ACC 241 7-23

ACC 241 7-23 - Student Name: Class: Problem 07-21 MINDEN...

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Student Name: Class: Problem 07-21 MINDEN COMPANY Schedule of Cash Collections For the Month of May Cash sales-May Collections on accounts receivable: April 30 balance May sales Total cash collections Schedule of cash payments for purchases: April 30 accounts payable balance May purchases Total cash payments MINDEN COMPANY Cash Budget For the Month of May Cash balance, beginning Add collections from customers Total cash available Less disbursements: Purchase of inventory Selling and administrative expenses Purchases of equipment Total cash disbursements Excess of receipts over disbursements Financing: Borrowing-note Repayments-note Interest Total financing Cash balance, ending
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Student Name: Class: Problem 07-21 MINDEN COMPANY Budgeted Income Statement For the Month of May Sales Cost of goods sold: Beginning inventory Add purchases Goods available for sale Ending inventory Cost of goods sold Gross margin Selling and Administrative expenses Net operating income Interest expense Net income MINDEN COMPANY Budgeted Balance Sheet May 31 Assets Cash Accounts receivable Inventory Buildings and equipment, net of depreciation Total assets Liabilities and Equity Accounts payable Note payable Capital stock Retained earnings Total liabilities and equity
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Given Data P07-21: MINDEN COMPANY Balance Sheet April 30 Assets Cash $9,000 Accounts receivable 54,000 Inventory 30,000 Buildings and equipment, net of depreciation
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ACC 241 7-23 - Student Name: Class: Problem 07-21 MINDEN...

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