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, 2020Cash$75,000Accounts Receivable68,000Inventory95,000Long-term Assets405,000Accounts Payable56,000Shareholder's Equity831,000Budgeted AmountsFor the month of JuneTotal Revenue$294,000Total General and Administration Costs 230,000Total Capital ExpendituresFor the month of July:Total Revenue192,000403,200Total General and Administration Costs 256,000Total Capital Expenditures246,000AREDo not enter dollar signs or commas in the input boxesRound your answer to the nearest dollarThe company's monthly depreciation represents 25% of general and administration costs. 60% 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 bepaid in the next month. Of the $192,000 capital expenditures for June, $97,000 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 SGeneral Administration costs from June SCapital Expenditure STotal cash disbursement for June Sb) Calculate the total cash disbursement for the month of July.General Administration costs From June 5General Administration costs. From July S

A payment made in cash during a specific period of time is called a cash disbursement. This is…

a) Calculate the total cash disbursement for the month of June. General Administration costs from May S General Administration costs from June S Capital Expenditure S Total cash disbursement for June S b) Calculate the total cash disbursement for the month of July. General Administration costs From June 5 General Admin

a) Calculate the total cash disbursement for the month of June. General Administration costs from May S General Administration costs from June S Capital Expenditure S Total cash disbursement for June S b) Calculate the total cash disbursement for the month of July. General Administration costs From June 5 General Admin

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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Concept explainers

Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.

Question

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
$75,000
Accounts Receivable
68,000
Inventory
95,000
Long-term Assets
405,000
Accounts Payable
56,000
Shareholder's Equity
831,000
Budgeted Amounts
For the month of June
Total Revenue
$294,000
Total General and Administration Costs 230,000
Total Capital Expenditures
For the month of July:
Total Revenue
192,000
403,200
Total General and Administration Costs 256,000
Total Capital Expenditures
246,000
ARE
Do not enter dollar signs or commas in the input boxes
Round your answer to the nearest dollar
The company's monthly depreciation represents 25% of general and administration costs. 60% 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 $192,000 capital expenditures for June, $97,000 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 S
General Administration costs from June S
Capital Expenditure S
Total cash disbursement for June S
b) Calculate the total cash disbursement for the month of July.
General Administration costs From June 5
General Administration costs. From July S

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Accounting for Cash and cash equivalents

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Question 1