| COMPANY: | | | | | XYZ Corporation |
| QUARTER: | | | | | For the Quarter ended December 31, 2019 |
| | | | | | December 31, 2019 |
| GENERAL LEDGER BALANCES AS OF: | | | | | September 30, 2019 |
| Current Assets: |
| | Cash | | | | $17,000 |
| | Accounts Receivable | | | | 35,000 |
| | Inventory | | | | 50,000 |
| | Total Current Assets | | | | | $102,000 |
| | Plant and Equipment (net) | | | | | 120,000 |
| Total Assets | | | | | | $222,000 |
| Current Liabilities: |
| | Accounts Payable | | | | | $40,000 |
| | Short-term Borrowing | | | | | 20,000 |
| Stockholders' Equity: |
| | Capital Stock | | | | $125,000 |
| | Retained Earnings | | | | 37,000 |
| | Total Stockholder's Equity | | | | | 162,000 |
| Total liabilities and stockholders' equity | | | | | | $222,000 |
| ACTUAL SALES/BUDGETED SALES: |
| | September | | | | | $150,000 |
| | October | | | | | 220,000 |
| | November | | | | | 240,000 |
| | December | | | | | 180,000 |
| | January | | | | | 160,000 |
| Sales Breakdown |
| | Cash | | | | | 25% |
| | Credit | | | | | 75% |
| Gross Profit Rate as a % of sales | | | | | | 38% |
| | COGS | | | | | 62% |
| Monthly Expenses |
| | Salaries & wages | | | | | $12,000 |
| | Property taxes | | | | | 10,000 |
| | Utilities | | | | | 8,000 |
| | Depreciation | | | | | 15,000 |
| | Advertising | | | | | 3% |
| | Other | | | | | 4% |
| Percentage of following month sales needs to be held in inventory stated at cost | | | | | | 25% |
| Inventory purchase payment breakdown |
| | Month of purchase | | | | | 40% |
| | Next month | | | | | 60% |
| Capital Purchases in Cash |
| | October | Computer | | | | $20,000 |
| | November | Other Equipment | | | | 8,000 |
| | December | Computer | | | | 18,000 |
| Cash Dividends |
| | October | | | | | $15,000 |
| | November | | | | | 16,000 |
| | December | | | | | 17,000 |
| Minimum Cash Balance | | | | | | $9,000 |
| Borrowings and Repayment of Principal in Multiples of | | | | | | 1,000 |
| Interest Rate | | | | | | 12% |
| Monthly Rate | | | | | | 0.01 |
| Check Figures: |
| | Total Sales for the Quarter | | | | | $640,000 |
| | Total Purchases for the Quarter | | | | | 371,600 |
| | Total S & A Expenses for the Quarter | | | | | 179,800 |
| | Total Cash Receipts for the Quarter | | | | | 540,000 |
| | Total Cash Disbursements for Purchases for the Quarter | | | | | 346,500 |
| | Ending Cash for the Quarter | | | | | 9,140 |
| | Budgeted Income before Taxes | | | | | 60,840 |
| | Total Assets | | | | | 289,940 |