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10/20/15, 4:16 PM
Ask Me Help Desk > Business & Careers > Accounting > Budgeted Cash Disbursements for Merchandise Purchases
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You have been hired as a new management trainees 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 experience a shortage of cash.
Since you are well trained in budgeting, you have decided to prepare comprehensive budgets for the upcoming second quarter in order
to show management the benefits that can be gained from an integrated budgeting program. 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-$10.00 per pair. Actual sales of earrings for the last three
months and budgeted sales for the next six month follow (in pairs of earrings):
January (actual) 20,000 February (actual) 26,000
March (actual) 40,000 April (budget) 65,000
May (budget) 100,000 June (budget) 50,000
July (budget) 30,000 August (budget) 28,000
September (budget) 25,000
The concentration of sales before and during May is due to Mothers Day. 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 $4.00 for a pair of earrings. One-half of a
months purchases in paid for in the month of the purchase; the other half is paid for in the following month. All sales are on
credit, with no discount, and payable within 15 days. The company has found, however, that only 20 percent of a months sales
are collected in the month of sale. An additional 70 percent is collected in the following month, and the remaining 10 percent in the
second month following sale. Bad debts have been negligible.
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Budgeted Cash Disbursements for Merchandise Purchases [Archive] - Ask Me Help Desk
10/20/15, 4:16 PM
Just Looking
Will2412
SALES BUDGET:
April May June Quarter
Budgeted unit sales 65,000 100,000 50,000 215,000
Selling price per unit 10 10 10 10
Total Sales 650,000 1,000,000 500,000 2,150,000
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Depreciation - Net operating income Interest expense Net income EARRINGS UNLIMITED
BUDGETED BALANCE SHEET
JUNE 30
Assets:
Cash
Accounts receivable (see below)
Inventory
Prepaid insurance
Property and equipment, net
Total assets
Liabilities and Stockholders' Equity
Accounts payable, purchases
Dividends payable
Capital stock
Retained earnings (see below)
Total liabilities and stockholders' equity
Accounts receivable at June 30:
May sales x ?%
June sales x ?%
Total
Retained earnings at June 30:
Balance, March 31
Add net income
Total
Less dividends declared
Balance, June 30
Just Looking
Will2412
Ok Just Looking I have that under control for purchases. Yes I am having trouble with the budgeted Cash dibursements and the cash
budget for 3 months. I have filled in what I could please help me in figuring out what is wrong and what I need to do. Thanks. Reposting
my solutions thus far in a new thread question
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Budgeted Cash Disbursements for Merchandise Purchases [Archive] - Ask Me Help Desk
Will2412
10/20/15, 4:16 PM
You have been hired as new management trainees 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 experience a shortage of cash.
Since you are well trained in budgeting, you have decided to prepare comprehensive budgets for the upcoming second quarter in order
to show management the benefits that can be gained from an integrated budgeting program. 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-$10.00 per pair. Actual sales of earrings for the last three
months and budgeted sales for the next six month follow (in pairs of earrings):
January (actual) 20,000 February (actual) 26,000
March (actual) 40,000 April (budget) 65,000
May (budget) 100,000 June (budget) 50,000
July (budget) 30,000 August (budget) 28,000
September (budget) 25,000
The concentration of sales before and during May is due to Mothers Day. 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 $4.00 for a pair of earrings. One-half of a month's
purchases in paid for in the month of the purchase; the other half is paid for in the following month. All sales are on credit, with no
discount, and payable within 15 days. The company has found, however, that only 20 percent of a month's sales are collected in the
month of sale. An additional 70 percent is collected in the following month, and the remaining 10 percent in the second month following
sale. Bad debts have been negligible.
Monthly operation expenses for the company are given below:
Variable:
Sales Commission 4% of sales
Fixed:
Advertising 200,000
Rent 18,000
Salaries 106,000
Utilities 7,000
Insurance 3,000
Depreciation 14,000
Insurance is paid on an annual basis, in November of each year. The company plans to purchase 16,000 in new equipment during May
and $40,000 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.
A listing of the company's ledger accounts as of March 3 is given below:
Assets
Cash 74,000
Accounts receivable ($26,000 February sales;$320,00 March sale 346,000
Inventory 104,000
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
capital stock 800,000
retained earnings 580,000
Total liabilities and Stockholder's Equity 1,495,000
The company maintains a minimum cash balance of 50,000. All borrowing is done at the beginning of a month, and repayments are
made at the end of a month. The annual interest rate is 12 percent. Interest is computed and paid at the end of each quarter on all
loans outstanding during the quarter.
Required;
Prepare a master budget for the three-month period ending June 30. Include the following detailed budgets;
1. a. A sales budget, by month and in total
b. A schedule of expected cash collections from sales, by month and in total
c. A merchandise purchaser budget in units and in dollars. Show the budget by month and in total.
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Budgeted Cash Disbursements for Merchandise Purchases [Archive] - Ask Me Help Desk
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d. A schedule of expected cash disbursements for merchandise purchases, by month and in total.
