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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 Purchases Wages, taxes, and expenses Interest April $ 408,000 185,000 Equipment purchases Total cash disbursements 80, 300 10,000 36,000 The company predicts that 5 percent of its credit sales will never be collected, 25 percent of its sales will be collected in the month the sale, and the remaining 70 percent will be collected in the following month. Credit purchases will be paid in the month followin the purchase. In March 2022, credit sales were $335,000. Ending cash balance. 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. May $ 357,000 173,000 $ 75,800 10,000 8,500 $ June $ 445,000 206,000 104,500 10,000 153,000 April 115,000 177,000 May June

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 Purchases Wages, taxes, and expenses Interest April $ 408,000 185,000 Equipment purchases Total cash disbursements 80, 300 10,000 36,000 The company predicts that 5 percent of its credit sales will never be collected, 25 percent of its sales will be collected in the month the sale, and the remaining 70 percent will be collected in the following month. Credit purchases will be paid in the month followin the purchase. In March 2022, credit sales were $335,000. Ending cash balance. 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. May $ 357,000 173,000 $ 75,800 10,000 8,500 $ June $ 445,000 206,000 104,500 10,000 153,000 April 115,000 177,000 May June

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: 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 Purchases Wages, taxes, and expenses Interest April $ 408,000 185,000 Equipment purchases Total cash disbursements 80,300 10,000 36,000 The company predicts that 5 percent of its credit sales will never be collected, 25 percent of its sales will be collected in the month of the sale, and the remaining 70 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 $335,000. Ending cash balance 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. May $ 357,000 173,000 $ 75,800 10,000 8,500 $ June $ 445,000 206,000 104,500 10,000 153,000 April 115,000 177,000 May June
Transcribed Image Text: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 Purchases Wages, taxes, and expenses Interest April $ 408,000 185,000 Equipment purchases Total cash disbursements 80,300 10,000 36,000 The company predicts that 5 percent of its credit sales will never be collected, 25 percent of its sales will be collected in the month of the sale, and the remaining 70 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 $335,000. Ending cash balance 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. May $ 357,000 173,000 $ 75,800 10,000 8,500 $ June $ 445,000 206,000 104,500 10,000 153,000 April 115,000 177,000 May June
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