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

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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