2. A cash budget. Show the budget by the month and in total. Determine any borrowing that would be needed to maintain the minimum
cash balance of $50,000
3. A budgeted income statement for the three months period ending June 30. Use the contribution approach.
4. A budgeted balance sheet as of June 30.
Student Name:
SALES BUDGET:
April May June Quarter
Budgeted unit sales 65,000 100,000 50,000 215,000
Selling price per unit 10 10 10 10
Total Sales 650,000 1,000,000 500,000 2,150,000
SCHEDULE OF EXPECTED CASH COLLECTIONS:
April May June Quarter
February sales 26,000 26,000
March sales 40000 280,000 40,000 320,000
April sales 65000 130,000 455,000 65,000 650,000
May sales 100000 200,000 700,000 900,000
June sales 50000 100,000 100,000
Total Cash Collections 436,000 695,000 865,000 1,996,000
MERCHANDISE PURCHASES BUDGET:
April May June Quarter
Budgeted unit sales 65,000 100,000 50,000 215,000
Add desired ending inventory 40,000 20,000 12,000 12,000
Total needs 105,000 120,000 62,000 227,000
Less beginning inventory 16,000 40,000 20,000 16,000
Required purchases 89,000 80,000 42,000 211,000
Cost of purchases @ $4 per unit $ 356,000.00 $ 320,000.00 $ 168,000.00 $ 844,000.00
BUDGETED CASH DISBURSEMENTS FOR MERCHANDISE PURCHASES:
April May June Quarter
Accounts payable 80,000 80,000
April purchases 178,000 178,000 356,000
May purchases 160,000 160,000 320,000
June purchases 84,000 84,000
Total cash payments 258,000 338,000 244,000 436,000
EARRINGS UNLIMITED
CASH BUDGET
FOR THE THREE MONTHS ENDING JUNE 30
April May June Quarter
Cash balance 50,000 50,000 50,000 50,000
Add collections from customers 43,600 465,500 86,500 595,600
Total cash available 93,600 515,500 136,500 745,600
Less Disbursements
Merchandise purchases 258,000
Advertising 200,000 200,000 200,000 200,000
Rent 18,000 18,000 18,000 18,000
Salaries 106,000 106,000 106,000 106,000
Commissions 2,600 4,000 2,000 8,600
Utilities 7,000 7,000 7,000 7,000
Equipment purchases 16,000 40,000
Dividends paid 15,000
Total Disbursements 348,600 351,000 373,000 339,600
Excess (deficiency) of receipts
over disbursements
Financing:
Borrowings
Repayments
Interest
Total financing
Cash balance, ending
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EARRINGS UNLIMITED
BUDGETED INCOME STATEMENT
FOR THE THREE 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 EARRINGS UNLIMITED
BUDGETED BALANCE SHEET
JUNE 30
Assets:
Cash
Accounts receivable (see below)
Inventory
Prepaid insurance
Property and equipment, net
Total assets
Liabilities and Stockholders' Equity
Accounts payable, purchases
Dividends payable
Capital stock
Retained earnings (see below)
Total liabilities and stockholders' equity
Accounts receivable at June 30:
May sales x ?%
June sales x ?%
Total
Retained earnings at June 30:
Balance, March 31
Add net income
Total
Less dividends declared
Balance, June 30
Just Looking
Okay, I'm back now. Give me some time to look at what you did and respond. Just so you know, the moderators prefer that you keep all
responses in one thread. Thanks.
Just Looking
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Budgeted Cash Disbursements for Merchandise Purchases [Archive] - Ask Me Help Desk
10/20/15, 4:16 PM
Just Looking
I think you are making the cash disbursements for purchases more complicated than it is. The problem states that 50% are paid the
month following purchase and 50% the month of purchase.
If we look at April, we have the following:
50% of March purchases... $100,000
50% of April purchases... $158,000
Total... $258,000
You'll need to also look at May and June.
Moving on to Part 2, you'll start with the beginning cash number per your question, add budgeted receipts, subtract budgeted purchases,
adjust by the operation expenses and the plans the company has for other purchases and dividends.
Will2412
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Just Looking
Will2412
Ok. I have that down. My next problem is obtaining the correct info to create the cash budget. I know that my beginning cash is 74,000
and my collections are 436,000 for a sum of 510,000. If I am correct I must first also complete all of Aprils calculations in order to get
beginning cash for May, is this correct? I am unsure of what data to use if you can please guide me through I would appreciate it as well
as how much consideration do I give to the desired cash at beginning of month. Here is what I have so far.
Thank you
Cash balance 74,000 50,000 50,000 50,000
Add collections from customers 436,000 465,500 86,500 595,600
Total cash available 510,000 515,500 136,500 1,162,000
Less Disbursements
Merchandise purchases 210,000
Advertising 200,000 200,000 200,000 200,000
Rent 18,000 18,000 18,000 18,000
Salaries 106,000 106,000 106,000 106,000
Commissions 2,600 4,000 2,000 8,600
Utilities 7,000 7,000 7,000 7,000
Equipment purchases 16,000 40,000
Dividends paid 15,000
Total Disbursements 348,600 351,000 373,000 339,600
Excess (deficiency) of receipts
Over disbursements
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10/20/15, 4:16 PM
Financing:
Borrowings
Repayments
Interest
Total financing
Cash balance, ending
Just Looking
EARRINGS UNLIMITED
CASH BUDGET
FOR THE THREE MONTHS ENDING JUNE 30
April May June Quarter
Cash balance 74,000 50,000 50,000 50,000
Add collections from customers 436,000 465,500 86,500 595,600
Total cash available 510,000 515,500 136,500 1,162,000
Less Disbursements
Merchandise purchases 269,200
Advertising 200,000 200,000 200,000 200,000
Rent 18,000 18,000 18,000 18,000
Salaries 106,000 106,000 106,000 106,000
Commissions 2,600 4,000 2,000 8,600
Utilities 7,000 7,000 7,000 7,000
Equipment purchases 16,000 40,000
Dividends paid 15,000
Total Disbursements 348,600 351,000 373,000 339,600
Excess (deficiency) of receipts
over disbursements
Financing:
Borrowings
Repayments
Interest
Total financing
Cash balance, ending
I'm only going to comment on April since that could change May and June. When you make the changes and think it's final I'll look at
May and June. Cash available is correct. I still don't agree with the Purchases number of $269,200. Double check your commissions
number. It looks like you took 4% of units, not sales dollars. Good job on not falling for the Insurance and Depn amounts. Once you
adjust these numbers, you can look at April cash balance vs the required $50,000 and see if you need to take a loan draw.
