Good morning, I have a cost accounting problem that i need


Question Description:

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Good morning, I have a cost accounting problem that i need assistance with. It must be done within 2 hours, is this possible for you? Attached is a template that the answers must be placed into, to give you an idea of the type of problem that it is. Long Problem 4 Budget Template.docx TEMPLATES FOR BARROWMAN BUDGET 1. Schedule of expected cash collections: January Februar y March Quarter March Quarter Cash sales……………… Credit sales……………. Total cash collections…………… 2. a. Inventory purchases budget: January Februar y Budgeted cost of goods sold………… Add desired ending inventory. . Total needs……….. Less beginning inventory………….. Required purchases…………. b. Schedule of cash disbursements for purchases: TEMPLATES FOR BARROWMAN BUDGET January December purchases……….. January purchases……….. February purchases……….. March purchases… Total cash disbursements for purchases…… Februar y March Quarter TEMPLATES FOR BARROWMAN BUDGET 3. Schedule of cash disbursements for operating expenses: January Februar y March Quarter Salaries and wages…………….. Advertising………… Shipping……………. Other expenses….. Total cash disbursements for operating expenses…………. 4. Cash budget: January Cash balance, beginning…………….. Add cash collections… Total cash available…. Less disbursements: Inventory purchases………….. Operating expenses…………… Equipment Februar y March Quarter TEMPLATES FOR BARROWMAN BUDGET purchases………….. Cash dividends……… Total disbursements. . . Excess (deficiency) of cash………………… Financing: Borrowings…………… Repayments…………. Interest………………… Total financing………… Cash balance, ending…………………. TEMPLATES FOR BARROWMAN BUDGET 5. Income statement: BARROWMAN COMPANY Budgeted Income Statement For the Quarter Ended March 31 Sales……………………………………………… Less cost of goods sold: Beginning inventory………………………. Add purchases………………………………. Goods available for sale…………………. Ending inventory…………………………… Gross margin…………………………………… Less operating expenses: Salaries and wages………………………… Advertising…………………………………… Shipping………………………………………. Depreciation…………………………………. Other expenses…………………………….. Net operating income………………………. Less interest expense………………………. Net income……………………………………… TEMPLATES FOR BARROWMAN BUDGET 6. Balance sheet: BARROWMAN COMPANY Budgeted Balance Sheet March 31 Assets Current assets: Cash ……………………………………………………………. Accounts receivable……………………………………….. Inventory ……………………………………………………… Total current assets………………………………………….. Buildings and equipment, net …………………………… Total assets……………………………………………………… Liabilities and Equity Current liabilities: Accounts payable……………………………….. Stockholders’ equity: Capital stock………………………………………. Retained earnings*……………………………… Total liabilities and equity………………………. *Retained earnings, beginning………… Add net income…………………………….. TEMPLATES FOR BARROWMAN BUDGET Total…………………………………………….. Deduct cash dividends…………………… Retained earnings, ending……………… Read more

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