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Quick Accounting Help on Income Statements and Balance Sheets:
Given Information:
(1) I got the red boxes wrong and there are still a few boxes I am missing... can't figure it out..
(3) Need the balance sheet
Solution
a) Merchandise Purchase Budeget
Particulars July August September 3rd Quarter
Budget cost of goods sold $126,000 $138,000 $132,000 $396,000
Add:
Desired Ending Inventory $41,400 $39,600 $43,200 $43,200
_________________________________________________________________________
Total Needs $167,400 $177,600 $175,200 $439,200
Less:
Beginning Inventory N/A $41,400 $39,600 $43,200
_________________________________________________________________________
Required purchase $167,400 $136,200 $135,600 $396,000
_________________________________________________________________________
Cost of goods sold
July = $210,000 *60/100=$126,000
August= $230,000 *60/100=$138,000
September =$220,000 * 60/100=$132,000
Desired Ending Inventory:
July = $138,000 * 30/100=$41,400
August = $132,000 * 30/100=$39,600
September = $240,000* 60/100=$144,000 *30/100=$43,200
Beginning Inventory
July cost = $210,000 * 60/100=$126,000 *30/100=$37,800
August = $138,000 *30/100=$41,400
September= $132,000 * 30/100=$39,600
3 quarter total = $240,000 * 60/100=$144,000 * 30/10=$43,200
____________________________________________________________________________
b)cash disbursement for purchases:
Particulars JUne July August Total
Accounts Payable $71,100 N/A N/A $71,100
July Purchase $66.960 $100,440 N/A $167,400
August Purchase N/A $54,480 $81,720 $136,200
September Purchase N/A N/A $54,240 $54,240
___________________________________________________________________
Cash Disbursement $138,060 $154,920 $135,960 $428,940
___________________________________________________________________
Calculation
July = $167,400 * 40*/100=$66.960, :: $167,400 * 60/100=$100,440
August = $136,200 *40/100= $54,480:: $136,200 * 60/100=$81,720
September= $135,600 *40/100=$54,240 :: $135,600 * 60/100=$81,360
_____________________________________________________________________________
____
Income Statement
Particulars Amount
Sales = $900,000 ($210,000 + $230,000+$220,000+$240,000)
Cost of Goods Sold = $396,000
_____________________________
Gross Margin = $504,000
Less:
Admin and selling Expense $60,000
_____________________________
Net Income = $444,000
______________________________
_____________________________________________________________________________
___
d)Balance Sheet
Assets
Cash =$19,260 (Balancing Figure)
Inventory = $136,000
Accounts Receivable =$143,000(Sales=$220,000 * 65/100+$143,000)
Plant and Equipment=$210,000
_______________________________
Total = $508,260
Liabilities
Accounts Payable=$81,360
Common Stock =$327,000
Retain Earnings = $99,900
_____________________
Total = $508,260

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Quick Accounting Help on Income Statements and Balance SheetsGive.pdf

  • 1. Quick Accounting Help on Income Statements and Balance Sheets: Given Information: (1) I got the red boxes wrong and there are still a few boxes I am missing... can't figure it out.. (3) Need the balance sheet Solution a) Merchandise Purchase Budeget Particulars July August September 3rd Quarter Budget cost of goods sold $126,000 $138,000 $132,000 $396,000 Add: Desired Ending Inventory $41,400 $39,600 $43,200 $43,200 _________________________________________________________________________ Total Needs $167,400 $177,600 $175,200 $439,200 Less: Beginning Inventory N/A $41,400 $39,600 $43,200 _________________________________________________________________________ Required purchase $167,400 $136,200 $135,600 $396,000 _________________________________________________________________________ Cost of goods sold July = $210,000 *60/100=$126,000 August= $230,000 *60/100=$138,000 September =$220,000 * 60/100=$132,000 Desired Ending Inventory: July = $138,000 * 30/100=$41,400 August = $132,000 * 30/100=$39,600 September = $240,000* 60/100=$144,000 *30/100=$43,200 Beginning Inventory July cost = $210,000 * 60/100=$126,000 *30/100=$37,800 August = $138,000 *30/100=$41,400 September= $132,000 * 30/100=$39,600 3 quarter total = $240,000 * 60/100=$144,000 * 30/10=$43,200 ____________________________________________________________________________ b)cash disbursement for purchases: Particulars JUne July August Total
  • 2. Accounts Payable $71,100 N/A N/A $71,100 July Purchase $66.960 $100,440 N/A $167,400 August Purchase N/A $54,480 $81,720 $136,200 September Purchase N/A N/A $54,240 $54,240 ___________________________________________________________________ Cash Disbursement $138,060 $154,920 $135,960 $428,940 ___________________________________________________________________ Calculation July = $167,400 * 40*/100=$66.960, :: $167,400 * 60/100=$100,440 August = $136,200 *40/100= $54,480:: $136,200 * 60/100=$81,720 September= $135,600 *40/100=$54,240 :: $135,600 * 60/100=$81,360 _____________________________________________________________________________ ____ Income Statement Particulars Amount Sales = $900,000 ($210,000 + $230,000+$220,000+$240,000) Cost of Goods Sold = $396,000 _____________________________ Gross Margin = $504,000 Less: Admin and selling Expense $60,000 _____________________________ Net Income = $444,000 ______________________________ _____________________________________________________________________________ ___ d)Balance Sheet Assets Cash =$19,260 (Balancing Figure) Inventory = $136,000 Accounts Receivable =$143,000(Sales=$220,000 * 65/100+$143,000) Plant and Equipment=$210,000 _______________________________ Total = $508,260 Liabilities Accounts Payable=$81,360
  • 3. Common Stock =$327,000 Retain Earnings = $99,900 _____________________ Total = $508,260