Just Looking
Will2412
Hi sorry to keep beating this dead horse, lol. But yes I am confused about the use of the 356,000 figure. I have found the mistake I
made on the beginning inventory and found it @ 104,000. No are you telling me to get the cost of purchases I need to divide that
number by 4 to get a value of 26000 for cost of purchases. By just entering that alone without the division I end up with only 1000.
Next as for the 91200 figure I don't know where that figure is. It may have been a type error from when I sent my first worksheet. Here
is how it looks now, minus the adjustment for the 356000 figure until you clarify that for me. Thx
MERCHANDISE PURCHASES BUDGET:
April May June Quarter
Budgeted unit sales 65,000 100,000 50,000 215,000
Add desired ending inventory 40,000 20,000 12,000 12,000
Total needs 105,000 120,000 62,000 227,000
Less beginning inventory 16,000 40,000 20,000 16,000
Required purchases 89,000 80,000 42,000 211,000
Cost of purchases @ $4 per unit $356,000.00 $320,000.00 $168,000.00 $844,000.00
BUDGETED CASH DISBURSEMENTS FOR MERCHANDISE PURCHASES:
April May June Quarter
Accounts payable $80,000.00 $80,000.00
April purchases $130,000.00 $130,000.00 $260,000.00
May purchases $200,000.00 $200,000.00 $400,000.00
June purchases $100,000.00 $100,000.00
Total cash payments $210,000.00 $330,000.00 $300,000.00 $340,000.00
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Will2412
10/20/15, 4:16 PM
I apologize for jumping back in the different thread I accidentally had posted twice and keep clicking into that one, I will stay on here
from now on
ScottGem
{threads merged} when posting a follow-up question or info, please use the Answer options at the bottom of the page rather than the
Comments.
Will2412
Just Looking
It's okay. The moderators combined your threads so it wouldn't be so confusing. Now, just don't start another thread. ;)
About the $356,000, these are the correct numbers. I just took your calcs and corrected for the number of units of inventory. I feel like
you understand it as you got the other 2 months correct, but just somehow picked up a wrong number in April.
Budgeted unit sales... 65,000
Desired ending inventory... 40,000
Needs... 105,000
Less beginning inventory... 26,000
Units to purchased... 79,000
Price per unit... $4
Costs of 79,000 units... $316,000
Somewhere along the way you were using 16,000 units as the beginning inventory versus 26,000. If you take the $104,000 inventory
and divide by the cost of $4 per unit, you will see there are 26,000 units in the beginning inventory. Another way to get to this number is
that you know you want 40% of the April units in inventory, so 65,000 * .4 = 26,000.
If you understand that now, why don't you recalculate the cash disbursements and I'll check it. As I said above, you have June shown
correctly at $244K. I'm not sure what you did on your last attempt but the one you posted before was very close except you need to fix
the $91,200 (look at the a/p figure) and the $356,000 and I think you will have it. I think you got the $80k from me but I fixed it later. I
had picked something up incorrectly. Just to be clear, this is what you had:
BUDGETED CASH DISBURSEMENTS FOR MERCHANDISE PURCHASES:
April May June Quarter
Accounts payable $91,200.00 $91,200.00
April purchases $178,000.00 $178,000.00 $356,000.00
May purchases $160,000.00 $160,000.00 $320,000.00
June purchases $84,000.00 $84,000.00
Total cash payments $269,200.00 $338,000.00 $244,000.00 $447,200.00
Will2412
Ok here is my problem then. I am getting the 80,000 figure for AP in April like this: March budgeted sales- (40000/2)*4 which gives me
the April AP of 80000.
April May June Quarter
Accounts payable $80,000.00 $80,000.00
April purchases $130,000.00 $130,000.00 $260,000.00
May purchases $200,000.00 $200,000.00 $400,000.00
June purchases $100,000.00 $100,000.00
Total cash payments $210,000.00 $330,000.00 $300,000.00 $340,000.00
Just Looking
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Will2412
Ok now Im good and lost. If we pay 50% in each month then why the multiplyer of 60% in March. Also why is it 40% of 65000 if that is
Aprils data. I think this will be the last question of the night. I have been at this all day and still have some other stuff to get done for
class. I will finish this up tomorrow after you explain this to me. Then tomorrow I will make my adjustments and try to upload the file for
viewing. Will you be available tomorrow to aid in the completion of this project. I have until about 10pm CST to have it done. Thx, Will
Just Looking
First you look at what you purchased. Remember that you buy 40% of the next month's budgeted sales. You are looking at April's sales
because you want to have 40% purchased in March and in inventory at the end of March. You buy 60% of the current month's budgeted
sales. That is what you did here, with the exception that you have that $356,000 number instead of $316,000:
MERCHANDISE PURCHASES BUDGET:
April May June Quarter
Budgeted unit sales 65,000 100,000 50,000 215,000
Add desired ending inventory 40,000 20,000 12,000 12,000
Total needs 105,000 120,000 62,000 227,000
Less beginning inventory 16,000 40,000 20,000 16,000
Required purchases 89,000 80,000 42,000 211,000
Cost of purchases @ $4 per unit $ 356,000.00 $ 320,000.00 $ 168,000.00 $ 844,000.00
You did this for April - June. To compute March, you would have:
60% of 40,000... 24,000
40% of 65,000... 26,000
Total units... 50,000
Cost per unit... $4
Total cost... $200,000
This $200,000 is the amount that is paid 50% in March and 50% in April.
I'll be around.
Will2412
Outstanding, I thank you so much. I am really trying to get a grasp of this accounting knowledge, but it is overwhelming at times. I have
been thrust in to this class with just basic knowledge of accounting principles and to top it all off it is an accelerated course which makes
it even that much more challenging. With your help I know I will succeed. Thank you once again and have a great night.
