Catherine deposited $31,000 into a fund at the beginning of every quarter for 17 years. She then stopped making deposits into the fund and allowed the investment to grow for 4 more years. The fund was growing at 5.31% compounded monthly.

a. What was the accumulated value of the fund at the end of year 17?

b. What was the accumulated value of the fund at the end of year 21?

c. What is the total amount of interest earned over the 21-year period?

Tilson Corporation has projected sales and production in units for the second quarter of the coming year as follows:

Cash-related production costs are budgeted at $6 per unit produced. Of these production costs, 40% are paid in the month in which they are incurred and the balance in the following month. Selling and administrative expenses will amount to $60,000 per month. The accounts payable balance on March 31 totals $178,000, which will be paid in April.

All units are sold on account for $15 each. Cash collections from sales are budgeted at 60% in the month of sale, 30% in the month following the month of sale, and the remaining 10% in the second month following the month of sale. Accounts receivable on April 1 totaled $477,000 ($97,000 from February's sales and $380,000 from March’s sales).

Required:

a. Prepare a schedule for each month showing budgeted cash disbursements for Tilson Corporation.

b. Prepare a schedule for each month showing budgeted cash receipts for Tilson Corporation.

Note- Please show how you acquired your answers/ Cell formulas in excel. Thanks!

Tilson Corporation has projected sales and production in units for the second quarter of the coming year as follows:

Cash-related production costs are budgeted at $5 per unit produced. Of these production costs, 40% are paid in the month in which they are incurred and the balance in the following month. Selling and administrative expenses will amount to $50,000 per month. The accounts payable balance on March 31 totals $182,000, which will be paid in April.

All units are sold on account for $11 each. Cash collections from sales are budgeted at 60% in the month of sale, 30% in the month following the month of sale, and the remaining 10% in the second month following the month of sale. Accounts receivable on April 1 totaled $674,000 ($114,000 from February's sales and $560,000 from March’s sales).

Required:

a. Prepare a schedule for each month showing budgeted cash disbursements for Tilson Corporation.

b. Prepare a schedule for each month showing budgeted cash receipts for Tilson Corporation

Complete this question by entering your answers in the tabs below.

Required A

Prepare a schedule for each month showing budgeted cash disbursements for Tilson Corporation.

Required B

Prepare a schedule for each month showing budgeted cash receipts for Tilson Corporation.

1.       Prepare a Sales Budget. Apple is Preparing bugets for the quarter that ends in December 31st. Budget Sales of iPhone for the next months are: September 144,000 units October 190,000 units November 260,000 units December 150,000 units January 150,000 units Selling Price is $699 per unit.

2.       The Management of Apple wants ending inventory to be equal to 10,000 sales units. On September 30, 20,000 units were on hand. Prepare a production budget.

3.       Prepare a Direct Material Budget, using the amount of $370 for the Direct Materials required per unit. Management don’t want material on hand at the end of each month.

4.       Prepare a Direct Labor Budget. For the three months, the direct labor workforce will be paid for a flat rate of $15/hour. Required work hours are 3,000 hours per month.

5.       Prepare the Overhead Budget for the Quarter with the following information: Indirect labor Oct = $20,000; Nov = $16,000; Dec = $16,000 Indirect Material Oct = $12,000; Nov = $12,000; Dec = $12,000 Utilities Oct = $7,000; Nov = $9,000; Dec = $10,000 Rent Oct = $150,000; Nov = $150,000; Dec = $150,000 Insurance Oct = $1,100; Nov = $1,000; Dec = $1,200 Maintenance Oct = $20,000; Nov = $21,000; Dec = 20,500

For the second quarter of the following year Cloaks Company has projected sales and production in units as follows:

Cash-related production costs are budgeted at $8 per unit produced. Of these production costs, 40% are paid in the month in which they are incurred and the balance in the next month. $170,000 per month will account for Selling and administrative expenses. On January 31 the accounts payable balance totals $210,000, which will be paid in February.

All units are sold on account for $12 each. Cash collections from sales are budgeted at 60% in the month of sale, 20% in the month following the month of sale, and the remaining 20% in the second month following the month of sale. On January 1 accounts receivable totaled $630,000 ($100,000 from November’s sales and the remaining from December).

Required:

1. Prepare a schedule for each month showing budgeted cash disbursements for Cloaks Company.                                                                                             (8 marks)

2.       Prepare a schedule for each month showing budgeted cash receipts for Cloaks Company

For the second quarter of the following year Cloaks Company has projected sales and production in units as follows:

Cash-related production costs are budgeted at $8 per unit produced. Of these production costs, 40% are paid in the month in which they are incurred and the balance in the next month. $170,000 per month will account for Selling and administrative expenses. On January 31 the accounts payable balance totals $210,000, which will be paid in February.

All units are sold on account for $12 each. Cash collections from sales are budgeted at 60% in the month of sale, 20% in the month following the month of sale, and the remaining 20% in the second month following the month of sale. On January 1 accounts receivable totaled $630,000 ($100,000 from November’s sales and the remaining from December).

Required:

1. Prepare a schedule for each month showing budgeted cash disbursements for Cloaks Company.                                                                                                          (8 marks)

2. Prepare a schedule for each month showing budgeted cash receipts for Cloaks Company.

(8 marks)

For the second quarter of the following year Cloaks Company has projected sales and production in units as follows:

Cash-related production costs are budgeted at $8 per unit produced. Of these production costs, 40% are paid in the month in which they are incurred and the balance in the next month. $170,000 per month will account for Selling and administrative expenses. On January 31 the accounts payable balance totals $210,000, which will be paid in February.

All units are sold on account for $12 each. Cash collections from sales are budgeted at 60% in the month of sale, 20% in the month following the month of sale, and the remaining 20% in the second month following the month of sale. On January 1 accounts receivable totaled $630,000 ($100,000 from November’s sales and the remaining from December).

Required:

1. Prepare a schedule for each month showing budgeted cash disbursements for Cloaks Company.   

2. Prepare a schedule for each month showing budgeted cash receipts for Cloaks Company.

Stewart is saving for a holiday. He deposits a fixed amount every quarter in a bank account with an EAR of 15%. If this account pays interest every month then how much should he save from each quarterly paycheck in order to have $20,000 in the account in four years' time? Show work

Select one:

a. 861.38

b. 1,143.79

c. 949.47

d. 934.90

Rensing Ltd. estimates sales for the second quarter of 2017 will be as follows.

The target ending inventory of finished products is as follows.

2 units of material are required for each unit of finished product. Production for July is estimated at 2,620 units to start building inventory for the fall sales period. Rensing’s policy is to have an inventory of raw materials at the end of each month equal to 40% of the following month’s production requirements.

Raw materials are expected to cost $6 per unit throughout the period.

Calculate the May raw materials purchases in dollars.