|
Hillyard Company, an office supplies specialty store, prepares its master budget on a quarterly basis. The following data have been assembled to assist in preparation of the master budget for the first quarter: |
| a. |
As of December 31 (the end of the prior quarter), the company’s general ledger showed the following account balances: |
| Debits | Credits | |||||
| Cash | $ | 47,000 | ||||
| Accounts receivable | 232,000 | |||||
| Inventory | 63,000 | |||||
| Buildings and equipment (net) | 366,000 | |||||
| Accounts payable | $ | 95,000 | ||||
| Capital shares | 500,000 | |||||
| Retained earnings | 113,000 | |||||
| $ | 708,000 | $ | 708,000 | |||
| b. | Actual sales for December and budgeted sales for the next four months are as follows: |
| December (actual) | $ | 290,000 | |
| January | 420,000 | ||
| February | 670,000 | ||
| March | 310,000 | ||
| April | 180,000 | ||
| c. |
Sales are 20% for cash and 80% on credit. All payments on credit sales are collected in the month following sale. The accounts receivable at December 31 are a result of December credit sales. |
| d. | The company’s gross margin is 40% of sales. |
| e. |
Monthly expenses are budgeted as follows: salaries and wages, $25,000 per month; advertising, $69,000 per month; shipping, 5% of sales; depreciation, $15,000 per month; other expenses, 3% of sales. |
| f. |
At the end of each month, inventory is to be on hand equal to 25% of the following month’s sales needs, stated at cost. |
| g. |
One-half of a month’s inventory purchases are paid for in the month of purchase; the other half are paid for in the following month. |
| h. |
During February, the company will purchase a new copy machine for $3,000 cash. During March, other equipment will be purchased for cash at a cost of $83,000. |
| i. | During January, the company will declare and pay $43,000 in cash dividends. |
| j. |
The company must maintain a minimum cash balance of $28,000. An open line of credit is available at a local bank for any borrowing that may be needed during the quarter. All borrowing is done at the beginning of a month, and all repayments are made at the end of a month. Borrowings and repayments of principal must be in multiples of $1,000. Interest is paid only at the time of payment of principal. The annual interest rate is 12%. (Figure interest on whole months, e.g., 1/12, 2/12.) |
| Required: |
| Using the preceding data, complete the following statements and schedules for the first quarter: |
| 4. |
Cash budget. (Roundup "Borrowing" and "Repayments" answers to the nearest whole dollar amount. Any "Repayments" and "Interest" should be indicated by a minus sign.) |
| 5. | Prepare an income statement for the quarter ending March 31. |
| 6. | Prepare a balance sheet as of March 31. |
References
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In: Accounting
Most people lease for three years. When you purchase a car, you normally finance it with 60 month (5 year) loan. Compare two lease cycles to one purchase for the same car. Assume the second three-year lease costs are the same as the first lease. The car list cost is $27,450. The drive off fees associated with the lease are $1,250. Monthly lease payments are calculated on the three-year depreciation at 4.5% interest. Three-year depreciation is $12,692. The person buying the car is able to negotiate a $3,300 reduction in price and they put $2,400 down payment. The interest rate is 3.75%. The monthly payments are calculated on the net cost of the car. (Net cost = list cost-price reduction-down payment.) The sale value of the car at the end of six years is $9,787. What are the out of pocket costs for the lease compared to purchase? Both the lease and purchase must pay for routine maintenance and can be excluded from the analysis. The purchaser will have to spend $1,000 for a set of tires during the six years. The leaser does not have to pay for tires. At the end of a lease the leaser does not own a car, and must lease another car or purchase a car. Remember that the drive off fees are applicable to each lease. Compare the total out of pocket costs. Be sure to include the value of the 6-year-old car.
Please show show formulas in excel.
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Consider the reaction
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If a reaction vessel initially contains only CO and NH3 at concentrations of 1.00 M and 2.00 M, respectively, what will the concentration of HCONH2 be at equilibrium?
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In: Economics
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If we categorize memory by “Durability” |
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What are the options? Can you think of examples? |
The options are: (1) Example: (2) Example: (3) Example: (4) Example: What was missing? Answer: |
In: Psychology
What is the final pH when 9.77 g of phosphoric acid (98.00 g/mol) and 4.75 g of NaOH (40.00 g/mol) are added to 1 L of water. Ka1 = 1.1 x 10-2 Ka2 = 7.5 x 10-8 Ka3= 4.3 x 10-13
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Much of primate behavior is learned. Pick a non-human primate that you have been learning about in your readings. Do a little internet search on this primate, specifically looking for video footage in real time and/or articles about the primate's behavior.
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(In C++ (very quick question))
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Part A: How is the rate of consumption of O2 related to the rate of consumption of NH3?
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The following are the details that may help:
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