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Here are some important figures from the budget of Nashville Nougats, Incorporated, for the second quarter of 2022: Credit sales Credit purchases Cash disbursements. Wages, taxes, and expenses. Interest Equipment purchases Beginning cash balance Cash receipts Cash collections from credit sales Total cash available Cash disbursements The company predicts that 5 percent of its credit sales will never be collected, 35 percent of its sales will be collected in the month of the sale, and the remaining 60 percent will be collected in the following month. Credit purchases will be paid in the month following the purchase. In March 2022, credit sales were $329,000. Purchases Wages, taxes, and expenses Interest April May June $ 402,000 $ 351,000 $ 439,000 179,000 167,000 200,000 Using this information, complete the following cash budget. Note: Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32. Equipment purchases Total cash disbursements 79,700 9,400 33,000 Ending cash balance $ 75,200 9,400 5,500 X Answer is complete but not entirely correct. April May $ 103,900 9,400 147,000 $ $ $ 109,000 $ 338,100 447,100 $ 171,000 79,700✔ 9,400 33,000✔ 293,100 154,000 $ $ $ 158,000 $ 364,050 522,050 x $ 167,000 $ 75,200 9,400 5,500 257,100 X $ 264,950 $ June 231,950 364,250 596,200 X 0x 103,900 9,400✔ 147,000✔ 260,300 X 364,900

Here are some important figures from the budget of Nashville Nougats, Incorporated, for the second quarter of 2022: Credit sales Credit purchases Cash disbursements. Wages, taxes, and expenses. Interest Equipment purchases Beginning cash balance Cash receipts Cash collections from credit sales Total cash available Cash disbursements The company predicts that 5 percent of its credit sales will never be collected, 35 percent of its sales will be collected in the month of the sale, and the remaining 60 percent will be collected in the following month. Credit purchases will be paid in the month following the purchase. In March 2022, credit sales were $329,000. Purchases Wages, taxes, and expenses Interest April May June $ 402,000 $ 351,000 $ 439,000 179,000 167,000 200,000 Using this information, complete the following cash budget. Note: Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32. Equipment purchases Total cash disbursements 79,700 9,400 33,000 Ending cash balance $ 75,200 9,400 5,500 X Answer is complete but not entirely correct. April May $ 103,900 9,400 147,000 $ $ $ 109,000 $ 338,100 447,100 $ 171,000 79,700✔ 9,400 33,000✔ 293,100 154,000 $ $ $ 158,000 $ 364,050 522,050 x $ 167,000 $ 75,200 9,400 5,500 257,100 X $ 264,950 $ June 231,950 364,250 596,200 X 0x 103,900 9,400✔ 147,000✔ 260,300 X 364,900

FINANCIAL ACCOUNTING
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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Here are some important figures from the budget of Nashville Nougats, Incorporated, for the second quarter of 2022: April May $ 402,000 179,000 $ 351,000 167,000 Credit sales Credit purchases Cash disbursements Wages, taxes, and expenses Interest Equipment purchases Beginning cash balance Cash receipts Cash collections from credit sales Total cash available Cash disbursements The company predicts that 5 percent of its credit sales will never be collected, 35 percent of its sales will be collected in the month of the sale, and the remaining 60 percent will be collected in the following month. Credit purchases will be paid in the month following the purchase. In March 2022, credit sales were $329,000. Purchases Wages, taxes, and expenses Interest 79,700 9,400 33,000 Using this information, complete the following cash budget. Note: Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32. Equipment purchases Total cash disbursements Ending cash balance $ 75,200 9,400 5,500 $ June $ 439,000 200,000 Answer is complete but not entirely correct. April May $ $ $ 103,900 9,400 147,000 109,000 $ 338,100 447,100 $ 171,000 79,700 9,400 33,000 293,100 154,000 $ $ $ 158,000 $ 364,050 522,050 $ 167,000 X $ 75,200 9,400 5,500 257,100 X $ 264,950 $ June 231,950 364,250 596,200 X 0X 103,900 9,400 147,000 260,300 X 364,900
Transcribed Image Text:Here are some important figures from the budget of Nashville Nougats, Incorporated, for the second quarter of 2022: April May $ 402,000 179,000 $ 351,000 167,000 Credit sales Credit purchases Cash disbursements Wages, taxes, and expenses Interest Equipment purchases Beginning cash balance Cash receipts Cash collections from credit sales Total cash available Cash disbursements The company predicts that 5 percent of its credit sales will never be collected, 35 percent of its sales will be collected in the month of the sale, and the remaining 60 percent will be collected in the following month. Credit purchases will be paid in the month following the purchase. In March 2022, credit sales were $329,000. Purchases Wages, taxes, and expenses Interest 79,700 9,400 33,000 Using this information, complete the following cash budget. Note: Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32. Equipment purchases Total cash disbursements Ending cash balance $ 75,200 9,400 5,500 $ June $ 439,000 200,000 Answer is complete but not entirely correct. April May $ $ $ 103,900 9,400 147,000 109,000 $ 338,100 447,100 $ 171,000 79,700 9,400 33,000 293,100 154,000 $ $ $ 158,000 $ 364,050 522,050 $ 167,000 X $ 75,200 9,400 5,500 257,100 X $ 264,950 $ June 231,950 364,250 596,200 X 0X 103,900 9,400 147,000 260,300 X 364,900
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