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Colerain Corporation is a merchandising company that is preparing a profit plan for the third quarter of the calendar year. The company's balance sheet as of June 30 is shown below:
Estimated sales for July, August, September, and October will be $240,000, $260,000, $250,000, and $270,000, respectively.
All sales are on credit and all credit sales are collected. Each month's credit sales are collected 30% in the month of sale and 70% in the month following the sale. All of the accounts receivable at June 30 will be collected in July.
Each month's ending inventory must equal 40% of the cost of next month's sales. The cost of goods sold is 70% of sales. The company pays for 50% of its merchandise purchases in the month of the purchase and the remaining 50% in the month following the purchase. All of the accounts payable at June 30 will be paid in July.
Monthly selling and administrative expenses are always $55,000. Each month $4,000 of this total amount is depreciation expense and the remaining $51,000 relates to expenses that are paid in the month they are incurred.
The company does not plan to borrow money or pay or declare dividends during the quarter ended September 30. The company does not plan to issue any common stock or repurchase its own stock during the quarter ended September 30.
Prepare a schedule of expected cash collections for July, August, and September. Also compute total cash collections for the quarter ended September 30th. (Leave no cells blank - be certain to enter "0" wherever required. Omit the "$" sign in your response.)
Prepare a merchandise purchases budget for July, August, and September. Also compute total merchandise purchases for the quarter ended September 30th. (Input all amounts as positive values. Omit the "$" sign in your response.)
Prepare a schedule of expected cash disbursements for merchandise purchases for July, August, and September. Also compute total cash disbursements for merchandise purchases for the quarter ended September 30th. (Leave no cells blank - be certain to enter "0" wherever required. Omit the "$" sign in your response.)
Prepare an income statement for the quarter ended September 30th. (Input all amounts as positive values except losses which should be indicated by a minus sign. Leave no cells blank - be certain to enter "0" wherever required. Omit the "$" sign in your response.)
Prepare a balance sheet as of September 30th. (Be sure to list the assets and liabilities in order of their liquidity. Omit the "$" sign in your response.)
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