Alyssum, Inc., a merchandising company, has provided the following extracts from their budget for the first quarter ofthe forthcoming year:JanFebPurchases on account$262,000$294,000March$360,000The vendors have required the following terms of paymentMonth of purchaseFirst month after the purchaseSecond month after the purchase30%35%35%Calculate the total payment on account for the month of March.O A. $360,000OB. $180,030OC. $136,220OD. $302,60013

The correct choice is option D.Total payment on account for the month of March =…

Answered: Alyssum, Inc., a merchandising company,…

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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Zily Co. predicts sales of $185,000 for June. Zily pays a sales manager a monthly salary of $6.600 and a commission of 8% of that month's sales dollars. Prepere a selling expense budget for the month of June. ZILLY CO. Selling Expense Budget For Month Ended June 30 Budgeled sales
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Yoshino, Inc., a merchandising company, has the following budgeted figures: Jan Feb Mar April Sales $51,900 $69,000 $80,000 $91,000 Cost of goods sold 50% of sales Required ending inventory $15,000 + 20% of next month's sales Inventory on hand on Jan 1 $27,000 Calculate the ending merchandise inventory for the month of March. A. $33,200 B. $55,000 C. $40,000 D. $27,750
Aztec Company sells its product for $150 per unit. Its actual and budgeted sales follow. May (Actual) June (Budget) July (Budget) August (Budget) 4,000 $ 600,000 2,200 5,000 4,100 $ 330,000 $ 750,000 $ 615,000 Sales units Sales dollars All sales are on credit. Collections are as follows: 22% is collected in the month of the sale, and the remaining 78% is collected in the month following the sale. Merchandise purchases cost $110 per unit. For those purchases, 60% is paid in the month of purchase and the other 40% is paid in the month following purchase. The company has a policy to maintain an ending monthly inventory of 24% of the next month's unit sales. The May 31 actual inventory level of 1,200 units is consistent with this policy. Selling and administrative expenses of $155,000 per month are paid in cash. The company's minimum cash balance at month-end is $110,000. Loans are obtained at the end of any month when the preliminary cash balance is below $110,000. Any preliminary cash…
Corning Incorporated sells its product for $24 per unit. Its actual and projected sales follow: Units Dollars January (actual) 18,500 $444,000 February (actual) 23,000 552,000 March (budgeted) 19,800 475,200 April (budgeted) 18,950 454,800 May (budgeted) 22,000 528,000 Here is added information about Corning’s operations: All sales are on credit. Recent experience show that 35% of sales are collected in the month of the sale, 45% in the month following the sale, 17% in the second month after the sale, and 3% prove to be uncollectible. The product’s purchase price is $15 per unit. All payments are payable within 21 days. Thus 30% of purchases in any given month are paid for in that month, with the remaining 70% paid for in the following month. The company has a policy to maintain an ending inventory of 20% of the next month’s projected sales plus a safety stock of 100 units. The January 31 and February 28…
vnt.2 Matthew Company has a sales budget for last month of $400,000. Cost of goods sold is expected to be 40% of sales. All units are paid for in the month following purchase. The beginning inventory is $5,000 and an ending inventory of $12,000 is desired. Beginning accounts payable is $76,000. The costs of goods solf for the next month is a) $220,000 b) $160,000 c) $172,000 d) $140,000
Sheridan, Inc. expects sales volume totaling $460000 for June. Data for the month follows: Sales commissions Sales manager's salary 4% of sales $27600 per month $23000 per month Advertising expense Shipping expense. Miscellaneous selling expenses $1932 per month plus 3/4% of sales O $78982. O $52532. O $28382. O $77050. 1% of sales How much is Sheridan's selling expense budget for June?
7.1
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Yoshino, Inc., a merchandising company, has the following budgeted figures: Jan Feb Mar April $92,000 Sales $56,900 $62,000 $80,000 Cost of goods sold 60% of sales $15,000 + 20% Required ending of next month's inventory Inventory on hand on Jan 1 $30,000 sales Calculate the ending merchandise inventory for the month of March. O A. $63,000 O B. $33,400 OC. $48,000 O D. $31,540
How do I prepare the selling and administrative expense budget for the quarter ended March 31, 20X1?

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