Events Asse Equipme Acct Rec 17,500.00 $ Cash Inventory Beginning Balances as of Dec 31, Year 1 LAcquired $550,000 by signing a note payable with a local bank 2. Sold 25.000 shares of $22 Common Stock for $1,500,000 3. Purchased Equipment for $300,000 4. Purchased Inventory on Account - 25.000 Units at $1.15 per unit 5a. Sold 15,000 units at $3.50 on Account 5b. COGS for Sales on Account 6. Collect $70,000 on Account 7. Paid $117,250 of Accounts Payable 8. Purchased Inventory on Account - 170.000 Units at $1.50 per unit |9a. Sold 175,000 units at $3.50 on Account 9b. COGS for Sales on Account 10. Collect $472,500 on Account 11. Paid $218,600 of Accounts Payable 12. Purchased Inventory on Account - 275,000 Units at $1.35 per unit 13a. Sold 200,000 units at $3.50 on Account 13b. COGS for Sales on Account |14. Collect $735,000 on Account 15. Paid $494,150 of Accounts Payable 16. Purchased Inventory on Account - 300,000 Units at $1.15 per unit 17. Paid Sales & Marketing Expenses of $30,000 18. Paid Operating Expenses of $75.708 19. Record Wages Payable of $40,000 |20. Paid Product Line Research & Development Expenses of $150,000 21. Paid Advertising Expenses of $87,500 22. Made the yearly required payment on the note payable. The note carries a 7% interest rate and requires payments of $50,000 plus interest each December 31. 257,000.00 $ 550,000 1,500,000 28,000.00 (300.000) $ 300,0 28,750 52,500 (29,150) (70,000) 70,000 $ (117,250) 255.000 612,500 (254,100) 472,500 S (218.600) (472,500) 371,250 700.000 (272.850) 735,000 $ (494,150) (735,000) 345,000 (30,000) (75.708) (150,000) (87,500) (88,500) 23. Record first year of Depreciation on Equipment Purchased in Year 2 with Salvage Value of $38,000 & useful life of 7 Yrs 24. Declared a $10,000 cash dividend for stockholders 25. Paid a $10.000 cash dividend for stockholders Balance at end of Yr 2 (10.000) 2.012,792 105.000 S 471,900 $ 300,C
Master Budget
A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making.
Sales Budget and Selling
A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.
whats the inventory tracking for this?
You will need to calculate your estimated COGS for the budget template tab using the Weighted Average method discussed in LO5-6
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