Just Looking
Will2412
Ok see how these adjustments look. I will talk with you tomorrow. Goodnight
MERCHANDISE PURCHASES BUDGET:
April May June Quarter
Budgeted unit sales 65,000 100,000 50,000 215,000
Add desired ending inventory 40,000 20,000 12,000 12,000
Total needs 105,000 120,000 62,000 227,000
Less beginning inventory 26,000 40,000 20,000 26,000
Required purchases 79,000 80,000 42,000 201,000
Cost of purchases @ $4 per unit $316,000.00 $320,000.00 $168,000.00 $804,000.00
BUDGETED CASH DISBURSEMENTS FOR MERCHANDISE PURCHASES:
April May June Quarter
Accounts payable $100,000.00 $100,000.00
April purchases $130,000.00 $130,000.00 $260,000.00
May purchases $200,000.00 $200,000.00 $400,000.00
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Just Looking
Will2412
Morning. Ok well I went through some of the figures and think I did the budgeted cash disbursements for merchandise purchases
correctly. I also started n on the 3 month cash budget. I am hungup now here. I understand that all money financed is to be paid in full
in the following month. However as the mth of may unfolds I come to see that we have a surplus of cash this month ($76400) however
when we pay back previous mth finance we are at a point of needing to finance money to cover next mth, so I am a bit lost here. Thx
BUDGETED CASH DISBURSEMENTS FOR MERCHANDISE PURCHASES:
April May June Quarter
Accounts payable $100,000.00 $100,000.00
April purchases $158,000.00 $158,000.00 $316,000.00
May purchases $160,000.00 $160,000.00 $320,000.00
June purchases $84,000.00 $84,000.00
Total cash payments $258,000.00 $318,000.00 $244,000.00 $416,000.00
EARRINGS UNLIMITED
CASH BUDGET
FOR THE THREE MONTHS ENDING JUNE 30
April May June Quarter
Cash balance $74,000.00 $50,400.00
Add collections from customers $436,000.00 $695,000.00 $86,500.00 $595,600.00
Total cash available $510,000.00 $745,400.00 $86,500.00 $1,341,900.00
Less Disbursements
Merchandise purchases $258,000.00 $318,000.00 $244,000.00 $416,000.00
Advertising $200,000.00 $200,000.00 $200,000.00 $200,000.00
Rent $18,000.00 $18,000.00 $18,000.00 $18,000.00
Salaries $106,000.00 $106,000.00 $106,000.00 $106,000.00
Commissions $2,600.00 $4,000.00 $2,000.00 $8,600.00
Utilities $7,000.00 $7,000.00 $7,000.00 $7,000.00
Equipment purchases $16,000.00 $40,000.00
Dividends paid $15,000.00
Total Disbursements $606,600.00 $669,000.00 $373,000.00 $339,600.00
Excess (deficiency) of receipts
Over disbursements (96,600) 76,400
Financing:
Borrowings 146,600
Repayments 147,000
Interest
Total financing 147,000 (70,600)
Cash balance, ending 50,400
Just Looking
Not so sure I agree with the way this is written. You have to have a balance of $50,000. We know you will have to borrow money to get
to $50,000 in April. After you do the May work, if you have a surplus you can pay down on the borrowed amount. If you fall below
$50,000, you will have to borrow more. Why don't you fix the commissions and see where you are at? The problem states: All borrowing
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10/20/15, 4:16 PM
is done at the beginning of a month, and repayments are made at the end of a month. You will only repay at the end of the month is
there are surplus funds, but remember the cash balance has to stay at $50,000.
Will2412
OK corrected the commissions and understand the error I made. Here are the figures as well as the beginning of the cash budget.
CASH BUDGET
FOR THE THREE MONTHS ENDING JUNE 30
April May June Quarter
Cash balance $74,000.00 $50,000.00
Add collections from customers $436,000.00 $695,000.00 $86,500.00 $595,600.00
Total cash available $510,000.00 $745,000.00 $86,500.00 $1,341,500.00
Less Disbursements
Merchandise purchases $258,000.00 $318,000.00 $244,000.00 $416,000.00
Advertising $200,000.00 $200,000.00 $200,000.00 $200,000.00
Rent $18,000.00 $18,000.00 $18,000.00 $18,000.00
Salaries $106,000.00 $106,000.00 $106,000.00 $106,000.00
Commissions $26,000.00 $40,000.00 $20,000.00 $86,000.00
Utilities $7,000.00 $7,000.00 $7,000.00 $7,000.00
Equipment purchases $16,000.00 $40,000.00
Dividends paid $15,000.00
Total Disbursements $630,000.00 $705,000.00 $391,000.00 $417,000.00
Excess (deficiency) of receipts
Over disbursements (120,000) 40,000
Financing:
Borrowings 170,000
Repayments 170,000
Interest
Total financing 170,000
Cash balance, ending 50,000
Just Looking
Okay, looks good through the $40,000 at the end of May. If you'll make your adjustment for the loan at the end of May and complete
June, you will be done with part 2.
Will2412
Just Looking
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Budgeted Cash Disbursements for Merchandise Purchases [Archive] - Ask Me Help Desk
10/20/15, 4:16 PM
Look at your June collections. It's off by a decimal. Sorry I didn't notice that before. The numbers were good, but 1/10th of what they
should be - I'm wondering if you used units versus sales dollars. I wish it was easier to do columns in here.
