AZS

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School

Seneca College *

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440

Subject

Accounting

Date

Nov 24, 2024

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pdf

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Uploaded by BrigadierWillpower1924

11/21/23, 2:10 AM Chapter 6 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4684699&cmid=1260518&page=9 1/3 Dashboard / My courses / [Seneca 09/2023] HTM440NHA - Nardi / CHAPTER 6 - Budgeting / Chapter 6 Post-Class Homework

11/21/23, 2:10 AM Chapter 6 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4684699&cmid=1260518&page=9 2/3 Question 10 Incorrect Mark 0.00 out of 9.00 Take me to the text Tyler Sheen is the owner of Sheen's Inn. He provided the selected opening balances as at June 1, 2020 and the budgeted information for June and July 2020. Selected Opening Balances as of June 1, 2020 Cash $50,900 Accounts Receivable 144,000 Inventory 260,000 Long-term Assets 665,000 Accounts Payable 48,300 Shareholder's Equity 554,000 Budgeted Amounts For the month of June: Total Revenue $300,000 Total General and Administration Costs 162,000 Total Capital Expenditures 154,000 For the month of July: Total Revenue 442,100 Total General and Administration Costs 197,000 Total Capital Expenditures 186,000 Do not enter dollar signs or commas in the input boxes. Round your answer to the nearest dollar The company’s monthly depreciation represents 15% of general and administration costs. 65% percent of the general and administration costs (excluding depreciation) are paid in the month in which they are incurred, and the rest is recorded in accounts payable to be paid in the next month. Of the $154,000 capital expenditures for June, $100,000 will be paid in July. The remaining amount will be paid in the month in which they are incurred. a) Calculate the total cash disbursement for the month of June. General Administration costs from May $ 67050  General Administration costs from June $ 35950  Capital Expenditure $ 154000  Total cash disbursement for June $ 256000  b) Calculate the total cash disbursement for the month of July. General Administration costs From June $ General Administration costs From July $ Capital Expenditure from June $ Capital Expenditure from July $ Total cash disbursement for July $ Explanation a) General Administration costs from May $48,300 General Administration costs from June 65% x $162,000 x (1-15%) = $89,505

11/21/23, 2:10 AM Chapter 6 Post-Class Homework https://www.ameengage.com/mod/quiz/review.php?attempt=4684699&cmid=1260518&page=9 3/3 English (en) English (en) Français - Canada (fr_ca) Français (fr) Capital Expenditure $154,000 - $100,000 = $54,000 Total cash disbursement for June $48,300 + $89,505 + $54,000 = $191,805 b) General Administration costs From June 35% x [$162,000 x (1-15%)] = $48,195 General Administration costs From July 65% x [$197,000 x (1-15%)] = $108,843 Capital Expenditure from June $100,000 Capital Expenditure from July $186,000 Total cash disbursement for July $48,195 +$108,843 +$100,000 + $186,000 = $443,038 Incorrect Marks for this submission: 0.00/9.00.

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