Esquire Products Inc- expects the following monthly sales- Cash sales.docx

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Esquire Products Inc. expects the following monthly sales: Cash sales are 40 percent in a given month, with the remainder going into accounts receivable. All receivables are collected in the month following the sale. Esquire sells all of its goods for $2 each and produces them for $1 each. Esquire uses level production, and average monthly production is equal to annual production divided by 12 . a. Generate a monthly production and inventory schedule in units. Beginning inventory in January is 8,000 units. b. Prepare a cash receipts schedule for January through December. Assume that dollar sales in the prior December were $20 , 000 . c. Prepare a cash payments schedule for January through December. The production costs ( $1 per unit produced) are paid for in the month in which they occur. Other cash payments (besides those for production costs) are $7 , 000 per month. d. Construct a cash budget for January through December using the cash receipts schedule from part b and the cash payments schedule from part c. The beginning cash balance is $3 , 000 , which is also the minimum desired. (Negative amounts should be indicated by a minus sign.) e. Determine total current assets for each month. Include cash, accounts recelvable, and inventory. The accounts receivable for a given month is equal to 60 percent of that month's sales. Inventory is equal to ending inventory (part a) times the cost of $1 per unit. .

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Master Budget You have just been hired as a new management trainee by Earrings Unlimited, a distributor of earrings to various retail outlets located in shopping malls across the country. In the past, the company has done very little in the way of budgeting and at certain times of the year has experienced a shortage of cash. Since you are well trained in budgeting, you have decided to prepare a master budget for the upcoming second quarter. To this end, you have worked with accounting and other areas to gather the information assembled below. The company sells many styles of earrings, but all are sold for the same price—$10 per pair. Actual sales of earrings for the last three months and budgeted sales for the next six months follow (in pairs of earrings): January (actual) 30,000 June (budget) 45,000 February (actual) 20,000 July (budget) 40,000 March (actual) 50,000 August (budget) 30,000 April (budget) 70,000 September (budget) 20,000 May (budget) 95,000 Sufficient inventory should be on hand at the end of each month to supply 40% of the earrings sold in the following month. Suppliers are paid $3 for a pair of earrings. 40% of a month’s purchases is paid for in the month of purchase; the other 60% is paid for in the following month. All sales are on credit. Only 30% of a month’s sales are collected in the month of sale. An additional 60% is collected in the following month, and the remaining 10% is collected in the second month following sale. Monthly operating expenses for the company are given below: Variable: Sales commissions 5% of sales Fixed: Advertising $ 190,000 Rent $ 20,000 Salaries $ 100,000 Utilities $ 8,000 Insurance $ 3,000 Depreciation $ 14,000 Insurance is paid on an annual basis, in November of each year. At the end of June, the company received $4,000 deposit for July sales. Sales in advance is a liability. The company plans to purchase $20,000 in new equipment during May and $60,000 in new equipment during June; both purchases will be for cash. The company declares dividends of $15,000 each quarter, payable in the first month of the following quarter. The company’s balance sheet as of March 31 is given below: Assets Cash $ 74,000 Accounts receivable ($20,000 February sales; $350,000 March sales) 370,000 Inventory 80,000 Prepaid insurance 21,000 Property and equipment (net) 950,000 Total assets $ 1,495,000 Liabilities and Stockholders’ Equity Accounts payable $ 100,000 Dividends payable 15,000 Common stock 800,000 Retained earnings 580,000 Total liabilities and stockholders’ equity $ 1,495,000 The company maintains a minimum cash balance of $50,000. All borrowing is done at the beginning of a month; any repayments are made at the end of a month. The company has an agreement with a bank that allows the company to borrow in increments of $1,000 at the beginning of each month. The interest rate on these loans is 1% per month and for simplicity we will assume that interest is n.

