*Only Solve Part (C) Using Parts A & B *Only Solve Part (C) Using Parts A & B (5
ID: 2532383 • Letter: #
Question
*Only Solve Part (C) Using Parts A & B
*Only Solve Part (C) Using Parts A & B
(5) 1c. Given the following information and that contained in Parts (a) and (b), construct a forecast balance sheet as of June 30, 2017, for the XYZ Store. XYZ Store balance sheet at December 31, 2016 ASSETS LIABILITIES AND EQUITY $160,000 500,000 Cash Accounts receivable Inventory Fixed assets, net $80,000 Accounts payable Bonds Common stock and retained earnings 427,500 240,000 260,000 S1007500 347.500 S1,007500Explanation / Answer
Assets Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Cash 138,970 177,180 86,120 89,420 81,820 87,220 Account receivable 357,030 345,720 374,430 417,495 444,900 435,330 Inventory 165,600 172,800 201,600 208,800 172,800 259,200 Fixed asset 257,833 255,667 253,500 251,333 249,167 247,000 Tax prepaid 70,000 Capital investment 80,000 919,433 951,367 915,650 1,037,048 948,687 1,108,750 Liabilities Accounts payable 69,600 172,800 201,600 208,800 172,800 259,200 Bonds 500,000 500,000 500,000 500,000 500,000 500,000 Common stock and retained earnings 349,833 278,567 134,050 - 51,752 - 334,113 - 560,450 Bank loan - - 80,000 380,000 610,000 910,000 919,433 951,367 915,650 1,037,048 948,687 1,108,750 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Sales 200,000 230,000 240,000 280,000 290,000 240,000 Credit sale 174,000 200,100 208,800 243,600 252,300 208,800 Cash budget Opening 80000 138,970 177,180 86,120 89,420 81,820 Cash sales 26,000 29,900 31,200 36,400 37,700 31,200 Cash from credit sales Oct sale 31320 Nov sale 91350 39150 Dec sale 121800 85260 36540 Jan sale 87,000 43,500 26,100 Feb Sale 100,050 70,035 30,015 Mar Sale 104,400 73,080 31,320 Apr sale 121,800 60,900 May sale 126,150 Credit purchase 160000 69,600 172,800 201,600 208,800 172,800 Wages and salaries 45000 40000 50000 55000 60000 57000 Rent 6500 6500 6500 6500 6500 6500 Interest 9500 9500 Tax prepayment 70000 Capital investment 80000 Bank loan 80000 300000 230000 300000 Closing cash balance 138,970 177,180 86,120 89,420 81,820 87,220 Inventory Opening 240,000 165,600 172,800 201,600 208,800 172,800 Purchase 69,600 172,800 201,600 208,800 172,800 259,200 Sale 144,000 165,600 172,800 201,600 208,800 172,800 Closing 165,600 172,800 201,600 208,800 172,800 259,200 Account receivable Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Opening 427,500 357,030 345,720 374,430 417,495 444,900 Credit sale 174,000 200,100 208,800 243,600 252,300 208,800 Cash received 244,470 211,410 180,090 200,535 224,895 218,370 Closing 357,030 345,720 374,430 417,495 444,900 435,330 Fixed asset Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Net - Opening 260000 257,833 255,667 253,500 251,333 249,167 Depreciation ((260000/10)/12) 2,167 2,167 2,167 2,167 2,167 2,167 Closing 257,833 255,667 253,500 251,333 249,167 247,000
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