Problem 9-48 Ryan Richards, controller for Grange Retailers, has assembled the following data to assist in the. July (estimated) 90,000
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1 Problem 9-48 Ryan Richards, controller for Grange Retailers, has assembled the following data to assist in the preparation of a cash budget for the third quarter of the current year: a)sales: May (actual) $100,000 June (actual) 120, July (estimated) 90,000 August (estimated) 100, September (estimated) 135,000 October (estimated) 110,000
2 b)each month, 30 percent of sales are for cash and 70 percent are on credit. The collection pattern for credit sales is 20 percent in the month of sale, 50 percent in the following month, and 30 percent in the second month following the sale. c) Each month, the ending inventory exactly equals 50 percent of the cost of next month s sales. The markup on goods is 25 percent of cost. d)inventory purchases are paid for in the month following the purchase.
3 e)recurring monthly expenses are as follows: Salaries and wages $10, Depr. on plant & equip. 4,000 Utilities 1,000 Other 1,700 f) Property taxes of $15,000 are due and payable on July 15. g) Advertising i fees of $6,000 must be paid on August 20. h) A lease on a new storage facility is scheduled to begin on September 2. Monthly payments are $5,000.
4 i) The company has a policy to maintain a minimum cash balance of $10, If necessary, it will borrow to meet its short-term needs. All borrowing is done at the beginning g of the month. The annual interest rate is 9 percent. The company must borrow in multiples of $1,000.
5 j) A partially completed balance sheet as of June 30, 2006, follows. (Accounts payable is for inventory purchases only.) Cash $? Accounts Rec.? Inventory? Plant & Equip 425,000 Accounts Pay. $? Common Stock 210, Retained Earnings 268,750 Total $? $?
6 Required 1. Complete the balance sheet given in (j).
7 b)each month, 30 percent of sales are for cash and 70 percent are on credit. The collection pattern for credit sales is 20 percent in the month of sale, 50 percent in the following month, and 30 percent in the second month following the sale.
8 Cash Receipts: Sales $100, , , , May June July Aug Collections Cash Sales 30,000 36,000 27,000 30,000 (Sales x 0.3) Credit Sales 14,000 16,800 12,600 14,000 (Sales x 0.7 x 0.2) One month later 35,000 42,000 31,500 (Sales x 0.7 x 0.5) (May) (June) (July) Two months later 21,000 25,200 A (Sales x 0.7 x 0.3) (May) (June) Total 44,000 87, , ,700 Note: A AR = $88,200 (June 30)
9 Cash Receipts: Sales $90, , , ,000 July Aug Sep Oct Collections Cash Sales 27,000 30, ,500 33,000 (Sales x 0.3) Credit Sales 12,600 14,000 18,900 15,400 (Sales x 0.7 x 0.2) One month later 42,000 31,500 35,000 47,250 (Sales x 0.7 x 0.5) (June) (July) (Aug) (Sep) Two months later 21,000 25,200 A 18,900 21,000 28,350 B (Sales x 0.7 x 0.3) (May) (June) (July) (Aug) (Sep) Total 102, , , ,650 A $ Note: A AR = $88,200 (June 30) B AR = $96,600 (Sep 30)
10 b)each month, the ending inventory exactly equals 50 percent of the cost of next month s sales. The markup on goods is 25 percent of cost. c) Inventory purchases are paid for in the month following the purchase.
11 Purchases: Sales 100, ,000 90, , ,000 Cost (1.25x = Sales) 80,000 96,000 72,000 80, ,000 (x = Sales/1.25) May June July Aug Sep End. Inv. 48,000 36,000 C 40,000 54,000 44,000 D (next mnth. X 0.5) CoGS 80,000 96,000 72,000 80, ,000 Total Needs 128, , , , ,000 Less Beg. Inv. 48,000 36,000 40, ,000 Purchases 84,000 E 76,000 94,000 98,000 F Payments (mnth after pur.) 84,000 76,000 94,000 Note E AP = $84,000 (June 30) F AP = $98,000 (Sep 30)
12 Purchases: Sales 120,000 90, , , ,000 Cost (1.25x = Sales) 96,000 72,000 80, ,000 88,000 (x = Sales/1.25) June July Aug Sep Oct End. Inv. 36,000 C 40,000 54,000 44,000 D (next mnth. X 0.5) CoGS 96,000 72,000 80, , Total Needs 132, , , ,000 Less Beg. Inv. 48,000 36,000 40,000 54,000 Purchases 84,000 E 76,000 94,000 98,000 F Payments (mnth after pur.) 84,000 76,000 94,000 Note E AP = $84,000 (June 30) F AP = $98,000 (Sep 30)
13 Assets Cash $ Accts. Rec. Inventory Plant & Equip. 425,000* Accts. Pay. Liabilities & Stockholders Equity Common Stk. 210,000* Retained Earnings 268,750* Total *Given
14 Liabilities & Assets Stockholders Equity Cash $ 13,550 Accts. Rec. 88,200 A Inventory 36,000 C Plant & Equip. 425,000* Accts. Pay. $ 84,000 E Common Stk. 210,000* Retained Earnings 268,750* Total $562,750 $562,750 *Given
15 Required 2 Prepare a cash budget for each month in the third 2. Prepare a cash budget for each month in the third quarter and for the quarter in total. (The third quarter begins on July 1.) Provide a supporting schedule of cash collections.
16 Cash Receipts: Sales $90, , , ,000 July Aug Sep Oct Collections Cash Sales 27,000 30, ,500 33,000 (Sales x 0.3) Credit Sales 12,600 14,000 18,900 15,400 (Sales x 0.7 x 0.2) One month later 42,000 31,500 35,000 47,250 (Sales x 0.7 x 0.5) (June) (July) (Aug) (Sep) Two months later 21,000 25,200 A 18,900 21,000 28,350 B (Sales x 0.7 x 0.3) (May) (June) (July) (Aug) (Sep) Total 102, , , ,650 A $ Note: A AR = $88,200 (June 30) B AR = $96,600 (Sep 30)
17 Grange Retailers Cash Budget For Quarter Ending Sept. 30 July August September Total Beg. Cash Bal. $ 13,550 $ 10,450 $ 10,450 $ 13,550 Cash collections 102, , , , Total Cash Avail. $116,150 $111,150 $123,705 $330,150 Cash disbursements Purchases $ 84,000 $ 76,000 $ 94,000 $254,000 Salaries & Wages 10,000 10,000 10,000 30,000 Utilities 1,000 1,000 1,000 1,000 Other 1,700 1,700 1,700 1,700 Property taxes 15,000 15,000 Advertising i fees 6,000 6,000 Lease 5,000 5,000 Total dis. $111,700 $ 94,700 $111,700 $318,100 Min. Cash Bal. 10,000 10,000 10,000 10,000 Total Cash Needs $121,700 $104,700 $121,700 $328,100
18 Purchases: Sales 120,000 90, , , ,000 Cost (1.25x = Sales) 96,000 72,000 80, ,000 88,000 (x = Sales/1.25) June July Aug Sep Oct End. Inv. 36,000 C 40,000 54,000 44,000 D (next mnth. X 0.5) CoGS 96,000 72,000 80, , Total Needs 132, , , ,000 Less Beg. Inv. 48,000 36,000 40,000 54,000 Purchases 84,000 E 76,000 94,000 98,000 F Payments (mnth after pur.) 84,000 76,000 94,000 Note E AP = $84,000 (June 30) F AP = $98,000 (Sep 30)
19 e)recurring monthly expenses are as follows: Salaries and wages $10, Depr. on plant & equip. 4,000 Utilities 1,000 Other 1,700 f) Property taxes of $15,000 are due and payable on July 15. g) Advertising i fees of $6,000 must be paid on August 20. h) A lease on a new storage facility is scheduled to begin on September 2. Monthly payments are $5,000.
20 Grange Retailers Cash Budget For Quarter Ending Sept. 30 July August September Total Beg. Cash Bal. $ 13,550 $ 10,450 $ 10,450 $ 13,550 Cash collections 102, , , , Total Cash Avail. $116,150 $111,150 $123,705 $330,150 Cash disbursements Purchases $ 84,000 $ 76,000 $ 94,000 $254,000 Salaries & Wages 10,000 10,000 10,000 30,000 Utilities 1,000 1,000 1,000 1,000 Other 1,700 1,700 1,700 1,700 Property taxes 15,000 15,000 Advertising i fees 6,000 6,000 Lease 5,000 5,000 Total dis. $111,700 $ 94,700 $111,700 $318,100 Min. Cash Bal. 10,000 10,000 10,000 10,000 Total Cash Needs $121,700 $104,700 $121,700 $328,100
21 i) The company has a policy to maintain a minimum cash balance of $10, If necessary, it will borrow to meet its short-term needs. All borrowing is done at the beginning g of the month. The annual interest rate is 9 percent. The company must borrow in multiples of $1,000.
