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    The document contains budgets for Nichols Kite Company for sales, cash collections, purchases, payments for purchases, and cash for the months of January, February and March. It also contains budgeted income statements and balance sheets for the company as of March 31. The sales budget shows projected monthly sales revenues. The cash collection schedule shows the projected monthly cash receipts from sales. The purchases budget shows the projected monthly costs of goods sold and inventory needs. The payments for purchases schedule shows when payments for inventory purchases will be made. The cash budget forecasts the company's monthly cash balances including receipts, disbursements, borrowing and repayments. The income statement budgets gross profit and operating expenses. The balance sheet shows the company

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    Project

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    26 views8 pages
    The document contains budgets for Nichols Kite Company for sales, cash collections, purchases, payments for purchases, and cash for the months of January, February and March. It also contains budgeted income statements and balance sheets for the company as of March 31. The sales budget shows projected monthly sales revenues. The cash collection schedule shows the projected monthly cash receipts from sales. The purchases budget shows the projected monthly costs of goods sold and inventory needs. The payments for purchases schedule shows when payments for inventory purchases will be made. The cash budget forecasts the company's monthly cash balances including receipts, disbursements, borrowing and repayments. The income statement budgets gross profit and operating expenses. The balance sheet shows the company

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    The document contains budgets for Nichols Kite Company for sales, cash collections, purchases, payments for purchases, and cash for the months of January, February and March. It also contains budgeted income statements and balance sheets for the company as of March 31. The sales budget shows projected monthly sales revenues. The cash collection schedule shows the projected monthly cash receipts from sales. The purchases budget shows the projected monthly costs of goods sold and inventory needs. The payments for purchases schedule shows when payments for inventory purchases will be made. The cash budget forecasts the company's monthly cash balances including receipts, disbursements, borrowing and repayments. The income statement budgets gross profit and operating expenses. The balance sheet shows the company

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    Download as pdf or txt
    26 views8 pages

    Project

    Uploaded by

    api-314835280
    The document contains budgets for Nichols Kite Company for sales, cash collections, purchases, payments for purchases, and cash for the months of January, February and March. It also contains budgeted income statements and balance sheets for the company as of March 31. The sales budget shows projected monthly sales revenues. The cash collection schedule shows the projected monthly cash receipts from sales. The purchases budget shows the projected monthly costs of goods sold and inventory needs. The payments for purchases schedule shows when payments for inventory purchases will be made. The cash budget forecasts the company's monthly cash balances including receipts, disbursements, borrowing and repayments. The income statement budgets gross profit and operating expenses. The balance sheet shows the company

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    of 8

    Schedule

    A:
    Sales Budget
    Budgeted Sales:

    Schedule B:
    Cash Collections

    $
    Units
    Sales Price
    Cost

    January
    248000
    =E4/E6
    8.5
    4.5

    Month
    October
    November
    December
    January
    February
    March

    February
    280000
    =F4/F6
    8.5
    =E7

    March
    152000
    =G4/G6
    8.5
    =F7

    Sales $
    152000
    =J4
    =K4
    =E4
    =F4
    =G4

    January

    Total Cash receipts


    from sales
    Schefule C:
    Purchases Budget
    COGS

    Schedule D:
    Payments for Purchases

    =F11*H11
    =F12*H12
    =F13*H13
    0
    0
    =SUM(G11:G15)

    January
    =E5*E7

    February
    =F5*F7

    March
    =G5*G7

    Desired ending
    inventory of kites
    24906
    Total budgeted needs =E19+E20

    24000
    24000
    =F19+F20 =G19+G20

    Less beginning
    inventory of kites
    156200
    Kites to be purchased =E21-E22

    =E20
    =F21-F22

    =F20
    =G21-G22

    100% of
    previousmonth's
    purchases
    March 31 AP

    142200

    =E23

    =F23
    =G23

    Nichols Kite Company


    Cash Budget
    For The Three Months Ending in March 31, 20X2
    January
    20000
    =G16
    =G36+G37

    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 like
    of credit

    =E26
    32200
    60000
    10000
    6000
    =SUM(G40:G45)
    =G38-G46
    48000

    Interest on the line


    of credit
    Ending cash balance
    Desired ending cash

    =G47+G48-G49-G50
    20000

    Nichols Kite Company


    Budgeted Income Statement
    For The Three Months Ending in 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

    =(H62-40000)*10%+3000
    =60000*3
    =1000*3
    =500*3
    =10000*3

    Nichols Kite Company


    Budgeted Balance Sheet

    March 31, 20X2


    Assets:
    Current Assets
    Cash
    AR
    Merchandise inventory
    Unexpired insurance
    Fixed Assets (net)
    Total Assets
    Liabilities and Stockholder's Equity
    Liabilities:
    AP
    Rent Payable
    Dividends Payable
    Stockholder's Equity
    Total liabilities and stockholders equity

    October
    152000
    =I4/I6
    8.5
    =G7
    %
    0.1
    0.2
    0.7

    November
    100000
    =J4/J6
    8.5
    =E7

    February
    0
    =F12*J12
    =F13*J13
    =F14*J14
    0
    =SUM(I11:I15)

    =H11
    =H12
    =H13

    December
    100000
    =K4/K6
    8.5
    =I7
    March
    0
    0
    =F13*L13
    =F14*L14
    =F15*L15
    =SUM(K11:K15)

    =H11
    =H12
    =H13

    April
    180000
    =M4/M6
    8.5
    =K7
    Total
    Quarter
    =G11+I11+K11
    =G12+I12+K12
    =G13+I13+K13
    =G14+I14+K14
    =G15+I15+K15
    =SUM(M11:M15)

    D use numbers from C

    March 31, 20X2


    February
    =G51
    =I16
    =H36+H37

    March
    =H51
    =K16
    =I36+I37

    =F26
    1000
    60000

    =G26
    1000
    60000

    10000

    10000

    =SUM(H40:H45)
    =H38-H46

    12000
    =SUM(I40:I45)
    =I38-I46

    =G48

    =H49*0.1*2/12
    =H47+H48-H49-H50

    y
    ment
    March 31, 20X2
    =F13+F14+F15
    =E19+F19+G19
    =H62-H63

    y
    et

    =SUM(G66:G70)
    =H64-H70
    =H50
    =H71-H72

    =I47+I48-I49-I50

    Multiply by 3 to get a value for 3 months


    Type in separately?

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