Will2412
Ok I see that as well, I was short a zero on the 86500 it should have been 865000. I mad another attempt at it and think I have this
part down. Pleas let me know your input so I may attempt moving on to the income statement. I totally understand about the whole
column thing, I wish there were away to just attach a file to work out of. Here is my data, Thk you
April May June Quarter
Cash balance $74,000.00 $50,000.00 $50,000.00 $174,000.00
Add collections from customers $436,000.00 $695,000.00 $865,000.00 $595,600.00
Total cash available $510,000.00 $745,000.00 $915,000.00 $2,170,000.00
Less Disbursements
Merchandise purchases $258,000.00 $318,000.00 $244,000.00 $416,000.00
Advertising $200,000.00 $200,000.00 $200,000.00 $200,000.00
Rent $18,000.00 $18,000.00 $18,000.00 $18,000.00
Salaries $106,000.00 $106,000.00 $106,000.00 $106,000.00
Commissions $26,000.00 $40,000.00 $20,000.00 $86,000.00
Utilities $7,000.00 $7,000.00 $7,000.00 $21,000.00
Equipment purchases $16,000.00 $40,000.00 $56,000.00
Dividends paid $15,000.00 $15,000.00
Total Disbursements $630,000.00 $705,000.00 $635,000.00 $918,000.00
Excess (deficiency) of receipts
Over disbursements (120,000) 40,000 280,000 200,000
Financing:
Borrowings 170,000 10,000 180,000
Repayments (180,000) (180,000)
Interest 16,100 16,100
Total financing 170,000 10,000 (163,900) (16,100)
Cash balance, ending 50,000 50,000 116,100 116,100
Just Looking
We're getting there. It looks like you added the interest payment instead of subtracting it.. Also not understanding how you computed
your interest. It is 12% a year, so 1% a month. Remember the loans were taken at the end of the month/first day of following month.
So, for example, on the $170k you only have 2 months of interest - May and June.
Will2412
Ok I think I figured that out. I still know something is wrong though. I was given comparisson data to check my answers with. My first 2
checks work but the last 2 do not. Here are the answers I was provided
Total cash collections: $1,996,000
Cost of purchases: $804,000
Cash balance ending quarter: $94,700
Total liabilities and stockholders equity: $1,618,700
I have taken a chance and gone through the rest of the assignment. Please check this and let me know what else is to be done. I mad
corrections to the cash budget interest and also made an adjustment to commssions as well can you please check that. Here is my data
for the cash budget, income statement and the balance sheet. I know there still exists problems just can't find them. I will be back
shortly, quick errand to run. Thanks and ttys
CASH BUDGET
FOR THE THREE MONTHS ENDING JUNE 30
April May June Quarter
Cash balance $74,000.00 $50,000.00 $50,000.00 $174,000.00
Add collections from customers $436,000.00 $695,000.00 $865,000.00 $595,600.00
Total cash available $510,000.00 $745,000.00 $915,000.00 $2,170,000.00
Less Disbursements
Merchandise purchases $258,000.00 $318,000.00 $244,000.00 $416,000.00
Advertising $200,000.00 $200,000.00 $200,000.00 $200,000.00
Rent $18,000.00 $18,000.00 $18,000.00 $18,000.00
Salaries $106,000.00 $106,000.00 $106,000.00 $106,000.00
Commissions $26,000.00 $40,000.00 $20,000.00 $86,000.00
Utilities $7,000.00 $7,000.00 $7,000.00 $21,000.00
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Just Looking
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Will2412
Ok I made the adjustment by excluding the excess of receipts to include only the loan payment and interest. I also made the adjustment
on the interest to include 3 months for Apr and 2 months interest for may. My total for May is now 465300 and the interest is at 5300. I
am at a loss on how to get the figure of 94700. These figures were uploaded by the instructor to our documents. Here is what my
correction looks like.
April May June Quarter
Cash balance $74,000.00 $50,000.00 $50,000.00 $174,000.00
Add collections from customers $436,000.00 $695,000.00 $865,000.00 $595,600.00
Total cash available $510,000.00 $745,000.00 $915,000.00 $2,170,000.00
Less Disbursements
Merchandise purchases $258,000.00 $318,000.00 $244,000.00 $416,000.00
Advertising $200,000.00 $200,000.00 $200,000.00 $200,000.00
Rent $18,000.00 $18,000.00 $18,000.00 $18,000.00
Salaries $106,000.00 $106,000.00 $106,000.00 $106,000.00
Commissions $26,000.00 $40,000.00 $20,000.00 $86,000.00
Utilities $7,000.00 $7,000.00 $7,000.00 $21,000.00
Equipment purchases $16,000.00 $40,000.00 $56,000.00
Dividends paid $15,000.00 $15,000.00
Total Disbursements $630,000.00 $705,000.00 $635,000.00 $918,000.00
Excess (deficiency) of receipts
Over disbursements (120,000) 40,000 280,000 1,252,000
Financing:
Borrowings 170,000 10,000 180,000
Repayments 180,000 (180,000)
Interest 5,300 (5,300)
Total financing 170,000 10,000 185,300 (365,300)
Cash balance, ending 50,000 50,000 465,300 1,617,300
Just Looking
I showed you above what you are doing wrong. For June:
Cash bal... 50,000
Collections... 865,000
Available... 915,000
Disbursements... (635,000)
Sub-total... 280,000 (you were right to this point)
Paid loan... (180,000)
Paid interest... (5,300)
Cash bal... 94,700
You are showing a total for the 3 months for $1,617,300. You don't need that as it has no meaning. Your balance at 6/30 is $94,700.
You'll need to correct your Income Statement now re the fixed expenses. I still don't agree with your teacher's interest amount, but it
isn't that big a deal.
Okay on to the BS - I worked it out and have the balance your teacher has (using her interest). You need to go step by step. Almost all
of the numbers will change from the original, except Capital Stock. As an example, P&E has new purchases and depreciation. It took me
a while to do this, so don't be surprised if this takes a while.
