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Here are some important figures from the budget of Nashville Nougats, Inc., for the second quarter of 2018: Credit sales Credit purchases Cash disbursements Wages, taxes, and 43,200 10,700 10,200 10,200 Equipment purchases 72,000 134,000 expenses Interest May April $312,000 $292,000 120,000 143,000 Beginning cash balance Cash receipts The company predicts that 5 percent of its credit sales will never be collected, 40 percent of its sales will be collected in the month of the sale, and the remaining 55 percent will be collected in the following month. Credit purchases will be paid in the month following the purchase. In March 2018, credit sales were $182,000 and credit purchases were $122,000. Using this information, complete the following cash budget: (Do not round intermediate calculations. Leave no cells blank - be certain to enter "0" wherever required.) Cash collections from credit sales Total cash available June $352,000 168,000 $ 62,200 10,200 0 April 115,000 May June

Here are some important figures from the budget of Nashville Nougats, Inc., for the second quarter of 2018: Credit sales Credit purchases Cash disbursements Wages, taxes, and 43,200 10,700 10,200 10,200 Equipment purchases 72,000 134,000 expenses Interest May April $312,000 $292,000 120,000 143,000 Beginning cash balance Cash receipts The company predicts that 5 percent of its credit sales will never be collected, 40 percent of its sales will be collected in the month of the sale, and the remaining 55 percent will be collected in the following month. Credit purchases will be paid in the month following the purchase. In March 2018, credit sales were $182,000 and credit purchases were $122,000. Using this information, complete the following cash budget: (Do not round intermediate calculations. Leave no cells blank - be certain to enter "0" wherever required.) Cash collections from credit sales Total cash available June $352,000 168,000 $ 62,200 10,200 0 April 115,000 May June

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Here are some important figures from the budget of Nashville Nougats, Inc., for the second quarter of 2018: Credit sales Credit purchases Cash disbursements Wages, taxes, and 43,200 10,700 10,200 10,200 Equipment purchases 72,000 134,000 expenses Interest The company predicts that 5 percent of its credit sales will never be collected, 40 percent of its sales will be collected in the month of the sale, and the remaining 55 percent will be collected in the following month. Credit purchases will be paid in the month following the purchase. Beginning cash balance Cash receipts In March 2018, credit sales were $182,000 and credit purchases were $122,000. Using this information, complete the following cash budget: (Do not round intermediate calculations. Leave no cells blank - be certain to enter "0" wherever required.) April June May $312,000 $292,000 $352,000 120,000 143,000 168,000 Cash collections from credit sales Total cash available Cash disbursements Purchases Wages, taxes, and expenses Interest Equipment purchases Total cash disbursements Ending cash balance 62,200 10,200 0 $ April 115,000 May June
Transcribed Image Text:Here are some important figures from the budget of Nashville Nougats, Inc., for the second quarter of 2018: Credit sales Credit purchases Cash disbursements Wages, taxes, and 43,200 10,700 10,200 10,200 Equipment purchases 72,000 134,000 expenses Interest The company predicts that 5 percent of its credit sales will never be collected, 40 percent of its sales will be collected in the month of the sale, and the remaining 55 percent will be collected in the following month. Credit purchases will be paid in the month following the purchase. Beginning cash balance Cash receipts In March 2018, credit sales were $182,000 and credit purchases were $122,000. Using this information, complete the following cash budget: (Do not round intermediate calculations. Leave no cells blank - be certain to enter "0" wherever required.) April June May $312,000 $292,000 $352,000 120,000 143,000 168,000 Cash collections from credit sales Total cash available Cash disbursements Purchases Wages, taxes, and expenses Interest Equipment purchases Total cash disbursements Ending cash balance 62,200 10,200 0 $ April 115,000 May June
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