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M11-Chp-08-6-Cash-Flow-Spreadsheet

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					                1. Problem                                                              4356a25e-fdd0-4327-b45d-64b32b6e954d.xls                                                                       Page 1 of 2
 1                  UNCC Corp. balance sheet (Not a Manufacturing Co.). Jan 31.                                 Budget Information                                February     March       April
 2               Cash                                           $8,000     Accounts payable           $82,500   1. Sales budget:                                   $110,000 $120,000 $140,000
 3               Accounts receivable              $40,000                                                       2. Gross margin is 25% of sales.      Cost?
 4                 Allow. for bad debts           ($2,000)     $38,000     Common stock               $50,000   3. Collections: 60% in the month of sale, 38% the next month, and 2% uncollectible.
 5               Inventory                                     $82,500                                          4. Purchases in current month (at wholesale) cover next month's projected sales.
 6               Property and equipment          $100,000                  Retained earnings          $36,000   5. Accounts payable for purchases are paid in full in month after month of purchase.
 7                 Accum. Depreciation           ($60,000)     $40,000                                          6. Other cash expenses paid each month               $16,500    $16,500     $16,500
 8               Total Assets                                 $168,500     Total Debt & Equity       $168,500   7. Depreciation each month is $5,000.                 $5,000      $5,000     $5,000

 9                                                       Assets - Debit Balance and (Credit) balance                          Liabilities and Owner Equity        Revenue          Expenses
10                                                           Accounts     Allow. for                  Fixed     Accum       Accounts     Common      Retained                   Cost                     Net
11                                                Cash       Receivable Bad Debts       Inventory    Assets     Deprec      Payable       Stock      Earnings      Sales       of Sales   Expenses     Income
12               Balances-Jan. 31 [above]          $8,000      $40,000       ($2,000)     $82,500    $100,000   ($60,000)    ($82,500)   ($50,000)    ($36,000)                                                      $0
13               Balances-Feb. 1                   $8,000      $40,000       ($2,000)     $82,500    $100,000   ($60,000)    ($82,500)   ($50,000)    ($36,000)
14               Collect Accounts Receivable      $38,000     ($38,000)
15               Write-off uncollectible accts                 ($2,000)      $2,000
16               Pay Accounts Payable            ($82,500)                                                                    $82,500
                 Sales on credit                              $110,000                                                                                            ($110,000)
     February




17
18               Collect Accounts Receivable      $66,000     ($66,000)
19               Ship goods to customers                                                 ($82,500)                                                                              $82,500
20               Purchase goods                                                           $90,000                            ($90,000)
21               Other cash expenses             ($16,500)                                                                                                                                 $16,500
22               Bad debts expense                                           ($2,200)                                                                                                       $2,200
23               Depreciation expense                                                                            ($5,000)                                                                   $5,000
24               Balances-Feb. 28                 $13,000      $44,000       ($2,200)     $90,000    $100,000   ($65,000)    ($90,000)   ($50,000)    ($36,000)   ($110,000)    $82,500    $23,700      ($3,800)     $0
25               Balances-March 1                 $13,000      $44,000       ($2,200)     $90,000    $100,000   ($65,000)    ($90,000)   ($50,000)    ($39,800)                                                      $0
26               Collect Accounts Receivable
27               Write-off uncollectible accts
28               Pay Accounts Payable
29               Sales on credit
     March