ETA-Hah - it just occurred to me. I kept thinking the loan was taken out at the end of the month based on the cash flow, but it was
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taken out at the beginning of the month based on the budget. Okay - I agree with the interest. Hope I didn't confuse you there. So, it's
1 month of $170,000 and 2 months of $180,000 at 1% per month. :)
Will2412
Ok I resolved the issue and figured out the interest coming up with 94700. Got simple mistakes can cause major problems for sure. Ok I
think I have the income statement correct producing a new net income of 836700. As for the BS well this is my problem. I don't
understand what to do at all here. If I perform calculations one way I end up less than the check amount. If I do it another I end up way
over the check data. Can you give me some guidance as to exactly what I need to do to fiish this project. I am so close but would not be
anywhere near here without you.
I will again send my data
EARRINGS UNLIMITED
BUDGETED INCOME STATEMENT
FOR THE THREE MONTHS ENDED JUNE 30
Sales 2,150,000
Variable expenses:
Cost of goods sold 860,000
Commissions 86,000 946,000
Contribution Margin 1,204,000
Fixed expenses:
Advertising 200,000
Rent 18,000
Salaries 106,000
Utilities 21,000
Insurance 3,000
Depreciation 14,000 362,000
Net operating income 842,000
Interest expense (5,300)
Net income 836,700
EARRINGS UNLIMITED
BUDGETED BALANCE SHEET
JUNE 30
Assets:
Cash 94,700
Accounts receivable (see below) 1,000,000
Inventory 104,000
Prepaid insurance 21,000
Property and equipment, net 95,000
Total assets 1,314,700
Liabilities and Stockholders' Equity
Accounts payable, purchases 100,000
Dividends payable 15,000
Capital stock 800,000
Retained earnings (see below) 1,401,700
Total liabilities and stockholders' equity 2,316,700
Accounts receivable at June 30:
May sales x ?% 900,000
June sales x ?% 100,000
Total 1,000,000
Retained earnings at June 30:
Balance, March 31 580,000
Add net income 836,700
Total 1,416,700
Less dividends declared 15,000
Balance, June 30 1,401,700
Just Looking
Somehow you seem to be missing some of my posts. Your income statement is not right - way off actually. The problem is that you are
only showing one month's worth of the fixed expenses, not 3 month's worth. You do have Utilities right - $7000 per month, $21,000 for
3 months. For example, though, you only have one month of Advertising. It is $200,000 per month. Why don't you fix that and the
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Balance Sheet, and then we can talk about the Balance Sheet? I said this above, but almost all of the BS numbers will change. You have
$104,000 for inventory, but that was the amount on 3/31 based on the 40% inventory for April's needs. Prepaid Insurance was $21,000
at the end of March, but don't forget that 3 months were written off.
Those are just 2 examples. Most of the numbers need to change.
Will2412
I have made the adjustments to the income statement and some to the BS. I don't know if what I did was correct, especially in terms of
the equipment. It was stated there was 95000 as of March, so I added the equipment additions of 56000. Please advise. Thank you
EARRINGS UNLIMITED
BUDGETED INCOME STATEMENT
FOR THE THREE MONTHS ENDED JUNE 30
Sales 2,150,000
Variable expenses:
Cost of goods sold 860,000
Commissions 86,000 946,000
Contribution Margin 1,204,000
Fixed expenses:
Advertising 600,000
Rent 54,000
Salaries 318,000
Utilities 21,000
Insurance 9,000
Depreciation 42,000 1,044,000
Net operating income 160,000
Interest expense (5,300)
Net income 154,700
EARRINGS UNLIMITED
BUDGETED BALANCE SHEET
JUNE 30
Assets:
Cash 94,700
Accounts receivable (see below) 1,000,000
Inventory 20,000
Prepaid insurance (21,000)
Property and equipment, net 151,000
Total assets 1,244,700
Liabilities and Stockholders' Equity
Accounts payable, purchases 100,000
Dividends payable 15,000
Capital stock 800,000
Retained earnings (see below) 719,700
Total liabilities and stockholders' equity 1,634,700
Accounts receivable at June 30:
May sales x ?% 900,000
June sales x ?% 100,000
Total 1,000,000
Retained earnings at June 30:
Balance, March 31 580,000
Add net income 154,700
Total 734,700
Less dividends declared 15,000
Balance, June 30 719,700
Will2412
I went back through again and still coming up with the same answers. I have been looking at the Liabilities and SE and my answer is
close but off by 16. I think I am close to wrapping this up but unsure at this point. Thanks
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Just Looking
10/20/15, 4:16 PM
Will2412
To begin the way I came up with the AP was from the information provided for the end of March. I made some more adjustments but
still not coming up with the correct answer. For the AR I took sales for June 500000 and multiplied it by 20% to get 100000 collected,
leaving 400000in AR at end of month. Then I took May, 1000000 and multiplied it by 20%, 70%, & 10%. I came up with 200000
collected in May, 700000 in June, which leavs 100000 (or 10%) remaining in AR.
Assets:
Cash 94,700
Accounts receivable (see below) 500,000
Inventory 20,000
Prepaid insurance (21,000)
Property and equipment, net 151,000
Total assets 744,700
Liabilities and Stockholders' Equity
Accounts payable, purchases 100,000
Dividends payable 15,000
Capital stock 800,000
Retained earnings (see below) 725,000
Total liabilities and stockholders' equity 1,640,000
Accounts receivable at June 30:
May sales x ?% 100,000
June sales x ?% 400,000
Total 500,000
Retained earnings at June 30:
Balance, March 31 580,000
Add net income 160,000
Total 740,000
Less dividends declared 15,000
Balance, June 30 725,000
Will2412
I have found another mistake with the property and equipment I had it as 95000 existing when it was actually 950000. I have about an
hour and a half left before I have to submit this. Any further suggestions. I can't seem to get where I need to be. Thx
Just Looking
You are closer than you think. Cash and A/R are right. Inventory - Remember inventory is at 40% of the following month's projected
sales units at the $4 cost per unit. The $104,000 was 65,000 units * $4 * .4
Ppd Insurance was $21,000 at 3/31. How much was expensed for the three months? You did this for your Income Statement.
