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...
Marisa Williams runs a retail grocery store and purchases items for resale to her customers. She...
Marisa Williams runs a retail grocery store and purchases items
for resale to her customers. She is facing an ordering decision
about how much of a particular item to purchase at one time.. in
order t take advantage of supplier discounts (if it makes sense to
do so).
Demand = 36,000 units per year
order cost = $25 per order
Carrying cost = $0.45 per unit
purchasing price = $0.85
Discount price= $0.82 (if buy a minimun of 6,000 units...
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 $5,840 each. In
addition the business paid a freight charge of $610 cash on each
calculator to have the inventory shipped from...
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
$5,840 each. In addition the business paid a freight charge of $610
cash on each calculator to have the inventory shipped from...
Cash Budget The Williams Supply Company sells for $50 one product that it purchases for $20....
Cash Budget
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)
47,200
The company pays for one-half of its purchases in the month...
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
customer specifications, in small batches. Willie Williams, owner,
is concerned that he does not have an accurate understanding of the
costs of production. You, a newly-minted MBA, have researched his
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
7...
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
accounts from the following trial balance for the period ended 31
March 2020.
Debit
Credit
Cash
$7,000
Accounts Payable
$29,000
Accounts Receivable
$17,000
Advertising
$3,600
Capital (Opening)
$70,000
Capital Contributed
$28,500
Delivery Van
$20,000
Drawings
$24,000
Electricity
$3,100
Freight Inwards
$4,600
Fuel (Van) Expense
$2,500
General Expenses
$2,450
Interest Expense
$2,280
Interest Received
$130
Inventory (Opening)
$2,600
Loan from Southern...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- Lasko Trial Balance as of 12/31/17 each account has a normal balance. Use this financial information...
- Isabella traveled to a neighboring state to investigate the purchase of an interior design firm. Her...
- Net present value: Franklin Mints, a confectioner, is looking to purchase a new jellybean-making machine at...
- Directions: The numbers below are arranged in three groups of two digits each. Manually arrange the...
- a model with any simplifying assumptions Macroeconomics
- Explain with circuits and plots for the voltage and current relations in R, L, and C...
- Identify the UCS, UCR, CS, and CR in the following examples: UCS UCR CS CR 1....
ADVERTISEMENT