All of the accounts payable are for inventory purchases and all inventory items are purchased on account. What are the estimated cash disbursements for inventories for the budget period? * (1 Point) Sample format: 1,111,111 NUBD Co., a merchandising firm, is preparing its master budget and has gathered the following data to help budget cash disbursements: Budgeted data: Cost of goods sold Desired decrease in inventories Desired decrease in accounts payable P1,680,000 P80,000 P150,000

All of the accounts payable are for inventory purchases and all inventory items are purchased on account. What are the estimated cash disbursements for inventories for the budget period? * (1 Point) Sample format: 1,111,111 NUBD Co., a merchandising firm, is preparing its master budget and has gathered the following data to help budget cash disbursements: Budgeted data: Cost of goods sold Desired decrease in inventories Desired decrease in accounts payable P1,680,000 P80,000 P150,000

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 9Q: A company has prepared the operating budget and the cash budget. It is now preparing the budgeted...

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Panther Corporation appeared to be experiencing a good year. Sales in the first quarter were one-third ahead of last year, and the sales department predicted that this rate would continue throughout the entire year. The controller asked Janet Nomura, a summer accounting intern, to prepare a draft forecast for the year and to analyze the differences from last year's results. She based the forecast on actual results obtained in the first quarter plus the expected costs of production to be completed in the remainder of the year. She worked with various department heads (production, sales, and so on) to get the necessary information. The results of these efforts follow: PANTHER CORPORATION Expected Account Balances for December 31, Year 2 Cash 6,500 Accounts receivable 337,000 Inventory (January 1, Year 2) Plant and equipment Accumulated depreciation Accounts payable Notes payable (due within one year) Accrued payables 240,000 605,000 $ 181,000 197,000 217,000 110,000 Common stock 450,000…
Which of the following is the cornerstone (or most critical element) of the master budget? The operating expenses budget The budgeted balance sheet The sales budget The inventory, purchases, and cost of goods sold budget а. b. с. d. 3. The budgeted statement of cash flows is part of which element of Amazon.com's master budget? The financial budget The operating budget The capital expenditures budget None of the above а. b. с. d. Use the following information to answer questions 4 through 7 Suppose Mallcentral sells 1,000,000 hardcover books a day at an average price of $30. Assume that Mallcentral's purchase price for the books is 75% of the selling price it charges retail customers. Mallcentral has no beginning inventory, but it wants to have a three-day supply of ending inventory. Assume that operating expenses are $1,000,000 per day. 4. Compute Mallcentral's budgeted sales for the next (seven-day) week. $157,500,000 $217,000,000 $435,000,000 $210,000,000 а. b. с. d. 2.
4G . 4G S 9:58 以令 Shrek & Fiona Company Statement of Financial Position As of December 31, 2020 Current Assets Current Liabilities Cash 18,000 Accounts Payable (N2) 240,000 Accounts Receivable (N1) Taxes Payable Dividends Payable 1,192,000 13,200 Less: Uncollectible accounts (22,400) 1,169,600 500,000 Inventories Total Current Liabilities 753,200 Raw Materials (12,000 pounds) 30,000 Finished Goods (4,000 units) 140,000 170,000 Total Current Assets 1,357,600 Stockholder's Equity Common Stock (100,000 shares) 500,000 Non-current Assets Retained Earnings 360,400 Property, plant, and equipment 320,000 Total Stockholder's Equity 860,400 Less: Accumulated depreciation (64,000) 256,000 Total Assets 1,613,600 Total Liabilities and SHE 1,613,600 N1 2020 3rd quarter sales P2,500,000 2020 4th quarter sales P3,100,000 200,000 992,000 1,192,000 75,000 165,000 N2 2020 3rd quarter purchases P300,000 2020 4th quarter purchases P330,000 240,000 1. Estimated unit sales for the first quarter of 2021 is…
Using the same above information, what would it look like to complete the following? Schedule of cash payments for direct materials.Cash budget.Budgeted income statement for entire second quarter (not monthly).
1. Prepare a Sales Budget 2. Determine a production volume. 3. Estimate manufacturing cost and operating expense. a. Purchase (material budget) b. Personnel budget c. Overhead budget d. Selling and Administrative budget 4. Determine cash flow and other financial effects. a. Cash collection schedule b. Cash disbursement for purchases, factory overhead, and selling and administrative expense. c. Cash budget 5. Formulate Projected Financial Statement (As of December 31, 3021) a. Budgeted cost of goods manufactured b. Budgeted income statement c. Budgeted Balance Sheet
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The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods: Current assets as of March 31: Cash 24 7,900 %24 21,600 %24 42,000 $ 132,000 Accounts receivable Inventory Building and equipment, net Accounts payable 24 25,050 $ 150,000 $ 28,450 Common stock Retained earnings a. The gross margin is 25% of sales. b. Actual and budgeted sales data: March (actual) April May $ 54,000 $ 70,000 $ 75,000 $ 100,000 $ 51,000 June July c. Sales are 60% for cash and 40% on credit. Credit sales are collected in the month following sale. The accounts receivable at March 31 are a result of March credit sales. d. Each month's ending inventory should equal 80% of the following month's budgeted cost of goods sold. e. One-half of a month's inventory purchases is paid for in the month of purchase; the other half is paid for in the following month. The accounts payable at March 31 are the result of March purchases of inventory. f. Monthly expenses are as follows:…