For Property and Equipment, it looks like you took the $95,000 plus the $56,000 in purchases. You know now that the starting balance
was $950,000 + $56,000 in purchases - change in accumulated depreciation (cuz it's asking for net P&E).
A/P - I did it differently. I started with the $100,000 added the purchases and subtracted the payments.
I'm going to post this for you to start working on it, and then go back and look at how you did it.
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Will2412
10/20/15, 4:16 PM
Just Looking
Okay, you actually have your A/P in here. Remember when you had to show that 50% was paid in the current month and 50% was paid
in the following month. For June, we computed that purchases were $168,000. So $84,000 were paid in June and $84,000 are to be paid
in July - thus that is an Account Payable.
Just Looking
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Cash 94,700
Accounts receivable (see below) 500,000
Inventory 20,000
Prepaid insurance (21,000)
Property and equipment, net 1,006,000
Total assets 1,599,700
Liabilities and Stockholders' Equity
Accounts payable, purchases 100,000
Dividends payable 15,000
Capital stock 800,000
Retained earnings (see below) 725,000
Total liabilities and stockholders' equity 1,640,000
Accounts receivable at June 30:
May sales x ?% 100,000
June sales x ?% 400,000
Total 500,000
Retained earnings at June 30:
Balance, March 31 580,000
Add net income 160,000
Total 740,000
Less dividends declared 15,000
Balance, June 30 725,000
With the net fixed assets, you have to adjust by the depreciation. Also, why did you change RE? You had it right.
Just Looking
You are closer than you think. Cash and A/R are right. Inventory - Remember inventory is at 40% of the following month's projected
sales units at the $4 cost per unit. The $104,000 was 65,000 units * $4 * .4
Ppd Insurance was $21,000 at 3/31. How much was expensed for the three months? You did this for your Income Statement.
For Property and Equipment, it looks like you took the $95,000 plus the $56,000 in purchases. You know now that the starting balance
was $950,000 + $56,000 in purchases - change in accumulated depreciation (cuz it's asking for net P&E).
A/P - I did it differently. I started with the $100,000 added the purchases and subtracted the payments.
I'm going to post this for you to start working on it, and then go back and look at how you did it.
I think our posts were crossing in time, so I wanted to make sure you saw this.
Will2412
Im close but no cigar yet. I still am not seeing it. I redid the assets and ended up within $3. I understand what you were saying about
the 100000 and adding purchases then subtracting purchases but I am still confused on what data is to be used. The neumbers I am
punching in just aren't working. I know Im doing something simple wrong but can't figure it out. Sorry but its crunch time and it all is
beginning to look the same. Here is the updated data. Can't figure out where Im off at.
Assets:
Cash 94,700
Accounts receivable (see below) 500,000
Inventory 48,000
Prepaid insurance 9,000
Property and equipment, net 964,000
Total assets 1,615,700
Liabilities and Stockholders' Equity
Accounts payable, purchases 100,000
Dividends payable 15,000
Capital stock 800,000
Retained earnings (see below) 719,700
Total liabilities and stockholders' equity 1,634,700
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Just Looking
Prepaid Insurance started at $21,000. You wrote off $9,000. You have $12,000 remaining.
You must have missed my post about A/P.
Originally Posted by Will2412
MERCHANDISE PURCHASES BUDGET:
April May June Quarter
Budgeted unit sales 65,000 100,000 50,000 215,000
Add desired ending inventory 40,000 20,000 12,000 12,000
Total needs 105,000 120,000 62,000 227,000
Less beginning inventory 16,000 40,000 20,000 16,000
Required purchases 89,000 80,000 42,000 211,000
Cost of purchases @ $4 per unit $ 356,000.00 $ 320,000.00 $ 168,000.00 $ 844,000.00
Okay, you actually have your A/P in here. Remember when you had to show that 50% was paid in the current month and 50% was paid
in the following month. For June, we computed that purchases were $168,000. So $84,000 were paid in June and $84,000 are to be paid
in July - thus that is an Account Payable.
Will2412
I fixed RE. I made some adjustment but just not seeing it. What am I doing wrong. Only 30 minutes left to finish it. I feel like I am
starting over. Anyway let me know what you think. Thanks
Assets:
Cash 94,700
Accounts receivable (see below) 500,000
Inventory 48,000
Prepaid insurance 9,000
Property and equipment, net 964,000
Total assets 1,615,700
Liabilities and Stockholders' Equity
Accounts payable, purchases 100,000
Dividends payable 15,000
Capital stock 800,000
Retained earnings (see below) 725,000
Total liabilities and stockholders' equity 1,640,000
Accounts receivable at June 30:
May sales x ?% 100,000
June sales x ?% 400,000
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Total 500,000
Retained earnings at June 30:
Balance, March 31 580,000
Add net income 160,000
Total 740,000
Less dividends declared 15,000
Balance, June 30 725,000
Just Looking
Will2412
I fixed the assets and matched the check data there. Now it is just Liability and S&E
Just Looking
Okay, you actually have your A/P in here. Remember when you had to show that 50% was paid in the current month and 50% was paid
in the following month. For June, we computed that purchases were $168,000. So $84,000 were paid in June and $84,000 are to be paid
in July - thus that is an Account Payable.
Your RE was right at $719,700. Your net income was right at $154,700.
