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Score: 10/10 Points 100 %

1. Award: 5 out of 5.00 points

MaryandKay,Inc.,adistributorofcosmeticsthroughoutFlorida,isintheprocessofassemblingacash
budgetforthefirstquarterof201.Thefollowinginformationhasbeenextractedfromthecompany's
accountingrecords:

Allsalesareonaccount.Sixtypercentofcustomeraccountsarecollectedinthemonthofsale35
percentarecollectedinthefollowingmonth.Uncollectiblesamountingto5percentofsalesare
anticipated,andmanagementbelievesthatonly20percentoftheaccountsoutstandingonDecember31,
20x0,willberecoveredandthattherecoverywillbeinJanuary201.
Seventypercentofthemerchandisepurchasesarepaidforinthemonthofpurchasetheremaining30
percentarepaidforinthemonthafteracquisition.
TheDecember31,20x0,balancesheetdisclosedthefollowingselectedfigures:cash,$20,000accounts
receivable,$55,000andaccountspayable,$22,000.
MaryandKay,Inc.maintainsa$20,000minimumcashbalanceatalltimes.Financingisavailable(and
retired)in$1,000multiplesatan8percentinterestrate,withborrowingstakingplaceatthebeginningof
themonthandrepaymentsoccurringattheendofthemonth.Interestispaidatthetimeofrepaying
principalandcomputedontheportionofprincipalrepaidatthattime.
Additionaldata:

January February March
Salesrevenue $150,000 $180,000 $185,000
Merchandisepurchases 90,000 100,000 140,000
Cashoperatingcosts 31,000 24,000 45,000
Proceedsfromsaleofequipment 5,000

Required:
1. Prepareaschedulethatdisclosesthefirm'stotalcashcollectionsforJanuarythroughMarch.(Leaveno
cellsblankbecertaintoenter"0"whereverrequired.Omitthe"$"signinyourresponse.)

January February March
Collectionofaccountsreceivable: $11,000 $0 $0
CollectionofJanuarysales 90,000 52,500 0
CollectionofFebruarysales 0 108,000 63,000
CollectionofMarchsales 0 0 111,000
Saleofequipment 0 0 5,000

Totalcashcollections $101,000 $160,500 $179,000


2. Prepareaschedulethatdisclosesthefirm'stotalcashdisbursementsforJanuarythroughMarch.
(Leavenocellsblankbecertaintoenter"0"whereverrequired.Omitthe"$"signinyour
response.)

January February March
Paymentofaccountspayable $22,000 $0 $0
PaymentofJanuarypurchases 63,000 27,000 0
PaymentofFebruarypurchases 0 70,000 30,000
PaymentofMarchpurchases 0 0 98,000
Cashoperatingcosts 31,000 24,000 45,000

Totalcashdisbursements $116,000 $121,000 $173,000


3. Prepareaschedulethatdisclosesthefirm'scashneeds,ifany,forJanuarythroughMarch.The
scheduleshouldpresentthefollowinginformationintheordercited:Beginningcashbalance,total
receipts(fromrequirement(1)),totalpayments(fromrequirement(2)),thecashexcess(deficiency)
beforefinancing,borrowingneededtomaintainminimumbalance,loanprincipalrepaid,loaninterest
paid,andendingcashbalance.(Leavenocellsblankbecertaintoenter"0"whereverrequired.
Amountstobedeductedshouldbeindicatedbyaminussign.Omitthe"$"signinyour
response.)

January February March


Beginningcashbalance $20,000 $20,000 $44,300
Totalreceipts 101,000 160,500 179,000

Subtotal $121,000 $180,500 $223,300
Less:Totaldisbursements 116,000 121,000 173,000

Cashexcess(deficiency)beforefinancing $5,000 $59,500 50,300
Financing:
Borrowingtomaintain$20,000balance 15,000 0 0
Loanprincipalrepaid 0 15,000 0
Loaninterestpaid 0 200 0

Endingcashbalance $20,000 $44,300 $50,300

References

Worksheet LearningObjective: LearningObjective:0904Prepareeach


0902Describethe ofthebudgetschedulesthatmakeup
similaritiesand themasterbudget.
differencesinthe
operationalbudgets
preparedby
manufacturers,
serviceindustry
firms,
merchandisers,and
nonprofit
organizations.

MaryandKay,Inc.,adistributorofcosmeticsthroughoutFlorida,isintheprocessofassemblingacash
budgetforthefirstquarterof201.Thefollowinginformationhasbeenextractedfromthecompany's
accountingrecords:

Allsalesareonaccount.Sixtypercentofcustomeraccountsarecollectedinthemonthofsale35
percentarecollectedinthefollowingmonth.Uncollectiblesamountingto5percentofsalesare
anticipated,andmanagementbelievesthatonly20percentoftheaccountsoutstandingonDecember31,
20x0,willberecoveredandthattherecoverywillbeinJanuary201.
Seventypercentofthemerchandisepurchasesarepaidforinthemonthofpurchasetheremaining30
percentarepaidforinthemonthafteracquisition.
TheDecember31,20x0,balancesheetdisclosedthefollowingselectedfigures:cash,$20,000accounts
receivable,$55,000andaccountspayable,$22,000.
MaryandKay,Inc.maintainsa$20,000minimumcashbalanceatalltimes.Financingisavailable(and
retired)in$1,000multiplesatan8percentinterestrate,withborrowingstakingplaceatthebeginningof
themonthandrepaymentsoccurringattheendofthemonth.Interestispaidatthetimeofrepaying
principalandcomputedontheportionofprincipalrepaidatthattime.
Additionaldata:

