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Chapter 9 Financial Planning and Analysis: The Master Budget to create fond 20 percent is purchased in the month of sale. Payment for merchandise is made of total of a percent of the mechandise for descale is purchased in the month prior to the man . month following . Other monthly expenses paid in cash amount to $22,600. Annual depreciation is $216,000 The company's balance sheet as of November 30, 20x1, is as follows: . Problems Spilly Shades Corp Ser is some for Demeter roduce the Laborato ance of 5.20 per Social Security company on its tract that calls 16,000 frames of 100 percent There HANDY HARDES SOC Balance November 30, 20:45 Assets $ 2. 7500 100 8620 $ Debo Wegeber Cash Accounts receivable (net of $3,500 allowance for uncollectible accounts) Inventory Property, plant, and equipment inet of $590,000 accumulated depreciation) Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity $ 162.00 7950 13,000 $0.00 900 Sales POOLS S: Puro Other Regu 1. Required: Compute the following amounts. 1. The budgeted cash collections for December 20x1. 2. The budgeted income (loss) before income taxes for December 20x1. 3. The projected balance in accounts payable on December 31, 20x1. (CMA, adapted 2 Exercise 9-29 Budgeted Financial State monts, Retailer (LO 9-3,9-5) Handy Hardware is a retail hardware store. Information about the store's operations follows, November 20x1 sales amounted to $200,000 Sales are budgeted at $220,000 for December 20x1 and $200,000 for January 20x2. Collections are expected to be 60 percent in the month of sale and 38 percent in the month follow ing the sale. Two percent of sales are expected to be uncollectible. Bad debts expense is recognized . . monthly The store's gross margin is 25 percent of its sales revenue

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