Will2412
I think I got it all. YEAHHHH!! Well thanks too you that is. Take a look at this and tell me if this is it
SALES BUDGET:
April May June Quarter
Budgeted unit sales 65,000 100,000 50,000 215,000
Selling price per unit 10 10 10 10
Total Sales 650,000 1,000,000 500,000 2,150,000
SCHEDULE OF EXPECTED CASH COLLECTIONS:
April May June Quarter
February sales 26,000 26,000
March sales 280,000 40,000 320,000
April sales 130,000 455,000 65,000 650,000
May sales 200,000 700,000 900,000
June sales 100,000 100,000
Total Cash Collections 436,000 695,000 865,000 1,996,000
MERCHANDISE PURCHASES BUDGET:
April May June Quarter
Budgeted unit sales 65,000 100,000 50,000 215,000
Add desired ending inventory 40,000 20,000 12,000 12,000
Total needs 105,000 120,000 62,000 227,000
Less beginning inventory 26,000 40,000 20,000 26,000
Required purchases 79,000 80,000 42,000 201,000
Cost of purchases @ $4 per unit $316,000.00 $320,000.00 $168,000.00 $804,000.00
BUDGETED CASH DISBURSEMENTS FOR MERCHANDISE PURCHASES:
April May June Quarter
Accounts payable $100,000.00 $100,000.00
April purchases $158,000.00 $158,000.00 $316,000.00
May purchases $160,000.00 $160,000.00 $320,000.00
June purchases $84,000.00 $84,000.00
Total cash payments $258,000.00 $318,000.00 $244,000.00 $416,000.00
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EARRINGS UNLIMITED
CASH BUDGET
FOR THE THREE MONTHS ENDING JUNE 30
April May June Quarter
Cash balance $74,000.00 $50,000.00 $50,000.00 $174,000.00
Add collections from customers $436,000.00 $695,000.00 $865,000.00 $595,600.00
Total cash available $510,000.00 $745,000.00 $915,000.00 $2,170,000.00
Less Disbursements
Merchandise purchases $258,000.00 $318,000.00 $244,000.00 $416,000.00
Advertising $200,000.00 $200,000.00 $200,000.00 $200,000.00
Rent $18,000.00 $18,000.00 $18,000.00 $18,000.00
Salaries $106,000.00 $106,000.00 $106,000.00 $106,000.00
Commissions $26,000.00 $40,000.00 $20,000.00 $86,000.00
Utilities $7,000.00 $7,000.00 $7,000.00 $21,000.00
Equipment purchases $16,000.00 $40,000.00 $56,000.00
Dividends paid $15,000.00 $15,000.00
Total Disbursements $630,000.00 $705,000.00 $635,000.00 $918,000.00
Excess (deficiency) of receipts over disbursements
(120,000) 40,000 280,000 1,252,000
Financing:
Borrowings 170,000 10,000 180,000
Repayments 180,000 (180,000)
Interest 5,300 (5,300)
Total financing 170,000 10,000 185,300 (5,300)
Cash balance, ending 50,000 50,000 94,700 94,700
EARRINGS UNLIMITED
BUDGETED INCOME STATEMENT
FOR THE THREE MONTHS ENDED JUNE 30
Sales 2,150,000
Variable expenses:
Cost of goods sold 860,000
Commissions 86,000 946,000
Contribution Margin 1,204,000
Fixed expenses:
Advertising 600,000
Rent 54,000
Salaries 318,000
Utilities 21,000
Insurance 9,000
Depreciation 42,000 1,044,000
Net operating income 160,000
Interest expense (5,300)
Net income 154,700
EARRINGS UNLIMITED
BUDGETED BALANCE SHEET
JUNE 30
Assets:
Cash 94,700
Accounts receivable (see below) 500,000
Inventory 48,000
Prepaid insurance 12,000
Property and equipment, net 964,000
Total assets 1,618,700
Liabilities and Stockholders' Equity
Accounts payable, purchases 84,000
Dividends payable 15,000
Capital stock 800,000
Retained earnings (see below) 719,700 Total liabilities and stockholders' equity 1,618,700
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Just Looking
Look at the $416k under budgeted cash disbursements - not added right. The detail for the months is right.
I had to check it really fast, but all else looks good.
Just Looking
If you happen to see this, I'd encourage you to read over this whole thread again and look over your workpapers when you aren't so
rushed. The end was a little crazy and it seemed like we were crossing posts or something as I had to keep repeating myself. I think you
will understand it better if you look over it in your leisure.
Will2412
I did make the adjustment to reflect the actual sum in cash disbursements. I just submitted it and think I am in good shape. I would like
to take this time to thank you. You have no clue of how much you helped me. As Im sure you can see through all the questioning I did I
am somewhat lost. I am not too good with accounting but have learned so much from you. I appreciate everything :). I will let you know
how I did.. I still have to write an explanation of the calculations I did to get the correct totals for the data points chosen as checks, but
after all your help I am sure to ace it. I have another project in 2 weeks, hopefully I won't need assistance but if I do I will come a
calling. Thank you once again,
William Kleidon
Just Looking
Thanks for taking the time to write this. It's always nice to know someone appreciated the help. I have lots of vacations coming up June 12-22 and June 25-July 10. After that I start a new job. I'll help if I can, but as you see time will be tight.
Will2412
Outstanding. Your vacations fall right in the period I will need you most. Once again, thank you, it is a great service you provide here.
TTYS
Just Looking
I thought I should clarify that my vacations are out of town. I won't be on the computer during those periods.
Will2412
Hi this is Will again. @ things, first I would like to thank you again for your prior assistance as I aced that project. Second, I was
wondering if you are around to help out with this new project. I know you are supposed to be out of town but thought I would just check
for sure. I will post my new problem to the board and see what happens. Thanks, Will
Absinthe29
I actually have a question about this problem as well. Working on a similar one, and am just drawing a complete blank on how to
determine the Cost of Goods Sold. Up to this point I'm fine... but without that, the rest of the project is a bail. Can anyone help?
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Budgeted Cash Disbursements for Merchandise Purchases [Archive] - Ask Me Help Desk
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