Please help with questions 1,2,3 and 4 PLEASE Problem 20-5A Merchandising: Prepa

Question

Please help with questions 1,2,3 and 4 PLEASE

Problem 20-5A Merchandising: Preparation of following estimated balance sheet for December 31, 201.3 a complete master budget C2 P1 P2 Near the end of 2013, the management of Dimsdale Sports Co., a merchandising company, prepared the DIMSDALE SPORTS COMPANY Estimated Balance Sheet December 31,2013 Assets Liabilities and Equity $360,000 15,000 90,000 Inventory 150,000 Taxes payable (due 3/15/2014) $465,000 540,000 67,500 Common stock Retained earnings Total stockholders' equity Total liabilities and equity . . . . . . . Equipment.. Less accumulated depreciation.. 472,500 246,000 472.500 $1,183.500 718,500 $1,183,500 otal assets

Explanation / Answer

Dimsdale Sports 1 Monthly Sales Budgets Jan-14 Feb-14 Mar-14 Sales in units 7000 9000 11000 Sales price 55 55 55 Sales Revenue in   $ 385000 495000 605000 2 Monthly Mechandise Purchase Budgets Beginning Inventory of merchandise        A 5000 1800 2200 Units to be sold       B 7000 9000 11000 Ending Inventory of merchandise           C 1800 2200 2000 Mechandise to be purchased C+B-A 3800 9400 10800 Purchase price 30 30 30 Purchase Value $ 114000 282000 324000 3 Monthly selling expense Budget Sales commissions @20% of sales Value 77000 99000 121000 Sales Salaries per month =60000/12 5000 5000 5000 Total 82000 104000 126000 4 Monthly general & administrative Budget General & administrative salaries per Month=144000/12 12000 12000 12000 Maintenance 2000 2000 2000 Total 14000 14000 14000 As per the Policy of Chegg, we are supposed answer only first four sub-parts of questions. Thank you

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