Victoria Albo

Marko Hernandez
Noemi Ybaez
Ammabelle Cacatian
REQUIRED:
1) Sales Budget
20x0
December January February
Total Sales 400,000.00 440,000.00 484,000.00
Cash Sales 100,000.00 110,000.00 121,000.00
Sales on Account 300,000.00 330,000.00 363,000.00
2) Cash Receipts Budget
January February
Cash Sales 110,000.00 121,000.00
Cash collections from credit sales
made during current month 33,000.00 36,300.00
Cash collections from credit sales
made during preceding month 270,000.00 297,000.00
Total Cash Receipts 413,000.00 454,300.00
3) Purchases Budget
20x0
December January February
Budgeted cost of goods sold 280,000.00 308,000.00 338,800.00
Add: Desired ending inventory 154,000.00 169,400.00 186,340.00
Total goods needed 434,000.00 477,400.00 525,140.00
Less: Expected beginning inventory 140,000.00 154,000.00 169,400.00
Purchases 294,000.00 323,400.00 355,740.00
4) Cash disbursement budget
January February
Inventory Purchases:
Cash payments for purchases
during the current month 129,360.00 142,296.00
Cash payments for purchases
during the preceding month 176,400.00 194,040.00
Total cash payments for inventory purchases 305,760.00 336,336.00
Other Expenses:
Sales salaries 21,000.00 21,000.00
Advertising and promotion 16,000.00 16,000.00
Administrative salaries 21,000.00 21,000.00
Interest on bonds 15,000.00 -
Property taxes - 5,400.00
Sales commissions 4,400.00 4,840.00
Total cash payments for other expenses 77,400.00 68,240.00
Total Cash Disbursements 383,160.00 404,576.00
20x1
20x1
20x1
20x1
5) Summary cash budget
January February
Cash receipts (from schedule 2) 413,000.00 454,300.00
Less: Cash disbursements (from schedule 4) 383,160.00 404,576.00
Change in cash balance during
the period due to operations 29,840.00 49,724.00
Sale of marketable securities (1/2/x1) 15,000.00
Proceeds from bank loan (1/2/x1) 100,000.00
Purchase of equipment (125,000.00)
Repayment of bank loan (3/31/x1)
Interest on bank loan
Payment of dividends
Change in cash balance during first quarter
Cash balance, 1/1/x1
Cash balance, 3/31/x1
6) Analysis of short-term financing needs:
Projected cash balance as of December 31, 20x0
Less: Minimum cash balance
Cash available for equipment purchases
Projected proceeds from sale of marketable securities
Cash available
Less: Cost of Investment in equipment
Required short-term borrowing
7)
Sales
Less: Cost of Goods Sold
Gross Margin
Expenses:
Sales salaries
Advertising and promotion
Administrative salaries
Interest on bonds
Property taxes
Sales commissions
Interest on bank loan
Depreciation
Net Income
8)
Retained Earnings, December 31, 20x0
Add: Net Income
Less: Dividends
Intercoastal Electronics Company
20x1
Budgeted Income Statement
For the quarter ended, March 31, 20x1
Intercoastal Electronics Company
Budgeted Statement of Retained Earnings
For the quarter ended, March 31, 20x1
Retained Earnings, March 31, 20x1
9)
Cash
Accounts Receivable
Marketable Securities
Inventory
Buildings and Equipment
TOTAL ASSET
Accounts Payable
Bond Interest Payable
Property Taxes Payable
Bonds Payable
Common Stock
Retained Earnings
TOTAL LIABILITIES AND EQUITY
Budgeted Statement of Financial Position
March 31, 20x1
ASSETS
LIABILITIES AND EQUITY
Intercoastal Electronics Company
BSM 42
12-Aug-14
HW1-Midterm
March 1st Quarter
532,400.00 1,456,400.00
133,100.00 364,100.00
399,300.00 1,092,300.00
March 1st Quarter
133,100.00 364,100.00
39,930.00 109,230.00
326,700.00 893,700.00
499,730.00 1,367,030.00
March 1st Quarter
372,680.00 1,019,480.00
186,340.00 186,340.00
559,020.00 1,205,820.00
186,340.00 509,740.00
372,680.00 1,051,820.00
March 1st Quarter
149,072.00 420,728.00
213,444.00 583,884.00
362,516.00 1,004,612.00
21,000.00 63,000.00
16,000.00 48,000.00
21,000.00 63,000.00
- 15,000.00
- 5,400.00
5,324.00 14,564.00
63,324.00 208,964.00
425,840.00 1,213,576.00
20x1
20x1
20x1
20x1
March 1st Quarter
499,730.00 1,367,030.00
425,840.00 1,213,576.00
73,890.00 153,454.00
15,000.00
100,000.00
(125,000.00)
(100,000.00) (100,000.00)
(2,500.00) (2,500.00)
(50,000.00) (50,000.00)
(9,046.00)
35,000.00
25,954.00
35,000.00
25,000.00
10,000.00
15,000.00
25,000.00
125,000.00
(100,000.00)
1,456,400.00
1,019,480.00
436,920.00
63,000.00
48,000.00
63,000.00
7,500.00
2,700.00
14,564.00
2,500.00
75,000.00 276,264.00
160,656.00
107,500.00
160,656.00
50,000.00
Intercoastal Electronics Company
20x1
Budgeted Income Statement
For the quarter ended, March 31, 20x1
Intercoastal Electronics Company
Budgeted Statement of Retained Earnings
For the quarter ended, March 31, 20x1
218,156.00
25,954.00
359,370.00
-
186,340.00
676,000.00
1,247,664.00
223,608.00
5,000.00
900.00
300,000.00
500,000.00
218,156.00
1,247,664.00
Budgeted Statement of Financial Position
March 31, 20x1
ASSETS
LIABILITIES AND EQUITY
Intercoastal Electronics Company