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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






















































































































































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








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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














Instructions 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 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
Answered 1 days AfterJun 05, 2023

Answer To: InstructionsSales...

Prince answered on Jun 06 2023
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