Managerial Accounting Budgeting Planning Homework Help
- July 28, 2017
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- Category: Accounting QA
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Carter Lumber sells lumber and general building supplies to building contractors in a medium-sized town in Montana. Data regarding the store’s operations follow
1. Sales are budgeted at $380,000 for November; $390,000 for December and $400,000 for January.
2. Collections are expected to be 70% in the month of sale, 27% in the month following the sale and 3% uncollectible.
3. The cost of goods sold is 65% of sales
4. The company desires to have an ending merchandise inventory equal to 80% of the following month’s cost of goods sold. Payment for merchandise is made in the month following the purchase.
5. Other monthly expenses to be paid in cash are $22,000
6. Monthly depreciation is $20,000
7. Ignore Taxes
Balance Sheet | |
October 31 | |
Assets | |
Cash | $ 13,000.00 |
Accounts receivable, net of allowance for uncollectible accounts | 77,000.00 |
Inventory | 1,97,600.00 |
Property, plant and equipment, net of $502,000 accumulated depreciation | 9,92,000.00 |
$ 12,79,600.00 | |
Liabilities and Stockholders Equity | |
Accounts Payable | $2,40,000.00 |
Common Stock | 7,80,000.00 |
Retained Earnings | 2,59,600.00 |
Total Liabilities and Stockholders Equity | $12,79,600.00 |
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Question
a) The net income for December.
b) The cash balance at the end of December .
c) The account receivable balance, net of uncollectible accounts, at the end of December.
d) Accounts payable at the end of December.
e) Retained earnings at the end of December.
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