Please no handwriting and no plagiarism please Novak State sells electronic products. The controller is responsible for preparing the master budget and has accumulated theinformation below for the months of January, February, and March.Balances at January 1 are expected to be as follows:Cash$6,550Accounts receivable 495.200The budget is to be based on the following assumptions:1.2.3.4.5.6.7.InventoriesAccounts payable(a)Each month's sales are billed on the last day of the month.Customers are allowed a 3% discount if their payment is made within 10 days after the billing date. Receivables are booked atgross.MonthSalesUnitsNovember $420,000 14,000December 432,000 14,400January426,000 14,200February408,000 13,600March429,000 14,300April435,000 14,500$368,200158,300The company collects 60% of the billings within the discount period, 25% by the end of the month after the date of sale, and9% by the end of the second month after the date of sale; 6% prove uncollectible.It pays 54% of all materials purchases and the selling, general, and administrative expenses in the month purchased and theremainder in the following month. Each month's units of ending inventory are equal to 130% of the next month's units ofsales.The cost of each unit of inventory is $20.Selling, general, and administrative expenses, of which $2,400 is for depreciation, are equal to 15% of the current month'ssales.Actual and projected sales are as follows:Calculate the budgeted cash disbursements during the month of February.Total cash disbursements for February $

The budget is prepared to estimate the requirements for the period. The cash payment schedule is…

1. 2 3. 4. 5. 6. 7. Each month's sales are billed on the last day of the month. Customers are allowed a 3% discount if their payment is made within 10 days after the billing date. Receivables are booked at gross. The company collects 60% of the billings within the discount period, 25% by the end of the month after the date of sale, and 9% by the end of the second month after the date of sale; 6% prove uncollectible. It pays 54% of all materials purchases and the selling, general, and administrative expenses in the month purchased and the remainder in the following month. Each month's units of ending inventory are equal to 130% of the next month's units of sales. The cost of each unit of inventory is $20. Selling, general, and administrative expenses, of which $2,400 is for depreciation, are equal to 15% of the current month's sales. Actual and projected sales are as follows: Sales Units November $420,000 14,000 December 432,000 14,400 January 426,000 14,200 February 408,000 13,600 429,000 14,300 435,000 14,500 April Month March

1. 2 3. 4. 5. 6. 7. Each month's sales are billed on the last day of the month. Customers are allowed a 3% discount if their payment is made within 10 days after the billing date. Receivables are booked at gross. The company collects 60% of the billings within the discount period, 25% by the end of the month after the date of sale, and 9% by the end of the second month after the date of sale; 6% prove uncollectible. It pays 54% of all materials purchases and the selling, general, and administrative expenses in the month purchased and the remainder in the following month. Each month's units of ending inventory are equal to 130% of the next month's units of sales. The cost of each unit of inventory is $20. Selling, general, and administrative expenses, of which $2,400 is for depreciation, are equal to 15% of the current month's sales. Actual and projected sales are as follows: Sales Units November $420,000 14,000 December 432,000 14,400 January 426,000 14,200 February 408,000 13,600 429,000 14,300 435,000 14,500 April Month March

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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