= _Chegg tome stuiytools v Mycourses ¥ Mybooks Myfolder Career Life Find solutions for your homework [Search] Question: Bernard Creighton is the controller for Creighton Hardware St- (Bk Bernare Creighton ithe contre for Creighton Harcware Store. puting together the cash Didget or the foun quarter ofthe yor, he has asembiad he fotowing dla Sales duly acts). $100,000 ‘august (eta. 120,000 = . September fstimated) 9,000 (October (estmated) 100,000 Noveroer (estimated) . 135,000 December fsimatea} 150,000 bb Each month, 20 percent of sales are for cash, and 80 percent are on ret. The collection patter for Creat sales is 20 percent nthe month of sale, 50 percent inthe fllowing month, and 30 pereentin the Second month flowing hese Eacr month, the ending inventory exaely equa 40 percent a the cost of reat monthSe™s sles. The ‘markup on goods 333 percent of cot Inventory purchases are pad fern the month folowing purchase «Recurring monthly expenses aro as follows: Salaries and wages 510,000 Deprecason an pant and equipment 4.000 ties #000 Omer 1.700 ea {Property taxes of $15,000 are due and payable on September 1, Prd on AN En 4g. Advertsing fees of $6,000 must be ald on October 20. hAleaseon anew storage fact is cheded to begin on November 2. Monthly payments are $5,000. i The company has a pokey to maintain minimum eath balance of $10,000. necessary, tl Bor0W to meets short erm needs All barowing is done atthe Begining ofthe month All payments on prneaal tnd interest are made atthe end of the month The annual nerest at e9 percent. The company must borrow in multiples of $000. |: A partaly completes balance sheet as of August 1 follows (counts payable fr ivertory purcnases ony Perna Creighton isthe controle for Creighton Hardware Store Require 1 Compete the balance sheet given in pat 2. Bemard wants to seehow the companys doing prior to starting the month of December: Prepare a ‘ash budget forthe manths of Seatember, Octabe, and November and for he three-month period in ‘otal (he period begins on Sapte Provide a supporting schedule 9 sn coletons 5 Prepare pro forma balance sheet as of NoverberS0 Expert Answer © aunomrest (a) [PeHome Study tools ¥ Mycourses V Mybooks Myfolder Career LifeMy courses v Mybooks My folder Career LifeHome Study tools ¥ Myccourses V Mybooks Myfolder Career Life ie commen) “comments Anonymous posted 1 year age Yee ke am missing something obvious ut why i cost of sales 1) era comet 3: Cash Suciget, Pro Forma Balance Sheet Bernard Creghton she contr fr Creighton Hardware Store. In puting tagether te cash budget fr the fourth quater ofthe Yur he has aserbied he folowing data Sales Jay facta) 1100.00. August (actual) 120,000 September estimated) 99,000 October fstmated) 100.000 Nevernber| (estimates) 3 A Seo answer ie matnas) {: cash Bulges, Pro Forma Balance Sheet Bernard Crighton she contol fr Creighton Hardware Sore. putting together the cash budget fr the fourth quater ofthe year he has assembled the folowing data Sales Jy facta) $100,000 "August factual 120,000. September (estimated) 90,000. October estimated) 200,000 November (estimates). ‘Ac Seeanewer wonton) 6: Bernard Creighton is the contol for Creighton Hardware Store in puting together the cash budget for he fourth ‘quart ofthe year, he has assembled the flowing dala Fach month, 29 aurcent of sais ate orcas, andl 80 percent are on cre the coletin pattern for red sales 20 percent the marth of ae, 5 pent nthe following month, and 30 percent in the A See anewer 0 Pans (: Aetonal information and questions 0 socons picture, Thanks ‘fs Seo answer {: Quetion that: Bernaré wants to see how the company is doing prior to starting the month of December. Prepare a ‘aah budget forthe mans of Septemer, October ard November an forthe thremonth period ino. (he eros begins on Septembe 1) Providing a supporting schedule of cash collections. Thing is that lxnew the answer, please check the folowing abe, Dut ‘A: See answer 100612 ns)Home Study tools ¥ Myccourses V Mybooks Myfolder Career Life = Chegg poles arid manufactcing specications. A: See answer soetstrirgs 0: Production, Dect Labor, Dect Material, Sales Budgets, Sudgeted Contribution Margin Greiner Company makes ne el high-qunity air iter or microcomputer monitors, Jahn Craven, controler responsible for preparing Greier’s master budget and has assembied te folowing data othe coming year. The ee labor rate nchades wages allemployee-rélated benefits, and 1 See answer (: Cash Buoget Friendly Fresdle'sis an independent ovmed majo applance and electronics discount cain with Seven stores located ina Midwestern metopolianafea. Rapid expansion Mas created the need for careful lanring ‘of cash requirements to ensue ha he chain abl to repensh stock adequately and mee! gayment Schedles ‘redo. red Ferguson founder ofthe char A: See answer 6: Flee Budget, Mule Regression The contraller for Mie Companys Salem plant analyzing overhes in der to “eterne appropriate divers or ue in lexi budgeting. She decides to concentrate onthe past 12 mnths since that ime period was one in wich there wa We mportan change fechnology, rode! ines, 270 30.98, Data on ‘overhead costs, numer of machine. ‘A See anewer (0: cash Bueget, Pro Forma Balance Sheet Bernard Creighton she contre fr Creighton Haréware Store. In puting tegetrer te cash budget fr te fourth quater ofthe year he has aseraled the falow'ng data a Sales Jy {aetua $100,000 Augastactua 120,000 September (estimated) 90.000 Octobe (esimated) 100,000 November {estimated 135,000 December estimated) 50,000 5 A: See answer 6 OBJECTIVE Problem 8.40 Flexible Budget The contol or Mui” Company's Salem plants anaiying overhead is are io determine appropriate drivers for we in lenbe budgeting. She decided vo concerzate onthe pas 2 ‘mont sincs that tne periog was ane in when there wae important change in echrology, prod nes an {aon Dats on overtead cots, number of machin A See answer {: comerstones 3rd edition by Hansen Don R problem 837 cash budget pro forma balance sheet Bernard Creigtons the contol for Creighton Hardware Store, n putt together the cash uget fr te fourth quater of Me Year has assembied the folowing dat. a. sales july (actual $100,000 August actual) 120,000 Septemberestinated) 90,000 Octobelestmated) 100.0. 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