1-M1-BLACKBOARD SAMPLE EXAM (version 1)

1-M1-BLACKBOARD SAMPLE EXAM (version 1) - Sheet 1 of 3...

Info iconThis preview shows pages 1–4. Sign up to view the full content.

View Full Document Right Arrow Icon
Sheet 1 of 3 On the Exam this sheet will be printed as 3 separate pages Change da - HFT 4474 - Su08 BUDGETED FINANCIAL STATEMENT SET MID-TERM #1 - Sample NAME: ON APRIL 1 YOU STARTED A RESTAURANT AND SOLD STOCK. IN JULY YOU PLAN TO SELL 30,000 $4.00 PAR SHARES AT $6.00 30 YOU RENTED YOUR BUILDING AND EQUIPMENT. --- BUT NOW, JULY 1, YOU PLAN TO BUY THE BUILDING, EQUIPMENT AND OTHER ITEMS LISTED BELOW. --- YOUR JUNE 3 BALANCE SHEET IS PRESENTED ON THE NEXT PAGE. BUILDING $98,400 EQUIPMENT $60,000 CHINA, GLASSWARE ETC. $24,000 INVENTORY $10,000 THE REMAINING CASH WAS DEPOSITED IN A BANK ACCOUNT. BELOW IS THE ADDITIONAL INFORMATION AVAILABLE TO YOU FOR PREPARING BUDGETED FINANCIAL STATEMENTS FOR YOUR BUSINESS FOR THE TWO MONTHS OF JULY AND AUGUST - (1) SALES: JULY $20,000 AUGUST $70,000 (2) COLLECTION PERCENTAGES: CASH 20% 30 DAYS 80% (3) FOOD COST %: 40% (4) FOOD PAYMENT SCHEDULE: CASH 90% 30 DAYS 10% (5) INCOME TAX RATE = 35% INCOME TAXES ARE PAID IN OCTOBER. (6) SALARIES = $10,000 INCURRED MONTHLY. $9,000 THE OTHER $1,000 PER MONTH IS PAID AS A YEAR-END BONUS. (7) OTHER OPERATING EXPENSES ARE $11,000 AND ARE INCURRED OTHER OPERATING EXPENSES ARE TO BE PAID IN MONTH AFTER INCU (8) Sold 2,000 Shares of $3.00 par common at in August (9) YOU BORROW $0 ON: August AT: INTEREST. INTEREST PAYMENTS WILL BEGIN IN MONTH OF -PRINCIPAL WILL BE REPAID LAST DAY OF THE MONTH OF August
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
(10) YOU WILL PAY A $4,000 ADVANCE FOR THE CURRENT AND FOLLOWING 1 MONTHS RENT ON THE 1st OF: August (11) YOU RECEIVE $2,000.00 ADVANCE FROM A CLIENT IN CATERING A BANQUET IN August (12) YOU RENT SPACE TO A VENDING MACHINE OPERATOR FOR A MONTHLY FEE OF - - MACHINES ARE INSTALLED ON August 1st. - PAYMENT IS RECEIVED IN MONTH AFTER IT IS EARNED (13) CALCULATE DEPRECIATION USING STRAIGHT LINE RATE - NO SALVAGE VALUE. INSTRUCTIONS: Prepare budgeted monthly cash flow statements for each of the two months of July and August individually, then answer the questions.
Background image of page 2
Write: Op-R, Op-E, NonOp-R, or BUDGETED INCOME STAT NonOp-E in the boxes in the MCF FOR THE MONTHS ENDED JULY 3 Col. for items that go in the JULY Write $ amounts in Jul-Aug Cols. MCF July Aug. SALES 20,000 EACH. BEFORE JUNE COST GOODS SOLD 8,000 30 GROSS PROFIT $12,000 VENDING CONCESSION FEE 0 LIFE YEARS 20 YEARS TOTAL INCOME: $12,000 10 YEARS OTHER EXPENSES: 5 YEARS SALARIES 10,000 OPERATING EXPENSES 11,000 INTEREST 0 RENT EXPENSE 0 DEPRECIATION: BUILDING
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 4
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 03/07/2011 for the course SLS 2000 taught by Professor Mitchell during the Fall '06 term at FIU.

Page1 / 18

1-M1-BLACKBOARD SAMPLE EXAM (version 1) - Sheet 1 of 3...

This preview shows document pages 1 - 4. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online