Prepare a Monthly general and administrative expense budgets. Near the end of 20
ID: 2456697 • Letter: P
Question
Prepare a Monthly general and administrative expense budgets.
Near the end of 2015, the management of LuLu Toy Co., a merchandising company, prepared the following estimated balance sheet for December 31, 2015.
Prepare a master budget for each of the first three months of 2016; include the following component budgets (show supporting calculations as needed directly behind that budget, and round amounts to the nearest dollar):
1.) Monthly sales budgets (showing both budgeted unit sales and dollar sales).
2.) Monthly merchandise purchases budgets.
3.) Monthly selling expense budgets.
4. Prepare a Monthly general and administrative expense budgets.
LULU TOY COMPANY Estimated Balance Sheet December 31,2015 Liabilities and Equity Assets Cash Accounts receivable S35,000 Accounts payable 520,000 Bank loan payable 165,000 Taxes payable (due 720,000 Total liabilities S365,000 14,000 90,000 Inventory 3/15/2016) $469,000 Total current assets Equipment Less accumulated depreciation S540,000 Common stock 474,000 67,500 472,500 Retained earnings 249,500 Total stockholders' equity Total liabilities and equity 723,500 S1,192,500 Total assets S1,192,500Explanation / Answer
Prepare a Monthly general and administrative expense budgets. Near the end of 20