00
510,000
28
Sale
3,750
120.00
450,000
30
Sale
1,250
120.00
150,000
Feb. 5
Sale
500
$120.00
$60,000
10
Purchase
18,000
70.00
1,260,000
16
Sale
9,000
125.00
1,125,000
28
Sale
8,500
125.00
1,062,500
Mar. 5
Purchase
15,000
71.60
1,074,000
14...
LIFO Perpetual Inventory The beginning inventory at Funky Party Supplies and data on purchases and sales...
LIFO Perpetual Inventory
The beginning inventory at Funky Party Supplies and data on
purchases and sales for a three-month period are as follows:
Date
Transaction
Number
of Units
Per Unit
Total
Jan. 1
Inventory
2,500
$60.00
$150,000
10
Purchase
7,500
68.00
510,000
28
Sale
3,750
120.00
450,000
30
Sale
1,250
120.00
150,000
Feb. 5
Sale
500
$120.00
$60,000
10
Purchase
18,000
70.00
1,260,000
16
Sale
9,000
125.00
1,125,000
28
Sale
8,500
125.00
1,062,500
Mar. 5
Purchase
15,000
71.60
1,074,000
14...
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do so).
Demand = 36,000 units per year
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Part a VenRam Stationery & Supplies sells a variety of school supplies including a variety of...
Part a VenRam Stationery & Supplies sells a variety of
school supplies including a variety of calculators. The business
began the first quarter (January to March) of 2018 with 20 (Casio
fx-85MS) calculators at a total cost of $124,800.
During the quarter, the company completed the following
transactions. January 8 105 calculators were purchased at a cost of
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Cash Budget The Williams Supply Company sells for $50 one product that it purchases for $20....
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The Williams Supply Company sells for $50 one product that it
purchases for $20. Budgeted sales in total dollars for the year are
$3,000,000. The sales information needed for preparing the July
budget follows:
Month
Sales Revenue
May
$ 175,000
June
240,000
July
295,000
August
320,000
Account balances at July 1 include these:
Cash
$ 125,000
Merchandise inventory
47,200
Accounts receivable (sales)
84,530
Accounts payable (purchases)
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Williams manufactures a variety of iron products, made to customer specifications, in small batches. Willie Williams,...
Williams manufactures a variety of iron products, made to
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business and identified various costs and cost drivers.
Janitorial
Welding
HR
Data Svcs
Assembly
Total
Own costs
$
12,000
$
90,000
$
37,200
$
32,400
$
54,000
$
225,600
Square feet
500
3,000
1,500
2,000
4,500
11,500
# employees
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Arapeta Williams owns Southern Supplies Ltd, a small building supplies business. He asks you to assist...
Arapeta Williams owns Southern Supplies Ltd, a small building
supplies business. He asks you to assist in preparing his final
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Debit
Credit
Cash
$7,000
Accounts Payable
$29,000
Accounts Receivable
$17,000
Advertising
$3,600
Capital (Opening)
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Capital Contributed
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Delivery Van
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Drawings
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Electricity
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Freight Inwards
$4,600
Fuel (Van) Expense
$2,500
General Expenses
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Interest Expense
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Interest Received
$130
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$2,600
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