Items 8 – 10 are based on the following information Traders, Inc. uses accrual accounting. Its balance sheet as of the end of the third quarter of the calendar year 2015 is shown on the following page: TRADERS, INC. Balance Sheet September 30, 2015 Assets Liabilities and Equity P 416,000 1,200,000 2,520,000 8,000,000 P 1,400,000 7,200,000 3,536,000 Cash Accounts receivable, net Merchandise inventory Accounts payable Capital stock Retained earnings Non-current assets Total liabilities and Total assets P 12,136,000 Stockholders' equity P 12,136.000 Additional information: • Budgeted sales for October is P 4,160,000; for November, P 4,000,000 • Gross profit rate is 20% • Of the total sales, 40% is on credit which the company collects in the month following the month of sale. • Purchases in each month are composed of: 80% of the coming month's requirement 20% of the current month's requirement • Purchases are paid for in the month following the month of purchase 8. The budgeted cash collections for the month of October is 9. Budgeted purchases during October is 10. The budgeted gross profit for the month of October is

Items 8 – 10 are based on the following information Traders, Inc. uses accrual accounting. Its balance sheet as of the end of the third quarter of the calendar year 2015 is shown on the following page: TRADERS, INC. Balance Sheet September 30, 2015 Assets Liabilities and Equity P 416,000 1,200,000 2,520,000 8,000,000 P 1,400,000 7,200,000 3,536,000 Cash Accounts receivable, net Merchandise inventory Accounts payable Capital stock Retained earnings Non-current assets Total liabilities and Total assets P 12,136,000 Stockholders' equity P 12,136.000 Additional information: • Budgeted sales for October is P 4,160,000; for November, P 4,000,000 • Gross profit rate is 20% • Of the total sales, 40% is on credit which the company collects in the month following the month of sale. • Purchases in each month are composed of: 80% of the coming month's requirement 20% of the current month's requirement • Purchases are paid for in the month following the month of purchase 8. The budgeted cash collections for the month of October is 9. Budgeted purchases during October is 10. The budgeted gross profit for the month of October is

Name: Items 8 – 10 are based on the following informationTraders, Inc. uses
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Description: Items 8 – 10 are based on the following informationTraders, Inc. uses accrual accounting. Its balance sheet as of the end of the third quarter of the calendaryear 2015 is shown on the following page:TRADERS, INC.Balance SheetSeptember 30, 2015Assets

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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