January February March


Salesrevenue $150,000 $180,000 $185,000
Merchandisepurchases 90,000 100,000 140,000
Cashoperatingcosts 31,000 24,000 45,000
Proceedsfromsaleofequipment 5,000

Required:
1. Prepareaschedulethatdisclosesthefirm'stotalcashcollectionsforJanuarythroughMarch.(Leaveno
cellsblankbecertaintoenter"0"whereverrequired.Omitthe"$"signinyourresponse.)

January February March


Collectionofaccountsreceivable: $ 11,000 $ 0 $ 0
CollectionofJanuarysales 90,000 52,500 0
CollectionofFebruarysales 0 108,000 63,000
CollectionofMarchsales 0 0 111,000
Saleofequipment 0 0 5,000

Totalcashcollections $ 101,000 $ 160,500 $ 179,000

2. Prepareaschedulethatdisclosesthefirm'stotalcashdisbursementsforJanuarythroughMarch.
(Leavenocellsblankbecertaintoenter"0"whereverrequired.Omitthe"$"signinyour
response.)

January February March


Paymentofaccountspayable $ 22,000 $ 0 $ 0
PaymentofJanuarypurchases 63,000 27,000 0
PaymentofFebruarypurchases 0 70,000 30,000
PaymentofMarchpurchases 0 0 98,000
Cashoperatingcosts 31,000 24,000 45,000

Totalcashdisbursements $ 116,000 $ 121,000 $ 173,000

3. Prepareaschedulethatdisclosesthefirm'scashneeds,ifany,forJanuarythroughMarch.The
scheduleshouldpresentthefollowinginformationintheordercited:Beginningcashbalance,total
receipts(fromrequirement(1)),totalpayments(fromrequirement(2)),thecashexcess(deficiency)
beforefinancing,borrowingneededtomaintainminimumbalance,loanprincipalrepaid,loaninterest
paid,andendingcashbalance.(Leavenocellsblankbecertaintoenter"0"whereverrequired.
Amountstobedeductedshouldbeindicatedbyaminussign.Omitthe"$"signinyour
response.)

January February March


Beginningcashbalance $ 20,000 $ 20,000 $ 44,300
Totalreceipts 101,000 160,500 179,000

Subtotal $ 121,000 $ 180,500 $ 223,300
Less:Totaldisbursements 116,000 121,000 173,000

Cashexcess(deficiency)beforefinancing $ 5,000 $ 59,500 50,300
Financing:
Borrowingtomaintain$20,000balance 15,000 0 0
Loanprincipalrepaid 0 15,000 0
Loaninterestpaid 0 200 0

Endingcashbalance $ 20,000 $ 44,300 $ 50,300

Explanation:

1.
Scheduleofcashcollections:

Collectionofaccountsreceivable:$55,00020%
CollectionofJanuarysales($150,000):60%inJanuary35%inFebruary
CollectionofFebruarysales($180,000):60%inFebruary35%inMarch
CollectionofMarchsales($185,000):60%inMarch35%inApril

2.
Scheduleofcashdisbursements:

PaymentofJanuarypurchases($90,000):70%inJanuary30%inFebruary
PaymentofFebruarypurchases($100,000):70%inFebruary30%inMarch
PaymentofMarchpurchases($140,000):70%inMarch30%inApril

3.
LoaninterestpaidinFebruary:

$15,0008%2/12


2. Award: 5 out of 5.00 points

Badlands,Inc.manufacturesahouseholdfanthatsellsfor$40perunit.Allsalesareonaccount,with40
percentofsalescollectedinthemonthofsaleand60percentcollectedinthefollowingmonth.Thedata
thatfollowwereextractedfromthecompany'saccountingrecords.

Badlandsmaintainsaminimumcashbalanceof$30,000.TotalpaymentsinJanuary201arebudgeted
at$390,000.
AscheduleofcashcollectionsforJanuaryandFebruaryof201revealedthefollowingreceiptsforthe
period:

CashReceipts

January February
FromDecember31accountsreceivable $216,000
FromJanuarysales 152,000 $228,000
FromFebruarysales 156,800

March201salesareexpectedtototal10,000units.
Finishedgoodsinventoriesaremaintainedat20percentofthefollowingmonth'ssales.
TheDecember31,200,balancesheetrevealedthefollowingselectedfigures:cash,$45,000accounts
receivable,$216,000andfinishedgoods,$44,700.

Required:
1. DeterminethenumberofunitsthatBadlandssoldinDecember200.

