Homework Help is Here – Start Your Trial Now!
Business
Accounting
CELEBI CORP. has the following sales forecast for the first four months of 20X9. January February March April CELEBI's cost of sales is 60 % of sales. Fixed costs are P12,000 per month. CELEBI maintains inventory at 150% of the coming month's budgeted sales requirements and has P55,000 inventory at January 1. CELEBI pays for its purchases 40 % in the month of purchase, 60 % in the following month. CELEBI collects 60% of its sales in the month of sale, 40% in the following month. All fix costs require cash disbursements. CELEBI's balance sheet at December 31, 20X8 appears below. 4. P70,000 70,000 90,000 80,000 Assets Equities P 18,000 20,000 Accounts payable 30,000 55.000 Stockholders' equity P105.000 Total Cash Receivables Inventory Total REQUIREMENTS: 87.000 P105.000 (a) Prepare a budgeted income statement for the first three months of 20X9, in total, not by month. (b) Prepare a purchase budget for the first three months of 20X9 b month. (c) Prepare a cash receipts budget for each of the first three months of 20X9 and for the quarter as a whole. (d) Prepare a cash disbursement budget for each of the first three months of 20X9 and for the quarter as a whole. (e) Prepare a cash budget for each of the first three months of 20X9 and for the quarter as a whole. Prepare a pro forma balance sheet as of March 31, 20X9. (f)

CELEBI CORP. has the following sales forecast for the first four months of 20X9. January February March April CELEBI's cost of sales is 60 % of sales. Fixed costs are P12,000 per month. CELEBI maintains inventory at 150% of the coming month's budgeted sales requirements and has P55,000 inventory at January 1. CELEBI pays for its purchases 40 % in the month of purchase, 60 % in the following month. CELEBI collects 60% of its sales in the month of sale, 40% in the following month. All fix costs require cash disbursements. CELEBI's balance sheet at December 31, 20X8 appears below. 4. P70,000 70,000 90,000 80,000 Assets Equities P 18,000 20,000 Accounts payable 30,000 55.000 Stockholders' equity P105.000 Total Cash Receivables Inventory Total REQUIREMENTS: 87.000 P105.000 (a) Prepare a budgeted income statement for the first three months of 20X9, in total, not by month. (b) Prepare a purchase budget for the first three months of 20X9 b month. (c) Prepare a cash receipts budget for each of the first three months of 20X9 and for the quarter as a whole. (d) Prepare a cash disbursement budget for each of the first three months of 20X9 and for the quarter as a whole. (e) Prepare a cash budget for each of the first three months of 20X9 and for the quarter as a whole. Prepare a pro forma balance sheet as of March 31, 20X9. (f)

Managerial Accounting
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter8: Budgeting
Section: Chapter Questions
Problem 4PA: Budgeted income statement and supporting budgets for three months Bellaire Inc. gathered the...
See similar textbooks
icon
Related questions
icon
Concept explainers
Question
BUDGETED FINANCIAL STATEMENTS CELEBI CORP. has the following sales forecast for the first four months of 20X9. January February March April CELEBI's cost of sales is 60 % of sales. Fixed costs are P12,000 per month. CELEBI maintains inventory at 150% of the coming month's budgeted sales requirements and has P55,000 inventory at January 1 CELEBI pays for its purchases 40% in the month of purchase, 60% in the following month. CELEBI collects 60% of its sales in the month of sale, 40% in the following month. All fix costs require cash disbursements. CELEBI's balance sheet at December 31, 20X8 appears below. 4 P70,000 70,000 90,000 80,000 Assets Equities P 20,000 Accounts payable 30,000 55.000 Stockholders' equity P105.000 Total Cash P 18,000 Receivables 87.000 Inventory Total P105.000 REQUIREMENTS: Prepare a budgeted income statement for the first three months of 20X9, in total, not by month. (a) (b) Prepare a purchase budget for the first three months of 20X9 b month. (c) Prepare a cash receipts budget for each of the first three months of 20X9 and for the quarter as a whole. (d) Prepare a cash disbursement budget for each of the first three months of 20X9 and for the quarter as a whole (e) Prepare a cash budget for each (f) the first three months of 20X9 and for the quarter as a whole. Prepare a pro forma balance sheet as of March 31, 20X9.
Transcribed Image Text:BUDGETED FINANCIAL STATEMENTS CELEBI CORP. has the following sales forecast for the first four months of 20X9. January February March April CELEBI's cost of sales is 60 % of sales. Fixed costs are P12,000 per month. CELEBI maintains inventory at 150% of the coming month's budgeted sales requirements and has P55,000 inventory at January 1 CELEBI pays for its purchases 40% in the month of purchase, 60% in the following month. CELEBI collects 60% of its sales in the month of sale, 40% in the following month. All fix costs require cash disbursements. CELEBI's balance sheet at December 31, 20X8 appears below. 4 P70,000 70,000 90,000 80,000 Assets Equities P 20,000 Accounts payable 30,000 55.000 Stockholders' equity P105.000 Total Cash P 18,000 Receivables 87.000 Inventory Total P105.000 REQUIREMENTS: Prepare a budgeted income statement for the first three months of 20X9, in total, not by month. (a) (b) Prepare a purchase budget for the first three months of 20X9 b month. (c) Prepare a cash receipts budget for each of the first three months of 20X9 and for the quarter as a whole. (d) Prepare a cash disbursement budget for each of the first three months of 20X9 and for the quarter as a whole (e) Prepare a cash budget for each (f) the first three months of 20X9 and for the quarter as a whole. Prepare a pro forma balance sheet as of March 31, 20X9.
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Budgeting
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Managerial Accounting
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
Financial And Managerial Accounting
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Cornerstones of Cost Management (Cornerstones Ser…
Cornerstones of Cost Management (Cornerstones Ser…
Accounting
ISBN:
9781305970663
Author:
Don R. Hansen, Maryanne M. Mowen
Publisher:
Cengage Learning
Managerial Accounting: The Cornerstone of Busines…
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
EBK CONTEMPORARY FINANCIAL MANAGEMENT
EBK CONTEMPORARY FINANCIAL MANAGEMENT
Finance
ISBN:
9781337514835
Author:
MOYER
Publisher:
CENGAGE LEARNING - CONSIGNMENT
Principles of Cost Accounting
Principles of Cost Accounting
Accounting
ISBN:
9781305087408
Author:
Edward J. Vanderbeck, Maria R. Mitchell
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS