$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.
San Miguel Store
Merchandise Purchases Budget
For the Months of May and June, 2014
May
June
Title
Amount
Formula
Prepare budgeted income statements for each month in columnar form. Show in the statements the details of cost of goods sold.
LITWIN COMPANY
Budgeted Income Statement
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.
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.
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 sales3. 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:
Submit your completed workbook to theW2 Midweek Assignment Submissions Areabythe due date assigned.
Already registered? Login
Not Account? Sign up
Enter your email address to reset your password
Back to Login? Click here