Accounting Master Budget And Pro Forma Statements Homework Help
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The following trial balance was drawn from the records of Havel Company as of October 1, 2010.
|Accumulated depreciation||$ 76,800|
|Line of credit loan||100,000|
a. Divide the class into groups, each with four or five students. Organize the groups into three sections. Assign Task 1 to the first section, Task 2 to the second section, and Task 3 to the third section.
(1) Based on the following information, prepare a sales budget and a schedule of cash receipts for October, November, and December. Sales for October are expected to be $180,000, consisting of $40,000 in cash and $140,000 on credit. The company expects sales to increase at the rate of 10 percent per month. All of accounts receivable is collected in the month following the sale.
(2) Based on the following information, prepare a purchases budget and a schedule of cash payments for inventory purchases for October, November, and December. Cost of goods sold for October is expected to be $72,000. Cost of goods sold is expected to increase by 10 percent per month in November and December. Havel expects January cost of goods sold to be $89,000. The company desires to maintain a minimum ending inventory equal to 20 percent of the next month’s cost of goods sold. Seventy-five percent of accounts payable is paid in the month that the purchase occurs; the remaining 25 percent is paid in the following month.
(3) Based on the following selling and administrative expenses budgeted for October, prepare a selling and administrative expenses budget for October, November, and December. Cash payments for sales commissions and utilities are made in the month following the one in which the expense is incurred. Supplies and other operating expenses are paid in cash in the month in which they are incurred. As of October 1, no amounts were payable for either commissions or utilities from the previous month.
|Sales commissions (10% increase per month)||$ 7,200|
|Supplies expense (10% increase per month)||1,800|
|Depreciation on store equipment (fixed)||1,600|
|Salary expense (fixed)||34,000|
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b. Select a representative from each section. Have the representatives supply the missing information in the following pro forma income statement and balance sheet for the fourth quarter of 2010. The statements are prepared as of December 31, 2010.
|Sales Revenue||$ ?|
|Cost of Goods Sold||?|
|Accumulated Depreciation Store Equipment||?|
|Book Value of Equipment||118,400|
|Sales Commissions Payable||?|
|Line of Credit||23,936|
|Total Liabilities and Equity||$314,682|
c. Indicate whether Havel will need to borrow money during October.
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