Decembersales 9,000 units

2. ComputethesalesrevenueforMarch201.(Omitthe"$"signinyourresponse.)

Salesrevenue $400,000

3. ComputethetotalsalesrevenuetobereportedonBadlandsbudgetedincomestatementforthefirst
quarterof201.(Omitthe"$"signinyourresponse.)

Totalsalesrevenue $1,172,000

4. DeterminetheaccountsreceivablebalancetobereportedontheMarch31,201,budgetedbalance
sheet.(Omitthe"$"signinyourresponse.)

Accountsreceivablebalance $240,000

5. CalculatethenumberofunitsintheDecember31,200,finishedgoodsinventory.

Finishedgoodsinventory 1,900 units

6. CalculatethenumberofunitsoffinishedgoodstobemanufacturedinJanuary201.

Finishedgoodstobemanufactured 9,560 units

7. CalculatethefinancingrequiredinJanuary,ifany,tomaintainthefirm'sminimumcashbalance.(Omit
the"$"signinyourresponse.)

Financingrequired $7,000


References

Worksheet LearningObjective: LearningObjective:0904Prepareeach


0902Describethe ofthebudgetschedulesthatmakeup
similaritiesand themasterbudget.
differencesinthe
operationalbudgets
preparedby
manufacturers,
serviceindustry
firms,
merchandisers,and
nonprofit
organizations.

Badlands,Inc.manufacturesahouseholdfanthatsellsfor$40perunit.Allsalesareonaccount,with40
percentofsalescollectedinthemonthofsaleand60percentcollectedinthefollowingmonth.Thedata
thatfollowwereextractedfromthecompany'saccountingrecords.

Badlandsmaintainsaminimumcashbalanceof$30,000.TotalpaymentsinJanuary201arebudgeted
at$390,000.
AscheduleofcashcollectionsforJanuaryandFebruaryof201revealedthefollowingreceiptsforthe
period:

CashReceipts

January February
FromDecember31accountsreceivable $216,000
FromJanuarysales 152,000 $228,000
FromFebruarysales 156,800

March201salesareexpectedtototal10,000units.
Finishedgoodsinventoriesaremaintainedat20percentofthefollowingmonth'ssales.
TheDecember31,200,balancesheetrevealedthefollowingselectedfigures:cash,$45,000accounts
receivable,$216,000andfinishedgoods,$44,700.

Required:
1. DeterminethenumberofunitsthatBadlandssoldinDecember200.

Decembersales 9,000 units

2. ComputethesalesrevenueforMarch201.(Omitthe"$"signinyourresponse.)

Salesrevenue $ 400,000

3. ComputethetotalsalesrevenuetobereportedonBadlandsbudgetedincomestatementforthefirst
quarterof201.(Omitthe"$"signinyourresponse.)

Totalsalesrevenue $ 1,172,000

4. DeterminetheaccountsreceivablebalancetobereportedontheMarch31,201,budgetedbalance
sheet.(Omitthe"$"signinyourresponse.)

Accountsreceivablebalance $ 240,000

5. CalculatethenumberofunitsintheDecember31,200,finishedgoodsinventory.

Finishedgoodsinventory 1,900 units

6. CalculatethenumberofunitsoffinishedgoodstobemanufacturedinJanuary201.

Finishedgoodstobemanufactured 9,560 units

7. CalculatethefinancingrequiredinJanuary,ifany,tomaintainthefirm'sminimumcashbalance.(Omit
the"$"signinyourresponse.)

Financingrequired $ 7,000

Explanation:

1.
Salesarecollectedoveratwomonthperiod,40%inthemonthofsaleand60%inthefollowing
month.Decemberreceivablesof$216,000equal60%ofDecember'ssalesthus,Decembersalestotal
$360,000($216,000.6).Sincethesellingpriceis$40perunit,Badlandssold9,000units($360,000
$40).

2.
Sincethecompanyexpectstosell10,000units,salesrevenuewilltotal$400,000(10,000units$40).

3.
Badlandscollected40%ofFebruary'ssalesinFebruary,or$156,800.Thus,February'ssalestotal
$392,000($156,800.4).CombiningJanuarysales($152,000+$228,000),Februarysales($392,000),
andMarchsales($400,000),thecompanywillreportrevenueof$1,172,000.

4.
SixtypercentofMarch'ssaleswillbeoutstanding,or$240,000($400,00060%).

5.
Finishedgoodsinventoriesaremaintainedat20%ofthefollowingmonth'ssales.Januarysalestotal
$380,000($152,000+$228,000),or9,500units($380,000$40).Thus,theDecember31inventoryis
1,900units(9,50020%).

6.
Februarysaleswilltotal9,800units($392,000$40),givingrisetoaJanuary31inventoryof1,960units
(9,80020%).LettingXdenoteproduction,then:

12/31/0inventory+XJanuary201sales=1/31/1inventory
1,900+X9,500=1,960
X7,600=1,960
X=9,560

7.
Financingrequiredis$7,000($30,000minimumbalance$23,000endingbalance):


Cashbalance,January1 $ 45,000
Add:Januaryreceipts($216,000+$152,000) 368,000

Subtotal $413,000
Less:Januarypayments 390,000

Cashbalancebeforefinancing $ 23,000

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