Budgeted Selling and Administrative Expenses Salary Expense Sales Commissions 5% of Sales Insurance Expense Rent Depreciation on equipment Utilities Total Operating Expenses Schedule of Cash Payments for Selling and Administrative Expenses Salary Expense 100% of Prior Month Sales Commissions Insurance Expense Rent 100% of Prior Months Utilities Expense Total Payments for Selling and Administrative Expenses October November December 20,000 10,000 7,000 8,400 9,000 1,600 56,000 ? 10,100 7,000 ? 1,700 2 20,500 21,000 10,500 10,300 7,000 8,400 9,000 2,000 57,700 7,000 8,400 9,000 1,800 57,200 20,500 ? 7,000 ? 2 ? ? ? 7,000 8,400 ? ? What is the amount of sales commissions payable that the company will report on its pro forma balance sheet at the end of the fourth quarter?

Budgeted Selling and Administrative Expenses Salary Expense Sales Commissions 5% of Sales Insurance Expense Rent Depreciation on equipment Utilities Total Operating Expenses Schedule of Cash Payments for Selling and Administrative Expenses Salary Expense 100% of Prior Month Sales Commissions Insurance Expense Rent 100% of Prior Months Utilities Expense Total Payments for Selling and Administrative Expenses October November December 20,000 10,000 7,000 8,400 9,000 1,600 56,000 ? 10,100 7,000 ? 1,700 2 20,500 21,000 10,500 10,300 7,000 8,400 9,000 2,000 57,700 7,000 8,400 9,000 1,800 57,200 20,500 ? 7,000 ? 2 ? ? ? 7,000 8,400 ? ? What is the amount of sales commissions payable that the company will report on its pro forma balance sheet at the end of the fourth quarter?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Budgeted Selling and Administrative Expenses Salary Expense Sales Commissions 5% of Sales Insurance Expense Rent Depreciation on equipment Utilities Total Operating Expenses Schedule of Cash Payments for Selling_and Administrative Expenses Salary Expense 100% of Prior Month Sales Commissions Insurance Expense Rent 100% of Prior Months Utilities Expense Total Payments for Selling and Administrative Expenses October 46,000 23,000 20,000 24,000 28,500 2,900 144,400 ? 23,100 20,000 ? 3,000 ? November December 46,500 47,000 23,500 23,300 20,000 20,000 24,000 24,000 28,500 28,500 3,100 3,300 145,600 146,100 46,500 ? 20,000 ? ? ? ? ? 20,000 24,000 ? ? What is the total amount of Selling and Administrative expenses for the fourth quarter that the company will report on its pro forma income statement?
Budgeted Selling and Administrative Expenses Salary Expense Sales Commissions 5% of Sales Insurance Expense Rent Depreciation on equipment Utilities Total Operating Expenses Schedule of Cash Payments for Selling and Administrative Expenses Salary Expense 100% of Prior Month Sales Commissions Insurance Expense October November December Multiple Choice 30,000 30,500 15,000 15,500 12,000 12,000 14,400 14,400 16,500 16,500 2,100 2,300 90,000 91, 200 ? 15,100 12,000 ? 2,200 ? 30,500 ? 12,000 ? ? ? Rent 100% of Prior Months Utilities Expense Total Payments for Selling and Administrative Expenses The amount of cash paid for Selling and Administrative expenses during the month of November is: 31,000 15,300 12,000 14,400 16,500 2,500 91,700 ? ? 12,000 14,400 ?
Relevant data from the Poster Company’s operating budgets are: Quarter 1 Quarter 2 Sales $208,480 $211,540 Direct material purchases 115,295 120,832 Direct labor 75,210 73,298 Manufacturing overhead 25,400 25,400 Selling and administrative expenses 33,600 33,400 Depreciation included in selling and administrative 1,600 900 Collections from customers 215,393 240,156 Cash payments for purchases 114,295 119,254 Additional data:Capital assets were sold in January for $9,000 and $4,500 in May.Dividends of $4,600 were paid in February. The beginning cash balance was $60,359 and a required minimum cash balance is $59,000. Use this information to prepare a cash budget for the first two quarters of the year: If an amount box does not require an entry, leave it blank. The Poster CompanyCash BudgetFor the First Two Quarters
Relevant data from the Poster Company’s operating budgets are: Quarter 1 Quarter 2 Sales $208,480 $211,540 Direct material purchases 115,300 120,832 Direct labor 75,205 73,298 Manufacturing overhead 25,300 25,400 Selling and administrative expenses 33,400 33,500 Depreciation included in selling and administrative 1,500 900 Collections from customers 215,392 240,154 Cash payments for purchases 114,290 119,254 Additional data:Capital assets were sold in January for $10,000 and $4,400 in May.Dividends of $4,600 were paid in February. The beginning cash balance was $60,360 and a required minimum cash balance is $59,000. Use this information to prepare a cash budget for the first two quarters of the year: If an amount box does not require an entry, leave it blank. The Poster CompanyCash BudgetFor the First Two Quarters Quarter 1 Quarter 2 $Beginning Cash Balance $Beginning Cash Balance Add: Cash Receipts Collections from Customers…
