GNB 13e Solutions - P9-19 Minden Company1 Schedule of Cash Receipts& Disbursements for MayCash sales for May$60,000 April credit sales collected

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Unformatted text preview: P9-19 Minden Company1. Schedule of Cash Receipts & Disbursements for MayCash sales for May$60,000 April credit sales collected in May$54,000 (April A/R)May credit sales collected in May$70,000 (50% x $140,000)Total cash receipts$184,000 April purchases paid in May$63,000 (April A/P)May purchases paid in May$48,000 (40% x $120,000)Total cash payments for inventory$111,000 Minden CompanyCash BudgetFor the Month Ended May 31Beginning cash balance$9,000 Total cash receipts$184,000 Total cash available$193,000 Purchases of inventory$111,000 Selling & administrative expenses$72,000 Purchase of equipment$6,500 Total cash disbursements$189,500 Net cash available before financing$3,500 May note payable issued$20,000 Prior note payable repaid$(14,500) Interest on prior note payable$(100) Net financing cash received$5,400 Ending cash balance$8,900 2. Budgeted Income Statement for MayMinden CompanyBudgeted Income StatementFor the Month Ended May 31Sales$200,000 Beginning inventory$30,000 Add: Purchases$120,000 Cost of goods available for sale$150,000 Less: Ending inventory$(40,000) Cost of goods sold$110,000 Gross margin$90,000 Selling & administrative expenses$74,000 Net operating income$16,000 Interest expense$100 Net income$15,900 3. Budget Balance Sheet for May 31Minden CompanyBudgeted Balance SheetMay 31Assets:Cash$8,900 Accounts receivable$70,000 Inventory$40,000 Buildings & equipment, net...
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This note was uploaded on 02/10/2011 for the course UGBA 102B taught by Professor Fan during the Spring '08 term at University of California, Berkeley.

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GNB 13e Solutions - P9-19 Minden Company1 Schedule of Cash Receipts& Disbursements for MayCash sales for May$60,000 April credit sales collected

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