Question Completion Status:Forecast SalesJanFebMar$200 000$160.000$180,000$45,000AprBalance Sheet DataDecember 31,2010Cash$80,000Account receivable:November sales45000December sales50000InventoryAccount payable(merchandise)5400027000Other data are as follows:• Sales are on credit with 60% of sales collected in the same month after sale 40% in the second month after sale• Cost of goods sold is 50% of sales• Other variables costs are 30% of sales paid in the month incurred• Inventories are to be 80% of next month's budgeted sales requirements• Fixed expenses are $15000 per month; all require cash• Credit time period for purchases are 30 daysOn basis of above information answer following questionsFind Net Profit for the ended of March 2011?^ @ d ENG

The budget indicates the forecasting made by the management after analyzing the past performances…

Forecast Sales $200,000 $160,000 $180,000 $45,000 Jan Feb Mar Apr Balance Sheet Data December 31,2010 Cash $80,000 Account receivable: November sales 45000 December sales 50000 Inventory Account payable(merchandise) 54000 27000 Other data are as follows: • Sales • Cost of goods sold is 50% of sales • Other variables costs are 30% of sales paid in the month incurred • Inventories are to be 80% of next month's budgeted sales requirements • Fixed expenses are $15000 per month; all require cash • Credit time period for purchases are 30 days on credit with 60% of sales collected in the same month after sale ,40% in the second month after sale On basis of above information answer following questions Find Net Profit for the ended of March 2011?

Forecast Sales $200,000 $160,000 $180,000 $45,000 Jan Feb Mar Apr Balance Sheet Data December 31,2010 Cash $80,000 Account receivable: November sales 45000 December sales 50000 Inventory Account payable(merchandise) 54000 27000 Other data are as follows: • Sales • Cost of goods sold is 50% of sales • Other variables costs are 30% of sales paid in the month incurred • Inventories are to be 80% of next month's budgeted sales requirements • Fixed expenses are $15000 per month; all require cash • Credit time period for purchases are 30 days on credit with 60% of sales collected in the same month after sale ,40% in the second month after sale On basis of above information answer following questions Find Net Profit for the ended of March 2011?

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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Subject: acounting