Maroon Company provided the following data on the date ofrevaluation:Building, at original cost 5,000,000Building, at fair value 6,000,000Accumulated depreciation - cost 40-year life and 10 years expired 1,250,000Question for Maroon Company:HOW MUCH IS THE BLANCE OF REVALUATION SURPLUS AFTER THE SALE?Question for Noypi Store:Follow the requirement. Choose the answer from the choices with solution.Question for Nes Lee,What is the ending cash balance of September? (Show solution)a. 12,005b. 17,600c. 39,205d. 7,600 Nes Lee, controller for Mactan Retailers, has assembled the following data to assist inthe preparation of a cash budget for the third quarter of 2021:Sales- MdyP100,000; JUne-P120,000; July-P90.000; August- P100,000:September P135,000; October-P?10.000.Each month, 30% of sales gre for cash and 70% are on credit. The collectionpattern for credit sales is 20% in the month of sale, 50% in the following month.and 30% in the second month following the sale.Each month, the ending inventory exactly equals 50% of the cost of next month'ssales. The markup on goods is 25% of cost.Inventory purchases are paid for in the month following the purchase.Monthly expenses are as follows: Salaries and wages - P10,000; Depreciation-P4,000; Utilities - P1,000; Other – P1,700.Property taxes of P15,000 are due and payable on July 15,2021.Advertising fees of P6,000 must be paid on August 20,2021.A lease on a new storage facility is scheduled to begin on September 2, 2021.Monthly payments are P5,000.The company has a policy to maintain a minimum cash balance of P10,000. Ifnecessary, it will borrow to meet its short term needs. All borrowing is done at theend of the month. All payments on principal and interest are made at the end ofa month. The annual interest rate is 9%. The company must borrow in multiples ofP1,000.The balance sheet as of June 30, 2021 is as follows:CashAccounts ReceivableP13,55088.20036.000InventoryPlant and Equipment, netAccounts PayableOrdinary Share CapitalRetained Earnings425,000P84,000210,000268.750 merchandise inventory on hand at the end of each month be equal to 50% of theExpected sales for the first four months as follows: January-P10.000: February-budget preparation, assume the company's cost of good sold is 60% of sales.assets were P16,000 in cash and P3,500 in merchandise inventory. For purpose of9. Noypi Store, a retailer, started operations on January 1.On that date. the onlyfrom accounts receivable collections in May.payments in April for purchases in April - 75%. What is the estimated cashEstimated payments in April for purchases prior to March - P20.000: EsfimatedApril - P450,000; Estimated payments in April for purchases in March- P75.000:- P90.000: Estimated purchases for April - P440.000: Estimated cost of good sold in8. Gillan Co. is preparing its cash budget for the month of April The followinginformation is available conceming its inventories: Inventories at beginning of Apriin May-P7.000. What are the estimated cash receiphprior to Apr-P1200: Estimatedsales-P8.000: Esfimated providon foer bodb. P150,000a. P157,000c. P149.000d. PI42DOdisbursement for inventories in April?a. P432,500OP425.000c. P405.000d. P401.250- P25,000. The company desires that theP24,000; March -P16,000; Aprilnext.month's merchandise sales (stated af cost). All purchases of merchaneiseinventory must be paid in the month of purchase. Sixty percent of oll celee secash; the balance will be on credit. Seventy-five percent of the credit sales shouldbe collected in the month following the sale, with the balance collected in thefollowing month. Variable operating expense should be 10% of sales and fxedexpense (depreciation) should be P3,000 per month. Cash payments for varigbleoperating expense are made during the month the expenses are incurred, In abudget of cash disbursement for March, the total cash disbursement would be:a. P16,900c. P13,900d. P11,200b. P22,30010. Interior Industries sales budget shows quarterly sales for the nextyear as follows:First Quarter- 10,000 units; Second Quarter-8,000 units; Third Quarter-12,000 units;Fourth Quarter- 14,000 units. Company policy is to have a finished goods inventoryat the end of each quarter equal to 20% of the next quarter's sales. Budgetedproduction for the second quarter should be:a. 8,400 unitsd. 7,200 unitsc. 8,000 units7.b. 8,800 units11:Corona Inc., a trading firm, has budgeted its activity for December according tothe following information: (a) Sales at P550.000, all for cash (b) MerchandiseInventory on November 30 was P300,000 (c) BudgeterDecember is P35,000 (d) The cash balance at Decemberand Admin expenses are budgeted at P60,000 forcash. (f) The planned merchandise inventory onciation for(el185

Maroon Company: Revaluation surplus= Fair value of the asset - Book value of the asset = 6000000 -…

Answered: budget of cash disbursement for March,…

Business

Accounting

budget of cash disbursement for March, the total cash disbursement would be:

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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