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Budgeted Income statement and Balance Sheet:Based on the information in Exercise 27-3 and additional information that follows,prepare a budgeted income statement for the month of June and a budgeted balancesheet for June 30 for the Tait Company.A. Cost of goods sold is 50% of sales.B. The inventory at the end of May was $101,500C. Salaries payable on May 31 were $31,500 and are expected to be $18,000 on June30D. The equipment account has a balance of $922,500 on June 30. On June 1,accumulated amortization was $236,250E. The $6,750 cash payment of interest represents the 1% monthly expense on thebank loan of $675,000F. Income taxes payable on May 31 were $88,250, and the income tax rate applicableto the company is 40%. The income taxes owing for June are paid in JulyG. Ending June 30 Accounts Receivable and allowance are $393,000 and $59,000respectively. The 5% of sales that prove to be uncollectible are debited to Bad DebtsExpense and credited to the Allowance for Doubtful Accounts during the month ofsale.H. The only other balance sheet accounts are Common Shares, which has a balance of$190,000 and Retained Earnings, which has a balance of $95,050 on May 31
Budgeting monthly cost of goods sold: Tucker Company purchases all of its camping merchandise on credit. It has recently budgeted the following accounts payable balances and merchandise inventory balances: Accounts Payable Merchandise InventoryJanuary 31 $224,000 $560,000February 28 $280,000 $672,000March 31 $246,400 $627,200April 30 $319,200 $554,400Cash payments on accounts payable during each month are expected to be: January $1,340,000February $1,540,000March $1,300,000April $1,580,000A. Calculate the budgeted amounts of purchases for February, March and April.B. Calculate the budgeted amounts of cost of goods sold for February, March and April
Thornton Company specializes in home computer speakers. It budgets its monthly costof goods sold to equal 70% of sales. The inventory policy calls for a beginning inventoryin each month equal to 25% of the budgeted cost of goods sold for that month.All purchases are on credit. And 20% of the purchases in any month are paid for duringthe same month. Another 30% is paid during the first month after purchase, and theremaining 30% is paid in the second month after purchase. The following sales budgetshave been established:July $600,000August $480,000September $540,000October $480,000November $420,000A. Calculate the budgeted purchases for July, August, September, and OctoberB. Calculate the budgeted payments on accounts payable for September and OctoberC. Calculate the budgeted ending balances of accounts payable for September andOctober