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Acct-344 Week 6 Hw

In: Business and Management

Submitted By kenvan5
Words 300
Pages 2
| | | | | | | | | | Balance sheet (as of July 31, 20XX) | Cash | $25,960 | | Accounts payable | $93,120 | | Accounts receivable | $240,000 | | Loans payable | $11,000 | | Inventory | $14,400 | | Capital stock | $260,000 | | Building and equipment (net) | $210,000 | | Retained earnings | $126,240 | | | $490,360 | | | $490,360 | | | | | | | Income statement (for month of July, 20XX) | | | | | Revenue | $320,000 | | | | | COGS | $128,000 | | | | | Gross margin | $192,000 | | | | | Operating expenses | $80,000 | | | | | Net income | $112,000 | | | | | | | | | | Cash budget (for month of July, 20XX) | | | | | Beginning cash balance | $10,500 | | | | | Cash receipts: | | | | | | July | $105,000 | | | | | June | $80,000 | | | | | Cash available | | | $195,500 | | | | | | | | | Cash disbursements | | | | | | Purchases—June (AP) | $53,760 | | | | | Purchases—July | $23,280 | | | | | Cash expenses | $73,000 | | | | | Equipment purchase | $17,000 | | | | | Dividends | $13,500 | | | | | Total cash disbursements | | | $180,540 | | | | | | | | | Excess cash | | | $14,960 | | | Borrow | $11,000 | | | | | Repay | $ - | | | | | Interest | $ - | | | | | Ending cash balance | | | $25,960 | | | | | | | | | | | | | a. Static budget variances | | | | | | Actual | Static budget (30,000 units) | Variance | | Fixed costs | | | | | | Supervision | $53,550 | $54,000 | $450 | F | | Depreciation | $60,000 | $60,000 | $ - | | | Rent | $30,000 | $30,000 | $ - | | | | | | | | Variable costs | | | | | | Direct materials | $642,000 |

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