22 Total Cash Avail. $116,150 $111,150 $123,705 $330,150 Total Cash Needs $121,700 $104,700 $121,700 $328,100 Excess (deficiency) $ (5,550) $ 6,450 $ 2,005 $ 2,050 Financing: Borrowings $ 6,000 $ 6,000 Repayments $ (6,000) (6,000) Interest i (45) $ 0 (45) Total financing i $ 6,000 $ (6,045) $ 0 $ (45) End. Cash Bal. $ 10,450 $ 10,405 $ 12,005 G $ 12,005 I = $6000 x 0.09 x 1/12 = $45
23 Grange Retailers Cash Budget For Quarter Ending Sept. 30 July August September Total Beg. Cash Bal. $ 13,550 $ 10,450 $ 10,405 $ 13,550 Cash collections 102, , , , Total Cash Avail. $116,150 $111,150 $123,705 $330,150 Cash disbursements Purchases $ 84,000 $ 76,000 $ 94,000 $254,000 Salaries & Wages 10,000 10,000 10,000 30,000 Utilities 1,000 1,000 1,000 1,000 Other 1,700 1,700 1,700 1,700 Property taxes 15,000 15,000 Advertising i fees 6,000 6,000 Lease 5,000 5,000 Total dis. $111,700 $ 94,700 $111,700 $318,100 Min. Cash Bal. 10,000 10,000 10,000 10,000 Total Cash Needs $121,700 $104,700 $121,700 $328,100
24 Total Cash Avail. $116,150 $111,150 $123,705 $330,150 Total Cash Needs $121,700 $104,700 $121,700 $328,100 Excess (deficiency) $ (5,550) $ 6,450 $ 2,005 $ 2,050 Financing: Borrowings $ 6,000 $ 6,000 Repayments $ (6,000) (6,000) Interest (45) $ 0 (45) Total financing i $ 6,000 $ (6,045) $ 0 $ (45) End. Cash Bal. $ 10,405 $ 10,405 $ 12,005 G $ 12,005 i = $6000 x 0.09 x 1/12 = $45
25 Grange Retailers Cash Budget For Quarter Ending Sept. 30 July August September Total Beg. Cash Bal. $ 13,550 $ 10,450 $ 10,450 $ 13,550 Cash collections 102, , , , Total Cash Avail. $116,150 $111,150 $123,705 $330,150 Cash disbursements Purchases $ 84,000 $ 76,000 $ 94,000 $254,000 Salaries & Wages 10,000 10,000 10,000 30,000 Utilities 1,000 1,000 1,000 1,000 Other 1,700 1,700 1,700 1,700 Property taxes 15,000 15,000 Advertising i fees 6,000 6,000 Lease 5,000 5,000 Total dis. $111,700 $ 94,700 $111,700 $318,100 Min. Cash Bal. 10,000 10,000 10,000 10,000 Total Cash Needs $121,700 $104,700 $121,700 $328,100
26 Total Cash Avail. $116,150 $111,150 $123,705 $330,150 Total Cash Needs $121,700 $104,700 $121,700 $328,100 Excess (deficiency) $ (5,550) $ 6,450 $ 2,005 $ 2,050 Financing: Borrowings $ 6,000 $ 6,000 Repayments $ (6,000) (6,000) Interest (45) $ 0 (45) Total financing i $ 6,000 $ (6,045) $ 0 $ (45) End. Cash Bal. $ 10,450 $ 10,405 $ 12,005 G $ 12,005 i = $6000 x 0.09 x 1/12 = $45
27 Required 3) P f b l h t f 3) Prepare a pro forma balance sheet as of September 30.
28 Cash $ Accts. Rec. Inventory Plant & Equip. Accts. Pay. Assets Liabilities & Stockholders Equity Common Stk. 210,000* Retained Earnings Total $ $ *Given
29 Liabilities & Assets Stockholders Equity Cash $ 12,005 G Accts. Rec. 96,600 B Inventory 44,000 D Plant & Equip. 413,000 H Accts. Pay. $ 98,000 F Common Stk. 210,000* Retained Earnings 257,605 Total $565,605 $565,605 *Given H [$425,000 3($4,000)]
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