The ratio of cash sales

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1. Sycamore Company, which expects to start operations on January 1, 2014, will sell digital cameras in shopping malls. Sycamore has budgeted sales as indicated in the following table. The company expects a 12 percent increase in sales per month for February and March. The ratio of cash sales to sales on account will remain stable from January through March.

Required:

Complete the sales budget by filling in the missing amounts. (Round your answers to 2 decimal places.)

SALES January February March

cash salee 37000

sales on account 116000

total budgeted sales 153000

b. Determine the amount of sales revenue Sycamore will report on its first quarter pro forma income statement. (Round your answer to 2 decimal places.)

14.

The budget director of Natalia’s Florist has prepared the following sales budget. The company had $240,000 in accounts receivable on July 1. Natalia’s Florist normally collects 100 percent of accounts receivable in the month following the month of sale.

Required:

Complete the schedule of cash receipts by filling in the missing amounts.

july august september

sales budget

cash sales 67000 68000 87000

sales on account 98000 104000 136600

total budgeted sales 165000 172000 223600

schedule of cash receipts

current cash sales

plus: collections from accounts receivables

total budgeted collection

Determine the amount of accounts receivable the company will report on its third quarter pro forma balance sheet.

15.

Spencer Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory purchases budget. Spencer’s policy is to maintain an ending inventory balance equal to 20 percent of the following month’s cost of goods sold. April’s budgeted cost of goods sold is $79,000.

Required:

Complete the inventory purchases budget by filling in the missing amounts.

inventory purchases budget

january february march

budgeted cost of goods sold 54000 58000 64000

plus: desired ending inventory 11600

inventory needed 65600

less: beginning inventory 10,800

required purchases on account 54800

Determine the amount of cost of goods sold the company will report on its first quarter pro forma income statement.

16. he budget director for Yardley Cleaning Services prepared the following list of expected selling and administrative expenses. All expenses requiring cash payments are paid for in the month incurred except salary expense and insurance. Salary is paid in the month following the month in which it is incurred. The insurance premium for six months is paid on October 1. October is the first month of operations; accordingly, there are no beginning account balances.

Required:

b.	Determine the amount of salaries payable the company will report on its pro forma balance sheet at the end of the fourth quarter.

c.	Determine the amount of prepaid insurance the company will report on its pro forma balance sheet at the end of the fourth quarter.

Complete the schedule of cash payments for S&A expenses by filling in the missing amounts

budgeted s&a expenses october november december

equipment lease expense 6900 6900 6900

salary expenses 5100 5600 5600

cleaning supplies 2880 2760 3050

insurance expense 1700 1700 1700

depreciation on computer 1900 1900 1900

rent 1800 1800 1800

miscellaneous expenses 800 800 800

total operating expenses 21080 21460 22150

schedule of cash payments for s&a expenses

equipment lease expence

prior month salary expense, 100%

cleaning supplies

insurance premium

depreciation on computer

rent

miscellaneous expenses

total disbursements for operating expenses 22580 17360 18150

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