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Category > Accounting Posted 26 Jul 2017 My Price 11.00

Deleon Company

P23-5A. The budget committee of Deleon Company collects the following data for its San Miguel Store in preparing budgeted income statements for May and June 2009. 
1. Sales for May are expected to be $800,000. Sales in June and July are expected to be 10% higher than the preceding month. 

2. Cost of goods sold is expected to be 75% of sales. 

3. Company policy is to maintain ending merchandise inventory at 20% of the following month's cost of goods sold. 

4. Operating expenses are estimated to be: 



Sales salaries $30,000 per month 
Advertising 5% of monthly sales 
Delivery expense 3% of monthly sales 
Sales commissions 4% of monthly sales 
Rent expense $5,000 per month 
Depreciation $800 per month 
Utilities $600 per month 
Insurance $500 per month 
5. Income taxes are estimated to be 30% of income from operations. 
Instructions 
a. Prepare the merchandise purchases budget for each month in columnar form. 
(a) Purchases: 
May $612,000 
June $673,200 
b. Prepare budgeted income statements for each month in columnar form. Show in the statements the details of cost of goods sold. 
(b) Net income:

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Maurice Tutor
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Status NEW Posted 26 Jul 2017 03:07 PM My Price 11.00

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