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Instructions Sales salaries $30,000 Advertising 6% Delivery...

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Instructions







Sales salaries

$30,000






Advertising




6%






Delivery expense




3%






Sales commissions




5%






Rent expense




$5,000






Depreciation




$800






Utilities




$600






Insurance




$500






5.  Income taxes are estimated to be 30% of income from operations.



Tasks:


Prepare the merchandise purchases budget for each month in columnar form.


















































LITWIN COMPANY

San Miguel Store



Merchandise Purchases Budget



For the Months of May and June, 2014




May




June



Title



Amount



Amount



Title



Amount



Amount



Title



Formula



Formula



Title



Amount



Amount



Title



Formula



Formula




Prepare budgeted income statements for each month in columnar form. Show in the statements the details of cost of goods sold.













































































































































LITWIN COMPANY



San Miguel Store



Budgeted Income Statement



For the Months of May and June, 2014




May




June



Title



Amount



Amount



Title



Title



Amount



Amount



Title



Amount



Amount



Title



Formula



Formula



Title



Amount



Amount



Title



Formula



Formula



Title



Formula



Formula



Title



Title



Amount



Amount



Title



Formula



Formula



Title



Formula



Formula



Title



Formula



Formula



Title



Amount



Amount



Title



Amount



Amount



Title



Amount



Amount



Title



Amount



Amount



Title



Formula



Formula



Title



Formula



Formula



Title



Formula



Formula



Title



Formula



Formula




Submission Details:

Name your worksheet SU_ACC6345_W2_MW_LastName_FirstInitial.xlsx.


Submit your completed workbook to the
W2 Midweek Assignment Submissions Area by
the due date assigned.































Grading Criteria




Maximum Points



Prepared the merchandise purchases budget.



20



Prepared the budgeted income statement for each month.



10



Integrated the statements the details of cost of goods sold.



10



Wrote in a clear, concise, and organized manner; demonstrated ethical scholarship in accurate representation and attribution of sources (i.e., APA); and displayed accurate spelling, grammar, and punctuation.



10




Total:




50



" >


1. Sales for May are expected to be $800,000; sales in June and July are expected to be 5% higher than the preceding month.
2. The cost of goods sold is expected to be 75% of sales
3. Company policy is to maintain ending merchandise inventory at 15% of the following month’s cost of goods sold.
4. Operating expenses are estimated to be:







































Sales salaries

$30,000



Advertising



6%



Delivery expense



3%



Sales commissions



5%



Rent expense



$5,000



Depreciation



$800



Utilities



$600



Insurance



$500



5. Income taxes are estimated to be 30% of income from operations.



Tasks:


Prepare the merchandise purchases budget for each month in columnar form.


















































LITWIN COMPANY

San Miguel Store



Merchandise Purchases Budget



For the Months of May and June, 2014




May




June



Title



Amount



Amount



Title



Amount



Amount



Title



Formula



Formula



Title



Amount



Amount



Title



Formula



Formula




Prepare budgeted income statements for each month in columnar form. Show in the statements the details of cost of goods sold.













































































































































LITWIN COMPANY



San Miguel Store



Budgeted Income Statement



For the Months of May and June, 2014




May




June



Title



Amount



Amount



Title



Title



Amount



Amount



Title



Amount



Amount



Title



Formula



Formula



Title



Amount



Amount



Title



Formula



Formula



Title



Formula



Formula



Title



Title



Amount



Amount



Title



Formula



Formula



Title



Formula



Formula



Title



Formula



Formula



Title



Amount



Amount



Title



Amount



Amount



Title



Amount



Amount



Title



Amount



Amount



Title



Formula



Formula



Title



Formula



Formula



Title



Formula



Formula



Title



Formula



Formula




Submission Details:

Name your worksheet SU_ACC6345_W2_MW_LastName_FirstInitial.xlsx.


Submit your completed workbook to theW2 Midweek Assignment Submissions Areabythe due date assigned.































Grading Criteria




Maximum Points



Prepared the merchandise purchases budget.



20



Prepared the budgeted income statement for each month.



10



Integrated the statements the details of cost of goods sold.



10



Wrote in a clear, concise, and organized manner; demonstrated ethical scholarship in accurate representation and attribution of sources (i.e., APA); and displayed accurate spelling, grammar, and punctuation.



10




Total:




50




Answered 1 days After Jun 05, 2023

Solution

Prince answered on Jun 06 2023
27 Votes
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