Reference no: EM132847020
Question - Create a budgeted income statement for October - December
In September, cash sales were $15,000 and credit sales $35,000. Total expected sales in the following three months are: $64,000 in October; $82,000 in November; and $96,000 in December. The company expects 25% of the sales of each month to be cash sales and the remainder credit sales. Credit sales are expected to be collected 60% in the month of the sale, 30% in the next month, and 10% in the following month.
All purchases of inventory are on credit. Purchases of inventory in September were $35,000. The company estimates purchases in the following three months to be: $30,000 in October, $35,000 in November and $40,000 in December. Purchases are paid 40% in the month of purchase, and 60% in the following month.
Wages expense is estimated to be $12,000 in October, $16,000 in November and $20,000 in December, paid in cash.
Other operating expenses are budgeted to be $18,000 in October, $22,000 in November and $24,000 in December, paid in cash.
Depreciation expenses of $1,400 per month are expected.
The cost of sales is estimated as 40% of sales revenue each month.
Dividends of $10,000 are budgeted to be paid in December.
Proceeds from a bank loan to be received in October: $40,000.
The cash balance at 1st October 2020 was $6,000.
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