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The Balance Sheet provides a snapshot of the financial condition of a company at the end of an accounting period. It shows the assets, liabilities, and owner’s equity in the business. 1. Identify each of the following as an asset ( A ), contra asset ( C ), liability ( L ), or equity ( E ). Insert the appropriate letter in each field A cash C depreciation C equipment A inventory L loan E paid in capital C prepaid insurance E retained earnings L taxes owed A utility deposit 2. In early December, Alice and Bob decided to open the Sample Cafe with $15,000 of their own money and $20,000 borrowed from a friend. They have spent $12,000 on equipment and furniture, and purchased $3,000 worth of inventory. Having put down a $2,500 deposit for a location on Main St., they will pay the first month’s rent when they open their doors on January 1st. HINT: Consider the change in each asset account, given the transactions above. Total Assets has been included as a second hint. Create a balance sheet showing the financial position of the Sample Cafe as of December 31 st Use the data above. Remember, Assets must equal Total Liabilities + Equity. Sample Cafe Balance Sheet As of December 31, 20xx Assets Liabilities Cash $15,000 Loans $20,000 Deposits $2,500 Total Liabilities $20,000 Furniture & Equip. $12,000 Depreciation $2,500 Equity Inventory $3,000 Owner’s Equity $15,000 Total Equity $15,000 Total Assets $35,000 Total Liab. & Equity $35,000 3. The Sample Café nearly broke even in the first month of business. Below is a summary of revenue and expenses for January. Starting with the balance sheet from December 31st, use the results to create an updated balance sheet for January 31st. HINT: Remember, Net Income is added to Owner’s Equity; Net Loss is subtracted from Owner’s Equity. Total Assets has been added as a hint. Sample Café Income Statement Summary Month Ended January 31, 20xx Revenue $30,000 Cost of Goods Sold $3,500 $1,000 from inventory Total Expenses $27,000 Includes equipment depreciation of $200. Net Income ($500) Sample Cafe Balance Sheet As of December 31, 20xx Assets Liabilities Cash $30,000 Loans $20,000 Deposits $2,500 Total Liabilities $20,000 Furniture & Equip. $0 Depreciation $1,000 Equity Inventory $1,000 Owner’s Equity $14,500 Total Equity $14,500 Total Assets $34,500 Total Liab. & Equity $34,500 4. What is the book value of the equipment at the end of January? Because furniture and equipment are $12,000 I assume half of that is equipment. With the information above saying that $200 had depreciated $6,000-$ 200 would be a $5800 value for the equipment. 5. Alice and Bob had a small loss for the month. What happened to cash? Explain. Inventory was $3,000 but in January it was calculated that $3,500 was spent. That means $500 dollars of inventory was not expected giving the loss of $500. .

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Homework 7 instructions | help [The following information applies to the questions displayed below.] Near the end of 2013, the management of Dimsdale Sports Co., a merchandising company, prepared the following estimated balance sheet for December 31, 2013. DIMSDALE SPORTS COMPANY Estimated Balance Sheet December 31, 2013 Assets Cash $ 36,500 Accounts receivable 520,000 Inventory 105,000 Total current assets 661,500 Equipment $ 545,000 Less accumulated depreciation 68,125 Equipment, net 476,875 Total assets $ 1,138,375 Liabilities and Equity Accounts payable $ 370,000 Bank loan payable 14,000 Taxes payable (due 3/15/2014) 90,000 Total liabilities $ 474,000 Common stock 471,000 Retained earnings 193,375 Total stockholders’ equity 664,375 Total liabilities and equity $ 1,138,375 To prepare a master budget for January, February, and March of 2014, management gathers the following information. a. Dimsdale Sports’ single product is purchased for $20 per unit and resold for $53 per unit. The expected inventory level of 5,250 units on December 31, 2013, is more than management’s desired level for 2014, which is 20% of the next month’s expected sales (in units). Expected sales are: January, 7,250 units; February, 9,250 units; March, 10,500 units; and April, 10,000 units. b. Cash sales and credit sales represent 20% and 80%, respectively, of total sales. Of the credit sales, 63% is collected in the first month after the month of sale and 37% in the second month after the month of sale. For the December 31, 2013, accounts receivable balance, $130,000 is collected in January and the remaining $390,000 is collected in February. c. Merchandise purchases are paid for as follows: 20% in the first month after the month of purchase and 80% in the second month after the month of purchase. For the December 31, 2013, accounts payable balance, $75,000 is paid in January and the remaining $295,000 is paid in February. d. Sales commissions equal to 20% of sales are paid each month. Sales salaries (excluding commissions) are $72,000 per year. e. General and administrative salaries are $132,000 per year. Maintenance expense equals $2,100 per month and is paid in cash. f. Equipment reported in the December 31, 2013, balance sheet was purchased in January 2013. It is being depreciated over eight years under the straight-line method with no salvage value. The following amounts for new equipment purchases are planned in the coming quarter: January, $36,000; February, $95,000; and March, $29,000. This equipment will be depreciated under the straight-line method over eight years with no salvage value. A full month’s depreciation is taken for the month in which equipment is purchased. g. The company plans to acquire land at the end of March at.

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