Problem 10-50: Budgeting for a Merchandising Firm Student and Exercise 9-33: CVP Analysis Student

| January 30, 2017

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Problem 10-50: Budgeting for a Merchandising Firm Student Template
Background 0
Budgeted sales:
December $2,20,000
January $2,00,000
Collections of A/R:
Collected in month of sale 60.00%
Collected following month 38.00% REMEMBER: You MUST input your work.
Est B/D expense 2.00% Use formulas to indicate your understanding.
Discount for early payment 1.00%
Gross margin % 25%
Target End Inv, as % of following month’s sales 80.00%
Merchandise payments:
% paid in month following month of purchase 100.00%
Other operating expenses (cash) = $22,600
Annual depreciation expense = $2,16,000
Kelly Company’s statement of financial position at the close of business on November 30th follows:
Statement of Financial Position
November 30, 2013
Cash $22,000
Accounts receivable (net of $4,000 allowance for doubtful accounts) $76,000
Inventory $1,32,000
Property, plant, and equipment (net of $680,000 accumulated depreciation) $8,70,000
Total assets $11,00,000
Liabilities and Stockholders’ Equity
Accounts payable $1,62,000
Common stock $8,00,000
Retained earnings $1,38,000
Total liabilities and equity $11,00,000
1. What is the total of budgeted cash collections for December?
2. How much is the book value of accounts receivable at the end of December?
3. How much is the income (loss) before income taxes for December?
4. What is the projected balance in inventory on December 31, 2013?
5. What are budgeted purchases for December?
6. What is the projected balance in accounts payable on December 31, 2013?

Exercise 9-33: CVP Analysis Student Template
Problem Information Your Name ===> NOTE: Be sure that you add your NAME to the filename when you save & submit it to your dropbox.
Sales $ 460,00,000
Operating expenses:
Variable expenses 322,00,000
Fixed expenses 75,00,000
Total expenses 397,00,000
Operating income $ 63,00,000
Targeted operating income = $ 80,00,000
Increase in variable cost = 12.00%

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