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Accounting 505 Course Project A Essay

884 words - 4 pages

Project A | | | | | | | | | |
Student Name: | | | | | | | | | | |
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SALES BUDGET: | | | | | | | | | | |
| | January | February | March | April | May | June | Quarter | July | August |
Budgeted Unit Sales | | $ 20,000.00 | $ 26,000.00 | $ 40,000.00 | $ 65,000.00 | $ 100,000.00 | $ 50,000.00 | $ 215,000.00 | $ 30,000.00 | $ 28,000.00 |
Selling Price per unit | | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 |
Total Sales | | $ 200,000.00 | $ 260,000.00 | $ 400,000.00 | $ 650,000.00 | $ 1,000,000.00 | $ ...view middle of the document...

00 | 12,000 | 12,000 |   | $ 48,000.00 |
Total needs | | |   | 66,000 | 105,000 | 120,000 | 62,000 | $ 227,000.00 | | |
Less beginning inventory | | | 40% | 16,000 | 26,000 | 40,000 | 20,000 | 26,000 | | $ 104,000.00 |
Required purchases | | |   | $ 50,000.00 | $ 79,000.00 | $ 80,000.00 | $ 42,000.00 | $ 201,000.00 | | |
Cost per unit | | |   | 4 | 4 | 4 | 4 | 4 | | |
Cost of purchases | | |   | $ 200,000.00 | $ 316,000.00 | $ 320,000.00 | $ 168,000.00 | $ 804,000.00 |   | $ 804,000.00 |
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BUDGETED CASH DISPERSEMENTS FOR MERCHANDISE PURCHASES | | | | | | | | | | |
| | | Current Mo | Next Mo | April | May | June | Quarter | | |
Accounts Payable | | | 50% | 50% | 100,000 | | | 100,000 | | |
April Purchases | | | 50% | 50% | 158,000 | $ 158,000.00 | | 316,000 | | |
May Purchases | | | 50% | 50% | | $ 160,000.00 | $ 160,000.00 | 320,000 | | |
June Purchases | | | 50% | 50% | | | $ 84,000.00 | 84,000 | | |
Total Cash Payments | | | | | 258,000 | 318,000 | 244,000 | 820,000 | | |
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| EARRINGS UNLIMITED | |
| CASH BUDGET | |
| FOR THE THREE MONTHS ENDING JUNE 30 | |
| | | | March | April | May | June | Quarter | | |
Cash Balance | | | |   | $ 74,000.00 | $ 50,000.00 | $ 50,000.00 | $ 74,000.00 | | |
Add collections from customers | | | |   | $ 436,000.00 | $ 695,000.00 | $ 865,000.00 | $ 1,996,000.00 | | |
Total cash available | | | |   | $ 510,000.00 | $ 745,000.00 | $ 915,000.00 | $ 2,070,000.00 | | |
| | | |   | | | | | | |
Less Disbursements | | | |   | | | | | | |
Merchandise purchases | | | |   | $ 258,000.00 | $ 318,000.00 | $ 244,000.00 | $ 820,000.00 | | |
Advertising | | | | $ 200,000.00 | $ 200,000.00 | $ 200,000.00 | $ 200,000.00 | $ 600,000.00 | | |
Rent | | | | $ 18,000.00 | $ 18,000.00 | $ 18,000.00 | $ 18,000.00 | $ 54,000.00 | | |
Salaries | | | | $ 106,000.00 | $ 106,000.00 | $ 106,000.00 | $ 106,000.00 | $ 318,000.00 | | |
Commissions | | | | 4% | $ 26,000.00 | $ 40,000.00 | $ 20,000.00 | $ 86,000.00 | | |
Utilities | | | | $ 7,000.00 | $ 7,000.00 | $ 7,000.00 | $ 7,000.00 | $ 21,000.00 | | |
Equipment purchases | | | |   | $ - | $ 16,000.00 | $ 40,000.00 | $ 56,000.00 | | |
Dividends paid | | | |   | $ 15,000.00 | $ ...

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