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PROJECT ACase 9-30

Student Name: Your Name Here


SALES BUDGET:
Budgeted unit sales
Selling price per unit
Total sales

April
65,000
$
10
$ 650,000

SCHEDULE OF EXPECTED CASH COLLECTIONS:


April
February sales
$ 26,000
March sales
$ 280,000
April sales
$ 130,000
May sales
June sales
Total cash collections
$ 436,000

May
100,000
$
10
$ 1,000,000

$
$

June
50,000
10
500,000

$
May
$ 40,000
$ 455,000
$ 200,000
$ 695,000

10
June

$
$
$
$

Quarter
215,000
$
10
$ 2,150,000

65,000
700,000
100,000
865,000

Quarter
$
26,000
$ 320,000
$ 650,000
$ 900,000
$ 100,000
$ 1,996,000

MERCHANDISE PURCHASES BUDGET:


Budgeted unit sales
Add desired ending inventory*
Total needs
Less beginning inventory
Required purchases
Cost of purchases @ $4 per unit
*40% of next month's sales in units

April
May
65,000
100,000
40,000
20,000
105,000
120,000
26,000
40,000
79,000
80,000
$ 316,000 $ 320,000 $

June
Quarter
50,000
215,000
12,000
12,000
62,000
227,000
20,000
26,000
42,000
201,000
168,000 $ 804,000

BUDGETED CASH DISBURSEMENTS FOR MERCHANDISE PURCHASES:


April
May
June
Accounts payable
$ 100,000
April purchases
$ 158,000 $ 158,000
May purchases
$ 160,000 $ 160,000
June purchases
$
84,000
Total cash payments
$ 258,000 $ 318,000 $ 244,000

$
$
$
$
$

EARRINGS UNLIMITED
CASH BUDGET
FOR THE 3 MONTHS ENDING JUNE 30
April
May
Cash balance
$ 74,000 $ 50,000 $
Add collections from customers
$ 436,000 $ 695,000 $
Total cash available
$ 510,000 $ 745,000 $

June
50,000
865,000
915,000

Quarter
$
74,000
$ 1,996,000
$ 2,070,000

Less disbursements
Merchandise purchases
Advertising

244,000
200,000

$
$

$ 258,000
$ 200,000

$ 318,000
$ 200,000

$
$

Quarter
100,000
316,000
320,000
84,000
820,000

820,000
600,000

Rent
Salaries
Commissions
Utilities
Equipment purchases
Dividends paid
Total disbursements

$ 18,000
$ 106,000
$ 26,000
$
7,000
$
$ 15,000
$ 630,000

Excess (deficiency) of receipts


over disbursements
Financing:
Borrowings
Repayments
Interest
Total financing
Cash balance, ending

$ 18,000
$ 106,000
$ 40,000
$
7,000
$ 16,000
$
$ 705,000

$
$
$
$
$
$
$

18,000
106,000
20,000
7,000
40,000
635,000

$
54,000
$ 318,000
$
86,000
$
21,000
$
56,000
$
15,000
$ 1,970,000

280,000

$ (120,000) $

40,000

$ 170,000

10,000

$ 170,000

10,000

$
$ (180,000) $
$
(5,300) $
$ (185,300) $

50,000

50,000

94,700

EARRINGS UNLIMITED
BUDGETED INCOME STATEMENT
FOR THE 3 MONTHS ENDED JUNE 30
Sales
Variable expenses:
Cost of goods sold
Commissions
Contribution Margin
Fixed expenses:
Advertising
Rent
Salaries
Utilities
Insurance
Depreciation
Net operating income
Interest expense
Net income

$ 2,150,000
$ 860,000
$ 86,000
$ 600,000
$ 54,000
$ 318,000
$ 21,000
$
9,000
$ 42,000

$ 946,000
$ 1,204,000

$ 1,044,000
$ 160,000
$
5,300
$ 154,700

EARRINGS UNLIMITED
BUDGETED BALANCE SHEET
JUNE 30
Assets:
Cash
Accounts receivable (see below)
Inventory
Prepaid insurance
Property and equipment, net
Total assets

$
94,700
$ 500,000
$
48,000
$
12,000
$ 964,000
$ 1,618,700

100,000
180,000
(180,000)
(5,300)
(5,300)
94,700

Liabilities and Stockholders' Equity


Accounts payable, purchases
Dividends payable
Capital stock
Retained earnings (see below)
Total liabilities and stockholders' equity

$
84,000
$
15,000
$ 800,000
$ 719,700
$ 1,618,700

Working Data
Accounts receivable at June 30:
May sales x 10%
June sales x 80%
Total

$
$
$

100,000
400,000
500,000

$
$
$
$
$

580,000
154,700
734,700
15,000
719,700

Retained earnings at June 30:


Balance, March 31
Add net income
Total
Less dividends declared
Balance, June 30

10%
80%

Sales
Collection %
26,000 1st month
20%
40,000 2nd month
70%
65,000 3rd month
10%
100,000
50,000

100,000
50,000

Sales
March
July
Starting Inv

Payment
Per Month

65,000
30,000
40%

50%
50%
50%

4% Commission Rate

Interest Calculations
$
10,000
$
170,000

215,000 $

12,000 $
21,000 $
950,000 $

2 $
3 $
$

Cost per month Months


$
3,000
$
14,000

$
$

1%
1%

3 $
3 $

4.00
9,000
42,000

9,000
42,000

56,000

200
5,100
5,300