Accounting project help

acc210-fall14-computer_project_d.xlsx

Data

TAB1B Newport Tie Company	TAB 1A Newport Tie Company
	Balance Sheet
Actual Sales for March and budgeted sales for April-July are as follows:	31-Mar-14
March(actual)
April	Assets
May
June	Cash	9,000.00
July	Accounts Receivable	45,000.00
	Inventory	17,550.00
Collection on Sales	Buildings and equipment (net)	214,100.00
Sales collected Current Month	Total Assets	285,650.00
Sales collected Following Month	Liabilities and Stockholders' Equity
	Liabilities
Cost of Goods Sold (percentage of sales)	Accounts Payable	25837.50
Desired ending invenories (Percentage of next COGS)	Stockholders' Equity
	Common stock	183692.50
Purchases Paid as Follows	Retained Earnings	76120.00
In month of purchase	Total Stockholders' Equity	259812.50
In following month	Total Liabilities and Stockholders' Equity	285650.00
Variable Monthly Expenses
Shipping	TAB1B
Other expenses	Budgeted Cost of Goods Sold
	Add desired ending inventory
Fixed Monthly Expenses	Total Needs
Wages and Salaries	Less beginning inventory
Advertising	Required dollar purchases
Fixed Quarterly Expenses
Depreciation
Equipment Purchased in Quarter
April
May
Dividends declared and paid in June
Agreement with Bank
Borrowing increments
Maximum borrowing amount
Interest Rate per Year
Repayment increments
Required minimum balance

NEWPORT TIE COMPANY
	April	May	June	Quarter
1A: Schedule of Expected Cash Collections
Cash Sales
Credit Sales
Total Cash Collections
1B: Merchandises Purchases Budget
Budgeted Cost of Goods Sold
Add desired ending inventory
Total Needs
Less beginning inventory
Required dollar purchases
1C: Schedule of cash disbursements for purchases
March Purchases
April Purchases
May Purchases
June Purchases
Total cash disbursements for purchases
1C: Schedule of cash disbursements for selling and administrative expenses
Salaries and wages
Shipping
Advertising
Other expenses
Total cash disbursements for selling and administrative expenses
2
NEWPORT TIE COMPANY
Cash Budget
For the Three Months Ended June 30, 2014
	April	May	June	Quarter
Cash balance beginning
Add cash collections
Total cash available
Less disbursements:
Purchase of inventory
Selling and Administrative
Equipment
Dividends
Total Disbursements
Excess(deficiency) of receipts over disbursements
Financing:
Borrowings
Repayments
Interest
Total financing
Cash balance ending