Sycamore Company, which expects to start operations on January 1, 2014, will sell digital cameras in shopping malls.

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1. Sycamore Company, which expects to start operations on January 1, 2014, will sell digital cameras in shopping malls. Sycamore has budgeted sales as indicated in the following table. The company expects a 12 percent increase in sales per month for February and March. The ratio of cash sales to sales on account will remain stable from January through March.

Required:

Complete the sales budget by filling in the missing amounts. (Round your answers to 2 decimal places.)

SALES January February March

cash salee 37000

sales on account 116000

total budgeted sales 153000

b. Determine the amount of sales revenue Sycamore will report on its first quarter pro forma income statement. (Round your answer to 2 decimal places.)

14.

The budget director of Natalia’s Florist has prepared the following sales budget. The company had $240,000 in accounts receivable on July 1. Natalia’s Florist normally collects 100 percent of accounts receivable in the month following the month of sale.

Required:

Complete the schedule of cash receipts by filling in the missing amounts.

july august september

sales budget

cash sales 67000 68000 87000

sales on account 98000 104000 136600

total budgeted sales 165000 172000 223600

schedule of cash receipts

current cash sales

plus: collections from accounts receivables

total budgeted collection

Determine the amount of accounts receivable the company will report on its third quarter pro forma balance sheet.

15.

Spencer Company sells lamps and other lighting fixtures. The purchasing department manager prepared the following inventory purchases budget. Spencer’s policy is to maintain an ending inventory balance equal to 20 percent of the following month’s cost of goods sold. April’s budgeted cost of goods sold is $79,000.

Required:

Complete the inventory purchases budget by filling in the missing amounts.

inventory purchases budget

january february march

budgeted cost of goods sold 54000 58000 64000

plus: desired ending inventory 11600

inventory needed 65600

less: beginning inventory 10,800

required purchases on account 54800

Determine the amount of cost of goods sold the company will report on its first quarter pro forma income statement.

16. he budget director for Yardley Cleaning Services prepared the following list of expected selling and administrative expenses. All expenses requiring cash payments are paid for in the month incurred except salary expense and insurance. Salary is paid in the month following the month in which it is incurred. The insurance premium for six months is paid on October 1. October is the first month of operations; accordingly, there are no beginning account balances.

Required:

Sycamore Company, which expects to start operations on January 1, 2014, will sell digital cameras in shopping malls.

The Fundamentals of Capital Budgeting

Which of these can be used by interested parties to identify changes in corporate performance?

Sycamore Company, which expects to start operations on January 1, 2014, will sell digital cameras in shopping malls.

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