Thumbtack’s march 31, 2012, budgeted balance sheet follows:

Thumbtack’s March 31, 2012, budgeted balance sheet follows:  

            

THUMBTACK OFFICE SUPPLY

Budgeted balance Sheet

March 31, 2012

Assets Liabilities

Current:     Current:    

Cash      $ 18,000   Accounts due  $ 12,500 

Accounts receivable  12,000   Salary and commissions due   1,400 

Stock      16,000   Total present debts  $ 13,900 

Prepaid insurance  2,200       

Total present assets    $ 48,200  Shareholders’ Equity

Factory assets:     Ordinary shares  $ 16,000 

Machines and fixtures 45000 Retained earings  33,300 

Less: Accmulated Depreciation    30,000   Total shareholders’ equity  49,300 

Total factory assets  15,000  Total debts and  

Total assets   $63,200   shareholders’ equity  $ 63,200 

            

The budget committee of Thumbtack Office Supply has collected the following data.

a. Sales in April were $40,000. You predict that per month sales will enhance 2% over April’s sales in

 May. June’s sales will enhance 4% over April’s sales. July’s sales will enhance 20% over April’s sales.

 Collections are 80% during the month of sale and 20% during the month after sale.

b. Thumbtack keeps stock of $11,000 plus 25% of the COGS budgeted for the next

 month. COGS = 50% of sales income. Purchases are paid 30% during the month of purchase and 70%

 in the month after the purchase.      

c. Monthly wages add up to $7,000. Sales commissions equal 5% of sales for that month. Wages

 and commissions are paid 30% in the month incurred and 70% in the next month.

d. Other monthly expenditures are listed below:    

            

   Rent expenditure  $2,400 paid as accrued   

   Depreciation expenditure  $ 200     

   Insurance expenditure  $100, expiration of prepaid sum   

   Income tax    20% of operating revenue, paid as incurred     

            

            

            

Requirements

1. Prepare Thumbtack’s sales budget for April and May, 2012. Round all amounts

 to the nearest $1.        

2. Prepare Thumbtack’s inventory, purchases, and cost of goods sold budget for

 April and May.        

3. Prepare Thumbtack’s operating expenses budget for April and May.

4. Prepare Thumbtack’s budgeted income statement for April and May.

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