Student Name:Class:Problem 07-17ASUTTON POINTERS CORPORATIONa.Sales BudgetJanuaryFebruaryMarchTotalSales on Accountb.Sales revenue for Quarterc. and d.SUTTON POINTERS CORPORATIONSchedule of Cash ReceiptsJanuaryReceipts from January SalesReceipts from January SalesReceipts from January SalesReceipts from February SalesReceipts from February SalesReceipts from February SalesReceipts from March SalesReceipts from March SalesReceipts from March SalesTotalAccounts receivable March 31FebruaryMarchAprilMayGiven Data P07-17A:SUTTON POINTERS CORPORATIONExpected sales in JanuaryGrowth rates for February and MarchAccounts receivable collected:Month of saleMonth following saleSecond month following sale$240,0005%70%20%10%Student Name:Class:Problem 07-22AMULLIGAN FRUITS CORPORATIONa. Sales BudgetSales in Next YearPeachesOrangesTotalb.1st Quarter2nd Quarter3rd Quarter4th QuarterMULLIGAN FRUITS CORPORATIONBudgeted Annual Income StatementSales revenueCost of goods soldGross profitSelling and admin. expensesNet incomec.MULLIGAN FRUITS CORPORATIONInventory Purchases BudgetPeachesSalesCost of goods soldPlus: desired ending inventoryInventory neededLess: beginning inventoryRequired purchases1st Quarter2nd Quarter3rd Quarter4th QuarterOrangesSalesCost of goods soldPlus: desired ending inventoryInventory neededLess: beginning inventoryRequired purchases1st Quarter2nd Quarter3rd Quarter4th QuarterTotalGiven Data P07-22A:MULLIGAN FRUITS CORPORATIONExpected annual sales growth rate:PeachesOrangesSales in Current YearPeachesOrangesTotal5%10%1st Quarter2nd Quarter 3rd Quarter4th Quarter$160,000 $200,000 $320,000 $280,000 $400,000450,000570,000380,000$560,000 $650,000 $890,000 $660,000 $Additional Information:Cost of goods sold – percentageof sales revenueEnding inventory – percentage ofnext period’s cost of goods soldPart b. – Estimated selling andadministrative expensesPart c. – Estimate of endinginventory for next year:PeachesOranges60%10%$700,000$$20,00040,000Total960,0001,800,0002,760,000Student Name:Class:Problem 07-23AHAAS COMPANYa. Sales BudgetCash salesSales on accountTotal budgeted salesOctoberNovemberDecemberPro Formab. Schedule of Cash ReceiptsCurrent cash salesPlus collections from A/RTotal collectionsOctoberNovemberDecemberPro FormaOctoberNovemberDecemberPro FormaDataNovemberDecemberPro FormaDataDecemberPro FormaDatac. Inventory Purchases BudgetBudgeted cost of goods soldPlus desired ending inventoryInventory neededLess beginning inventoryRequired purchases (on account)d. Schedule of Cash Payments Budget for Inventory PurchasesOctoberPayment of current month’s A/PPayment for prior month’s A/PTotal budgeted paymentse. Selling and Administrative Expense BudgetOctoberSalary expenseSales commissionsSupplies expenseUtilitiesDepreciation on store fixturesRentMiscellaneousTotal S&A expensesNovemberStudent Name:Class:Problem 07-23Af. Schedule of Cash Payments for S&A ExpensesOctoberNovemberDecemberPro FormaDataOctoberNovemberDecemberPro FormaDataSalary expensePrior month sales commissionsSupplies expensePrior month utilitiesDepreciation on store fixturesRentMiscellaneousTotal payments for S&A expensesg. Cash BudgetBeginning cash balanceAdd cash receiptsCash availableLess paymentsFor inventory purchasesFor S&A expensesPurchase of store fixturesInterest expenseTotal budgeted paymentsPayment minus receiptsSurplus (shortage)Financing activityBorrowing (repayment)Ending cash balanceh.HAAS COMPANYPro Forma Income StatementFor the Quarter Ended December 31, 2015Sales revenueCost of goods soldGross marginS&A expensesOperating incomeInterest expenseNet incomeStudent Name:Class:Problem 07-23Ai.HAAS COMPANYPro Forma Balance SheetDecember 31, 2015AssetsCashAccounts receivableInventoryStore fixturesAccumulated depreciationBook value of fixturesTotal assetsLiabilitiesAccounts payableUtilities payableSales commissions payableLine of credit liabilityEquityRetained earningsTotal liabilities and equityj.HAAS COMPANYPro Forma Statement of Cash FlowsFor the Quarter Ended December 31, 2015Cash flows from operating activitiesCash receipts from customersCash payments for inventoryCash payments for S&A expensesCash payments for interest expenseNet cash flows from operating activitiesCash flows from investing activitiesCash payment for store fixturesCash flows from financing activitiesNet inflow from line of creditNet increase in cashPlus: Beginning cash balanceEnding cash balanceGiven Data P07-23A:HAAS COMPANYPart a.October salesSales in cashSales in accounts receivableExpected sales growth per monthPart b.Accounts receivable collected inmonth following salesPart c.Cost of goods sold as percentageof salesEnding inventory – percent of nextmonth’s cost of goods soldDecember estimated ending inventoryPart d.Accounts payable paid in monthof purchaseAccounts payable paid in monthfollowing purchasePart e.Salary expense (fixed)Sales commissions (percent of sales)Supplies expense (percent of sales)Utilities (fixed)Depreciation on store equipment (fixed)Rent (fixed)Miscellaneous (fixed)Cost of store fixturesSalvage value – store fixturesUseful life (years) – store fixturesPart g.Borrowing incrementsMonthly interest rateCash cushion$250,00040%60%8%100%60%$10%12,00070%30%$$18,0005%2%1,4004,0004,8001,200164,00020,0003$$1,0001%12,000
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