Help Save & Exit Subn October November December Budgeted S&A Expenses Salary expense Sales commissions, 5% of sales Insurance expenses 10,000 10, 500 11,000 5,000 5,500 5,300 Rent 2,000 2, 000 2,000 2,400 2,400 2,400 Depreciation on equipment Utilities 1,500 1,500 1,500 1,100 1,300 1,500 Total operating expenses 22,000 23,200 23,700 Schedule of Cash Payments for S&A Expenses Salary Expenses 100% of prior month sales commissions Insurance Expense 10,500 5,100 2,000 2,000 2,000 Rent 100% of Prior months utilities expenses 2,400 1,200 Total payments for S&A expenses What Is the amount of sales commisslons payable that the company will report on Its pro forma balance sheet at the end of the fourth quarter? Multiple Choice $5,500 $5,000 $5,300 $11,000
Relevant data from the Poster Company's operating budgets are: Sales Direct material purchases Direct labor Manufacturing overhead Selling and administrative expenses Depreciation included in selling and administrative Collections from customers Quarter 1 Quarter 2 Beginning Cash Balance Add: Cash Receipts Collections from Customers $208,480 $211,540 115,300 120,832 75,205 73,298 25,300 23,400 33,400 33,500 1,500 900 Cash payments for purchases Additional data: Capital assets were sold in January for $10,000 and $4,400 in May. Dividends of $4,000 were paid in February. The beginning cash balance was $60,360 and a required minimum cash balance is $39,000. 215,392 240,154 114,290 119,254 Use this information to prepare a cash budget for the first two quarters of the year: If an amount box does not require an entry, leave it blank. Other Collections Total Receipts Total Available Cash Less: Cash Payments Purchase of Direct Material Direct Labor Manufacturing Overhead Selling and…
Sales Revenue Cost of Goods Sold Income from Operations Selling and Administrative Expenses Budgeted Income Statement For the Year Ending December 31, 2022 Income from Operations Interest Expense Income before Income Taxes Interest Expense Not Income (Loss) $ 326,400 (166,380) i 160,020 88,500 i 71,520 (4,130 67,390 (13,478 53912
Income Statement Prepare the budgeted income statement. Cash Flows Balance Sheet Budgeted Income Statement Sales revenue Cost of goods sold Depreciation expense Operating income Interest expense Net income $ 372,000 X (336,000) X (4,000) 32,000 X (840) X $ 31,160
Relevant data from the Poster Company’s operating budgets are: Quarter 1 Quarter 2 Sales $208,470 $211,538 Direct material purchases 115,295 120,833 Direct labor 75,210 73,299 Manufacturing overhead 25,400 25,200 Selling and administrative expenses 33,500 33,600 Depreciation included in selling and administrative 1,500 1,100 Collections from customers 215,393 240,154 Cash payments for purchases 114,290 119,253 Additional data:Capital assets were sold in January for $9,000 and $4,400 in May.Dividends of $4,500 were paid in February. The beginning cash balance was $60,360 and a required minimum cash balance is $58,000. Use this information to prepare a cash budget for the first two quarters of the year: If an amount box does not require an entry, leave it blank. The Poster Company Cash Budget For the First Two Quarters Quarter 1 Quarter 2 $fill in the blank 2 $fill in the blank 3 Add: Cash Receipts fill in the blank 5 fill in the blank…
Relevant data from the operating budget of The Framers are: quarter 1 quarter 2 Sales $35,000 76,000 Direct Material purchases 25,000 26,000 Direct labor 30,000 24,000 Manufacturing OH 9,000 10,000 Selling & Admin 20,000 20,000 Depreciation included in Selling & Admin 1000 1,000 Cash Collections 34,000 76,000 Cash payments 29,000 20,000 Cash received: other 8,000 500 Dividend 0 500 Other data: Capital assets were sold in quarter 1 and $8,000 was collected in quarter 1 and $500 collected in quarter 2. Dividends of $500 will be paid in May. The beginning cash balance was $40,000 and a required minimum cash balance is $8,000. Prepare a cash budget for the first two quarters of the year.
uakeASSignmentsessfonLocator=&inprogress%3Dfalse ☆ 身G Cash Budget McMichael Inc. collects 80% of its sales on account in the month of the sale and 20% in the month following the sale. If sales on account are budgeted to be $411,000 for September and $370,000 for October, what are the budgeted cash receipts from sales on account for October?
Customers balance December 31, 2023 om customers e balance, March 31, 2024: cted in 2nd Ot 2024 Data table Total sales Budgeted purchases of direct matenal Budgeted direct labor cost Budgeted manufacturing overhead costs Variable manufacturing overhead Depreciation Insurance and property taxes Budgeted selling and administrative expenses Salaries expense Rent expense Insurance experese Depreciation experie Supples expense Print Done 208.000 40,900 37,500 1,100 1.200 6,700 4,000 1,000 1,400 6.240