BMAL530_Week6_HW_Q2_Tab7.pdf - 2 Assignment Print View Award 15.00 points Near the end of 2019 the management of Dimsdale Sports Co a merchandising

BMAL530_Week6_HW_Q2_Tab7.pdf - 2 Assignment Print View...

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11/30/2019 Assignment Print View ; 1/2 2. Award: 15.00 points Near the end of 2019, the management of Dimsdale Sports Co., a merchandising company, prepared the following estimated balance sheet for December 31, 2019. DIMSDALE SPORTS COMPANY Estimated Balance Sheet December 31, 2019 Assets Cash $ 35,500 Accounts receivable 520,000 Inventory 135,000 Total current assets $ 690,500 Equipment 576,000 Less: Accumulated depreciation 72,000 Equipment, net 504,000 Total assets $ 1,194,500 Liabilities and Equity Accounts payable $ 370,000 Bank loan payable 12,000 Taxes payable (due 3/15/2020) 92,000 Total liabilities $ 474,000 Common stock 470,500 Retained earnings 250,000 Total stockholders’ equity 720,500 Total liabilities and equity $ 1,194,500 To prepare a master budget for January, February, and March of 2020, management gathers the following information. a. The company’s single product is purchased for $30 per unit and resold for $59 per unit. The expected inventory level of 4,500 units on December 31, 2019, is more than management’s desired level, which is 20% of the next month’s expected sales (in units).
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