of 2ookrintrences-Required information[The following information applies to the questions displayed below]Built-Tight is preparing its master budget. Budgeted sales and cash payments follow:Budgeted salesBudgeted cash payments forDirect materialsDirect laborOverheadSalesCash receipts from:July$ 63,500Total cash receipts16,2604,14020,300Sales to customers are 25% cash and 75% on credit. Sales in June were $57,000. All credit sales are collected in themonth following the sale. The June 30 balance sheet includes balances of $17,000 in cash and $5,100 in loans payable. Aminimum cash balance of $17,000 is required. Loans are obtained at the end of any month when the preliminary cashbalance is below $17,000. Interest is 1% per month based on the beginning-of-the-month loan balance and is paid at eachmonth-end. Any preliminary cash balance above $17,000 is used to repay loans at month-end. Expenses are paid in themonth incurred and consist of sales commissions (10% of sales), office salaries ($4,100 per month), and rent ($6,600 permonth).BUILT-TIGHTSchedule of Cash Receipts from SalesJuly$August$79,5001. Prepare a schedule of cash receipts for the months of July, August, and September.13,5403,46016,9000$August September$ 63,500 $ 79,500 $ 48,500September$48,5000 $S13,8603,54017,3000*** of 2ookrintrences-Required information[The following information applies to the questions displayed below]Built-Tight is preparing its master budget. Budgeted sales and cash payments follow:Budgeted salesBudgeted cash payments forDirect materialsDirect laborOverheadSalesCash receipts from:July$ 63,500Total cash receipts16,2604,14020,300Sales to customers are 25% cash and 75% on credit. Sales in June were $57,000. All credit sales are collected in themonth following the sale. The June 30 balance sheet includes balances of $17,000 in cash and $5,100 in loans payable. Aminimum cash balance of $17,000 is required. Loans are obtained at the end of any month when the preliminary cashbalance is below $17,000. Interest is 1% per month based on the beginning-of-the-month loan balance and is paid at eachmonth-end. Any preliminary cash balance above $17,000 is used to repay loans at month-end. Expenses are paid in themonth incurred and consist of sales commissions (10% of sales), office salaries ($4,100 per month), and rent ($6,600 permonth).BUILT-TIGHTSchedule of Cash Receipts from SalesJuly$August$79,5001. Prepare a schedule of cash receipts for the months of July, August, and September.13,5403,46016,9000$August September$ 63,500 $ 79,500 $ 48,500September$48,5000 $S13,8603,54017,3000***

Built-Tight is preparing its master budget. Budgeted sales and cash payments follow: September $48,500 Budgeted sales Budgeted cash payments for Direct materials Direct labor Overhead July $63,500 16,260 4,140 20,300 August $79,500 13,540 3,460 16,900 13,860 3,540 17,300 Sales to customers are 25% cash and 75% on credit, Sales in June were $57,000. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $17,000 in cash and $5,100 in loans payable minimum cash balance of $17,000 is required. Loans are obtained at the end of any month when the preliminary cash balance is below $17,000. Interest is 1% per month based on the beginning-of-the-month loan balance and is paid at ea month-end. Any preliminary cash balance above $17,000 is used to repay loans at month-end. Expenses are paid in the month incurred and consist of sales commissions (10% of sales), office salaries ($4,100 per month), and rent ($6,600 pe month).

Built-Tight is preparing its master budget. Budgeted sales and cash payments follow: September $48,500 Budgeted sales Budgeted cash payments for Direct materials Direct labor Overhead July $63,500 16,260 4,140 20,300 August $79,500 13,540 3,460 16,900 13,860 3,540 17,300 Sales to customers are 25% cash and 75% on credit, Sales in June were $57,000. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $17,000 in cash and $5,100 in loans payable minimum cash balance of $17,000 is required. Loans are obtained at the end of any month when the preliminary cash balance is below $17,000. Interest is 1% per month based on the beginning-of-the-month loan balance and is paid at ea month-end. Any preliminary cash balance above $17,000 is used to repay loans at month-end. Expenses are paid in the month incurred and consist of sales commissions (10% of sales), office salaries ($4,100 per month), and rent ($6,600 pe month).

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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