Q3.Ahmed brothers LLC needs cash disbursement schedule for themonth of April, May and June. Use the following informationprepare cash disbursement schedule.Sales: February 550,000; March =550,000; April 610,000; May610,000; June 710,000; Jul 710,000.Sales: February=$500,000; March= $500,000; April = $560,000;May = $610,000; June $650,000; July = $650,00OPurchases: Purchases are calculated as 60% of the next month's sales, 10%of purchases are made in cash, 50% of purchases are paid for 1 month afterpurchase, and the remaining 40% of purchases are paid for 2 months afterpurchase.Rent: The firm pays rent of $8,000 per month.Wages and salaries: Base wage and salary costs are fixed at $6,000 per monthplus a variable cost of 7% of the curret month's sales.Taxes: A tax payment of $54,500 is due in June.Fixed asset outlays: New equipment costing $75,000 will be bought and paidfor in April.Interest payments: An interest payment of $30,000 is due in June.Cash dividends: Dividends of $12,500 will be paid in April.Principal repayments and retirements: No principal repayments or retirementsare due during these months.

Cash disbursement schedule refers to the budget prepared for the cash payments related to the…

Answered: Ahmed brothers LLC needs cash…

Ahmed brothers LLC needs cash disbursement schedule for the month of April, May and June. Use the following information prepare cash disbursement schedule.

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Penny-Wise Pound-Fool Company established a $400 petty cash fund on September 1, 2021. The fund is replenished at the end of each month. At the end of September 2021, the fund contained $74 in cash and each of the following receipts: Office Supplies $142 Advertising 96 Postage 40 Miscellaneous 38 Required: Prepare the necessary general journal entry to establish the petty cash fund on September 1 and to replenish the fund on September 30.
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Preparing a Schedule of Cash Collections on Accounts Receivable Kailua and Company is a legal services firm. All sales of legal services are billed to the client (there are no cash sales). Kailua expects that, on average, 20% will be paid in the month of billing, 50% will be paid in the month following billing, and 25% will be paid in the second month following billing. For the next 5 months, the following sales billings are expected: May $84,000 June 100,800 July 77,000 August 86,700 September 92,000 Required: Prepare a schedule showing the cash expected in payments on accounts receivable in August and in September. If an amount box does not require an entry, leave it blank or enter "0". Be sure to enter percentages as whole numbers. Kailua and Company Schedule August September June: 2$ % July: 2$ % 24 % August: 2$
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The LLYOD bank statement for the month of June shows that there is $13,300 difference with the cash balance per book. The difference occurs on the 12 of June as one of the customers’ outstanding check has been returned because of not sufficient fund. Record the required entries at the end of June.
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4C. Draw up a cashbudget for Amal showing the balance at the end of each month, from the following information for the six months from July to December 2019: (a) Opening cash (including bank) balance on 1 July 2019 OMR 3600 (b) Production in units: Jan 500 Feb800 March 700 April 900 May1000 June850 July890 Aug1050 Sep650 Oct750 Nov 900 Dec800 (c) Raw materials used in production cost OMR 25 per unit. Of this, 75 per cent is paid in the month of production and remaining balance in the month after production. (d) Direct labour costs of OMR 20 per unit are payable in the month of production. (e) Variable expenses are OMR 10 per unit, payable 50 per cent in the same month as production and remaining balance in the month after production. (f) Sales at OMR 70 per unit: Jan 450 Feb 600 March 900 April 800 May 850 June 700 July 1,000 Aug 800 Sep 900 Oct 500 Nov 600 Dec 750 Debtors to pay their accounts one month after that in which sales is made (g) Fixed expenses of OMR 1,200 per month…
Queen Savings is attempting to determine its liquidity requirements for the month of September. September is usually a month of heavy loan demand due to the beginning of the school term and the buildup of business inventories of goods and services for the fall season and winter. This bank has analyzed its deposit accounts thoroughly and classified them as shown in the table below. Hot money funds Vulnerable funds Stable (core) funds Totals Source ($'s in millions) Checking Deposits $10 $65 $85 $160 Savings Deposits $5 $152 $450 $607 Timing Deposits $1,200 $740 $172 $2,112 Totals $1,215 $957 $707 $2,879 Management has elected to hold a 85 percent reserve in liquid assets or borrowing capacity for each dollar of hot money deposits, a 25 percent reserve behind vulnerable deposits, and a 5 percent reserve for its holdings of core funds. Assume time and savings deposit accounts carry a zero percent legal reserve requirement and all checkable deposits carry a 3 percent legal reserve…
4B. Draw up a cashbudget for Amal showing the balance at the end of each month, from the following information for the six months from July to December 2020: (a) Opening cash (including bank) balance on 1 July 2020 OMR 8000 (b) Production in units: Jan Feb March April May June July Aug Sep Oct Nov Dec 600 720 810 900 960 1,050 1,110 1,140 1,020 930 780 750 (c) Raw materials used in production cost OMR 30 per unit. Of this, 60 per cent is paid in the month of production and remaining balance in the month after production (d) Direct labour costs of OMR 15 per unit are payable in the month of production. (e) Variable expenses are OMR 5 per unit, payable 40 per cent in the same month as production and remaining balance in the month after production (f) Sales at OMR 70 per unit: Jan Feb March April May June July Aug Sep Oct Nov Dec 500 600 700 960 870 1,000 900 1,050 1,200 950 850 800 Debtors to pay…
January February March Sales $100,000 $121,000 $165,000 Manufacturing costs 42,000 52,000 59,000 Selling and administrative expenses 29,000 33,000 36,000 Capital expenditures 40,000 The company expects to sell about 15% of its merchandise for cash. Of sales on account, 65% are expected to be collected in full in the month following the sale and the remainder the following month. Depreciation, insurance, and property tax expense represent $8,000 of the estimated monthly manufacturing costs. The annual insurance premium is paid in June, and the annual property taxes are paid in October. Of the remainder of the manufacturing costs, 80% are expected to be paid in the month in which they are incurred and the balance in the following month. All sales and administrative expenses are paid in the month incurred. Current assets as of January 1 include cash of $38,000, marketable securities of $54,000, and accounts receivable of $116,000 ($88,000 from December sales and $28,000 from November…

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