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  • Budgeting Project - Levya

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    The document contains budgets for sales, cash collections, purchases, and payments for Nichols Kite Company over a three month period. It summarizes budgeted sales, costs of goods sold, operating expenses, interest expenses, and net income. It also includes a projected balance sheet as of March 31, 20X2, showing expected cash, inventory, accounts receivable and payable, and stockholder's equity. The budgets and projections are presented in a series of schedules to forecast the company's financial performance and cash flows for budgeting purposes.

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    The document contains budgets for sales, cash collections, purchases, and payments for Nichols Kite Company over a three month period. It summarizes budgeted sales, costs of goods sold, operating expenses, interest expenses, and net income. It also includes a projected balance sheet as of March 31, 20X2, showing expected cash, inventory, accounts receivable and payable, and stockholder's equity. The budgets and projections are presented in a series of schedules to forecast the company's financial performance and cash flows for budgeting purposes.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as xlsx, pdf, or txt
    33 views1 page

    Budgeting Project - Levya

    Uploaded by

    api-313805011
    The document contains budgets for sales, cash collections, purchases, and payments for Nichols Kite Company over a three month period. It summarizes budgeted sales, costs of goods sold, operating expenses, interest expenses, and net income. It also includes a projected balance sheet as of March 31, 20X2, showing expected cash, inventory, accounts receivable and payable, and stockholder's equity. The budgets and projections are presented in a series of schedules to forecast the company's financial performance and cash flows for budgeting purposes.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as xlsx, pdf, or txt
    of 1

    Name(s)

    Danielle Levya and Cally Audet (GROUP 1)

    Schedule a: Sales Budget


    Budgeted Sales:

    $
    Units
    Sales Price
    Cost

    Schedule b: Cash Collections

    January
    February
    March
    260000
    280000
    30588
    32941
    8.5
    8.5
    4.5
    4.5

    Month

    Sales $

    January
    100000
    100000
    260000
    280000
    180000

    November

    December
    January
    February
    March
    Total Cash Receipt from Sales

    Schedule c: Purchases Budget


    Cost of Goods Sold
    Desired ending inventory of kites
    Total budgeted needs
    Less beginning inventory of kites
    Kites to be purchased

    Schedule d: Payments for Purchases


    100% of previous month's purchases
    March 31 accounts payable

    October
    180000
    21176
    8.5
    4.5

    January
    137647.0588
    24000
    161647.0588
    156200
    5447

    February
    148235.29412
    24000
    172235.29412
    24000
    148235.29412

    142200

    5447

    %
    10000
    30000
    156000
    0
    0
    196000

    March
    95294
    24000
    119294
    24000
    95294

    148235
    95294

    Nichols Kite Company

    Cash Budget
    For the Three Months Ending March 31, 20X2

    Cash Balance Beginning


    Add Receipts:
    Cash Receipts from sales
    Total Cash Available
    Less Disbursements:
    Payments for purchases
    Rent
    Wages and Salaries
    Miscellaneous Expenses
    Dividends
    Purchase of Fixtures
    Total Cash Disbursements
    Cash Balance Before Borrowing/Repayment

    Borrowing from line of credit


    Repayments of line of credit
    Interest on line of credit
    Ending Cash Balance
    Desired Ending Cash

    January
    20000

    February
    21600

    March
    144220

    196000
    216000

    256000
    277600

    218000
    362220

    142200
    32200
    60000
    10000
    6000

    5447
    1000
    60000
    10000

    148235
    1000
    60000
    10000

    250400
    -34400
    56000

    76447
    201152.94118
    0
    56000
    933
    144220

    21600

    12000
    231235
    130984
    0

    130984

    20000

    Nichols Kite Company


    Budgeted Income Statement
    For the Three Months Ending March 31, 20X2

    Sales
    Less Cost of Goods Sold
    Gross Margin
    Operating Expenses:
    Rent
    Wages and Salaries
    Depreciation
    Insurance
    Miscellaneous
    Net Income from Operations
    Interest Expense
    Net Income

    720000
    381176
    338824
    71000
    180000
    3000
    1500
    30000

    285500
    53324
    933
    52390

    Nichols Kite Company


    Budgeted Balance Sheet
    March 31, 20X2
    Assets:
    Current Assets:
    Cash
    Accounts Receivable
    Merchandise Inventory
    Unexpired Insurance
    Fixed Assets (net)
    Total Assets
    Liabilities and Stockholder's Equity
    Liabilities:
    Accounts Payable
    Rent Payable
    Dividends Payable
    Stockholder's Equity
    Total Liabilities and Stockholders' Equity

    130984.31373
    100000
    24000
    4500

    95294
    68000
    6000

    152000
    17882
    8.5
    4.5

    259484
    59000
    318484

    169294.117647059
    149190
    318484

    February
    10%
    30%
    60%

    0
    10000
    78000
    168000
    0
    256000

    November
    December
    100000
    100000
    11765
    11765
    8.5
    8.5
    4.5
    4.5
    %

    March
    10%
    30%
    60%

    0
    0
    26000
    84000
    108000
    218000

    April

    10%
    30%
    60%

    180000
    21176.47059
    8.5
    4.5
    Total
    Quarter
    10000
    40000
    260000
    252000
    108000
    670000

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