Week 4 - AK (1)

-/1 View Policies Current Attempt in Progress Scan Design provided the following budgeted information for April through July: July June May April $104,000 $123,000 $115,000 $132,000 Projected sales Projected merchandise purchases $82,000 $92,000 $78,000 $66,000 .The cash balance on June 1 is $12,000. The company pays 40% of merchandise purchases in the month purchased and 60% in the following month. . General operating expenses are budgeted to be $31,000 per month of which depreciation is $3,000 of this amount. Management pays operating expenses in the month incurred The company makes loan payments of $4,000 per month of which $600 is interest and the remainder is principal. How much are budgeted cash disbursements for June? O $63,200. O $86,400. O $118.400. $102,800. 8:38 P 11/27/2 hp fa4+ f12 SU prt sc A delete home end & 7 num backspace lock home K 4 enter I

Subject: accounting

General accounting question

3/2020 Forum: Accounting Discussion - Chapter 22 Budgetary Planning &... Budgeted Sales $300,000 Budgeted D.M. Purchases $45,000 April May 320,000 54,000 June 370,000 60,000 Moorcroft's sales are 40% cash and 60% credit, Credit sales are collected 20% in the month of sale, 50% in the month following sale, and 26% in the second month following sale; 4% are uncollectible. Moorcroft's purchases are 50% cash and 50% on account. Purchases on account are paid 40% in the month following the purchase and 60% in the second month following the purchase. Instructions a. Prepare a schedule of expected collections from customers for June. b. Prepare a schedule of expected payments for direct materials for June. c. Moorcroft's assistant controller suggested that Moorcroft hire a part time collector to encourage customers to pay more promptly and to reduce the amount of uncollectible accounts. Sales are still 40% cash and 60% credit but the assistant controller predicted that this would cause credit…

Exercise 1 (Schedule of expected Cash Collection) Peak sales for Mideast Products, Inc., occur in August. The company's sales budget for the third quarter showing these peak sales is given below: July                 August           September    Total Budgeted sales ................ P600,000       P900,000       P500,000       P2,000.000   From past experience, the company has learned that 20% of a month’s sales are collected in the month of sale, that another 70% is collected in the month following sale, and that the remaining 10% is collected in the second month following sale. Bad debts are negligible and can be ignored. May sales totaled P430,000 and June sales totaled P540,000. Required: Prepare a schedule of expected cash collections from sales, by month and in total, for the third quarter. Assume that the company will prepare a budgeted statement of financial position as of September 30. Compute the accounts receivable as of that date.

Question 10 View Policies Current Attempt in Progress The following credit sales are budgeted by Waterway Industries: t $174000 January 250000 February 390000 March 280000 April The company's past experience indicates that 70% of the accounts receivable are collected in the month of sale, 20% in the month following the sale, and 8% in the second month following the sale. The anticipated cash inflow for the month of April is O $336920. O $294000. O $280800. O $274000. hp holl 12 44 ins prt sc delete home & 6 7 backspace lock P C H K L nt

Cash Budget   The following budget estimates have been prepared by Clifton Company: Cash Receipts - May $120,000 June $110,300 Cash Payments - May $150,000 June $150,000   The company likes to maintain a minimum cash balance of $40,000. Any excess cash is invested in a money market account earning 9% compounded monthly. Interest is reinvested in the money market account. Any cash deficiencies are covered by a withdrawal from the money market account. If additional cash is needed, the company has a line of credit at 12% interest with the local bank. Interest is paid monthly.   Assume a cash balance on May 1 of $40,000, a money market account balance of $0, and a credit line balance of $0.   Required: Prepare a cash budget for May and June. Use the attached spreadsheet.

Activity No. 13:  Budgeting    Callgate Company has forecast credit sales for the fourth quarter of the year:  September  (actual)  Fourth Quarter:    October    November   December  P   100,000    80,000  70,000  120,000    Based on the past experience, 20% of sales are collected in the month of sales, 70% in the following month and 10% are never collected.      Prepare a schedule of cash receipts for the company covering the last quarter of the year.

Budgeted sales for the month of April are shown in the following table: April May June $500 $800 Sales Cash Sales Sales on Account The company expects a 25% Increase in sales per month for May and June. The amount of sales revenues that would appear on the company's 2nd quarter pro forma income statement would be Multiple Choice O O $4,956.25. $4,225.50. $3,050.00. $2,031.25.

Question 1  The following sales budget has been prepared for greyhound Express:                               CAsh Sales.                 Credit Sales January                10000                          20000 Feb                       20,000                        30,000 mar                      30,000.                         40,000 April                      40,000                         50,000 collections are 50% in the month of sales, 40% in the month following sales and 5% two months following the sale. The remaining 5% is expected to be collected. the balance for the accounts reeivable to be reflected in the balance sheet at the end of April is  a. $44,000 b $24,500 c $70,000 d $90,000

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