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?
Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Gaylord N. Smith
Chapter22: Master Budget (master)
Section: Chapter Questions
Problem 1R: Ranger Industries has provided the following information at June 30: Other information: Average...
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Question
![Question Completion Status:
Forecast Sales
Jan
Feb
Mar
$200 000
$160.000
$180,000
$45,000
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 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 days
On basis of above information answer following questions
Find Net Profit for the ended of March 2011?
^ @ d ENG](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F81f9936c-ab41-411f-a675-5c285d9921ad%2F4701f727-a192-42e1-a303-da6b12ab9ed9%2Fk01tdt_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Question Completion Status:
Forecast Sales
Jan
Feb
Mar
$200 000
$160.000
$180,000
$45,000
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 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 days
On basis of above information answer following questions
Find Net Profit for the ended of March 2011?
^ @ d ENG
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