30               Collect Accounts Receivable
31               Ship goods to customers
32               Purchase goods
33               Other cash expenses
34               Bad debts expense
35               Depreciation expense
36               Balances-March 31
37               Balances - After Closing
                2. Complete Answers                                                     4356a25e-fdd0-4327-b45d-64b32b6e954d.xls                                                                       Page 2 of 2
 1                  UNCC Corp. balance sheet (Not a Manufacturing Co.). Jan 31.                                 Budget Information                                February     March       April
 2               Cash                                           $8,000     Accounts payable           $82,500   1. Sales budget:                                   $110,000 $120,000 $140,000
 3               Accounts receivable              $40,000                                                       2. Gross margin is 25% of sales.      Cost?         $82,500     $90,000 $105,000
 4                 Allow. for bad debts           ($2,000)     $38,000     Common stock               $50,000   3. Collections: 60% in the month of sale, 38% the next month, and 2% uncollectible.
 5               Inventory                                     $82,500                                          4. Purchases in current month (at wholesale) cover next month's projected sales.
 6               Property and equipment          $100,000                  Retained earnings          $36,000   5. Accounts payable for purchases are paid in full in month after month of purchase.
 7                 Accum. Depreciation           ($60,000)     $40,000                                          6. Other cash expenses paid each month               $16,500    $16,500     $16,500
 8               Total Assets                                 $168,500     Total Debt & Equity       $168,500   7. Depreciation each month is $5,000.                 $5,000      $5,000     $5,000

 9                                                       Assets - Debit Balance and (Credit) balance                          Liabilities and Owner Equity        Revenue          Expenses
10                                                           Accounts     Allow. for                  Fixed     Accum       Accounts     Common      Retained                   Cost                     Net
11                                                Cash       Receivable Bad Debts       Inventory    Assets     Deprec      Payable       Stock      Earnings      Sales       of Sales   Expenses     Income
12               Balances-Jan. 31 [above]          $8,000      $40,000       ($2,000)     $82,500    $100,000   ($60,000)    ($82,500)   ($50,000)    ($36,000)                                                      $0
13               Balances-Feb. 1                   $8,000      $40,000       ($2,000)     $82,500    $100,000   ($60,000)    ($82,500)   ($50,000)    ($36,000)
14               Collect Accounts Receivable      $38,000     ($38,000)
15               Write-off uncollectible accts                 ($2,000)      $2,000
16               Pay Accounts Payable            ($82,500)                                                                    $82,500
                 Sales on credit                              $110,000                                                                                            ($110,000)
     February




17
18               Collect Accounts Receivable      $66,000     ($66,000)
19               Ship goods to customers                                                 ($82,500)                                                                              $82,500
20               Purchase goods                                                           $90,000                            ($90,000)
21               Other cash expenses             ($16,500)                                                                                                                                 $16,500
22               Bad debts expense                                           ($2,200)                                                                                                       $2,200
23               Depreciation expense                                                                            ($5,000)                                                                   $5,000
24               Balances-Feb. 28                 $13,000      $44,000       ($2,200)     $90,000    $100,000   ($65,000)    ($90,000)   ($50,000)    ($36,000)   ($110,000)    $82,500    $23,700      ($3,800)     $0
25               Balances-March 1                 $13,000      $44,000       ($2,200)     $90,000    $100,000   ($65,000)    ($90,000)   ($50,000)    ($39,800)                                                      $0
26               Collect Accounts Receivable      $41,800     ($41,800)
27               Write-off uncollectible accts                 ($2,200)      $2,200
28               Pay Accounts Payable            ($90,000)                                                                    $90,000
29               Sales on credit                              $120,000                                                                                            ($120,000)
     March




30               Collect Accounts Receivable      $72,000     ($72,000)
31               Ship goods to customers                                                 ($90,000)                                                                              $90,000
32               Purchase goods                                                          $105,000                           ($105,000)
33               Other cash expenses             ($16,500)                                                                                                                                 $16,500
34               Bad debts expense                                           ($2,400)                                                                                                       $2,400
35               Depreciation expense                                                                            ($5,000)                                                                   $5,000
36               Balances-March 31                $20,300      $48,000       ($2,400)    $105,000    $100,000   ($70,000)   ($105,000)   ($50,000)    ($39,800)   ($120,000)    $90,000    $23,900      ($6,100)
37               Balances - After Closing         $20,300      $48,000       ($2,400)    $105,000    $100,000   ($70,000)   ($105,000)   ($50,000)    ($45,900)

				
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