The balance sheet of Phototex, Inc…. please do not google or copy from previous Chegg posts.


Question Description:

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Partially filled in, not sure if I’m on the right track or not?I need concrete answers only please? The balance sheet of Phototec, Inc., a distributor of photographic supplies, as of May 31 is given below: Phototec, Inc. Balance Sheet May 31 Assets Cash $ 10,950 Accounts receivable 73,000 Inventory 36,500 Buildings and equipment, net of depreciation 609,550 Total assets $ 730,000 Liabilities and Stockholders’ Equity Accounts payable $ 87,600 Note payable 16,060 Capital stock 538,740 Retained earnings 87,600 Total liabilities and stockholders’ equity $ 730,000 The company is in the process of preparing a budget for June and has assembled the following data: a. Sales are budgeted at $270,000 for June. Of these sales, $75,000 will be for cash; the remainder will be credit sales. One-half of a month%u2019s credit sales are collected in the month the sales are made, and the remainder is collected the following month. All of the May 31 accounts receivable will be collected in June. b. Purchases of inventory are expected to total $191,000 during June. These purchases will all be on account. Sixty percent of all inventory purchases are paid for in the month of purchase; the remainder are paid in the following month. All of the May 31 accounts payable to suppliers will be paid during June. c. The June 30 inventory balance is budgeted at $34,000. d. Selling and administrative expenses for June are budgeted at $34,000, exclusive of depreciation. These expenses will be paid in cash. Depreciation is budgeted at $3,000 for the month. e. The note payable on the May 31 balance sheet will be paid during June. The company%u2019s interest expense for June (on all borrowing) will be $700, which will be paid in cash. f. New warehouse equipment costing $9,000 will be purchased for cash during June. g. During June, the company will borrow $20,000 from its bank by giving a new note payable to the bank for that amount. The new note will be due in one year. Required: 1a. Prepare schedule of expected cash collections from sales and a schedule of expected cash disbursements for inventory purchases. (Omit the “$” sign in your response.) Schedule of Expected Cash Collections Cash sales-June $ 75000 Collections on accounts receivable: May 31 balance 73000 June Total cash receipts $ Schedule of Expected Cash Disbursements May 31 accounts payable balance $ 87600 June purchases Total cash payments $ 1b. Prepare a cash budget for June. (Input all amounts as positive values except cash deficiency, repayments and interest which should be indicated by a minus sign. Omit the “$” sign in your response.) Phototec, Inc. Cash Budget For the Month of June Cash balance, beginning $ 10950 Add receipts from customers Total cash available Less disbursements: Purchase of inventory 191000 Selling and administrative expenses 34000 Purchases of equipment 9000 Total cash disbursements 234000 Excess of receipts over disbursements 191000 Financing: Borrowings-note 20000 Repayments-note 16060 Interest 700 Total financing 36760 Cash balance, ending $ 2. Prepare a budgeted income statement for June. (Input all amounts as positive values. Omit the “$” sign in your response.) Phototec, Inc. Budgeted Income Statement For the Month of June (Click to select)Beginning inventoryEnding inventoryCost of goods soldPurchasesSales $ Cost of goods sold: (Click to select)Ending inventoryBeginning inventoryInterest expenseCost of goods soldSales $ (Click to select)PurchasesInterest expenseEnding inventorySalesCost of goods sold (Click to select)Ending inventoryPurchasesCost of goods soldGoods available for saleBeginning inventory (Click to select)Goods available for saleBeginning inventoryEnding inventoryPurchasesCost of goods sold (Click to select)Interest expenseEnding inventoryPurchasesCost of goods soldBeginning inventory (Click to select)Ending inventoryBeginning inventoryGross marginNet income (loss)Net operating income (loss) (Click to select)Interest expenseEnding inventorySalesSelling and administrative expensesCost of goods sold (Click to select)Gross marginEnding inventoryNet income (loss)PurchasesNet operating income (loss) (Click to select)Beginning inventoryCost of goods soldInterest expensePurchasesEnding inventory (Click to select)Net income (loss)Beginning inventoryGross marginNet operating income (loss)Ending inventory $ 3. Prepare a budgeted balance sheet as of June 30. (Be sure to list the assets and liabilities in order of their liquidity. Omit the “$” sign in your response.) Phototec, Inc. Budgeted Balance Sheet June 30 Assets (Click to select)CashAccounts payableInventoryNote payableCapital stock $ (Click to select)Buildings and equipment, net of depreciationRetained earningsCapital stockNote payableAccounts receivable (Click to select)InventoryCapital stockAccounts receivableRetained earningsCash (Click to select)Buildings and equipment, net of depreciationRetained earningsAccounts receivableCapital stockNote payable Total assets $ Liabilities and Stockholders’ Equity (Click to select)Capital stockInventoryAccounts receivableAccounts payableNote payable $ (Click to select)Retained earningsAccounts receivableNote payableInventoryCash (Click to select)Accounts receivableCapital stockBuildings and equipment, net of depreciationInventoryRetained earnings (Click to select)InventoryAccounts payableRetained earningsCashAccounts receivable Total liabilities and equity $

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