Mecca Copy, a photocopying center located on University Avenue, provided the following data to prepare a budgeted balance sheetfor next year.CashAccounts receivableSupplies inventoryEquipmentAccumulated depreciationAccounts payableCommon stockRetained earningsEndingBalances?$ 8,100$ 3,200$ 34,000$ 16,000$ 1,800$ 5,000?The beginning balance of retained earnings was $28,000, budgeted net Income is $11,500, and budgeted dividends are $4,800.Required:Prepare the company's budgeted balance sheet.Note: Amounts to be deducted should be indicated by a minus sign.Mecca CopyBudgeted Balance SheetCurrent assets:AssetsTotal current assetsPlant and equipment:Plant and equipment, netTotal assetsLiabilities and Stockholders' EquityCurrent liabilities:Stockholders' equity.$00$0Total stockholders' equity0Total liabilities and stockholders' equity$0

Mecca Copy Budgeted Balance Sheet Assets Current Assets Cash$12,200 Accounts Receivable$8,100…

Answered: Mecca Copy, a photocopying center…

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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please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image) QUESTION 2 In the late June of each year, BOS Global Ltd prepares a cash budget for the next 6 months. The entity’s management wishes to prepare a cash budget in order to assess its likely requirements for short-term funds. Actual sales for May, and estimated sales for June, and for the next 7 months are as follows: Months Sales Revenues (Actual and Estimates) [GHS] Months Sales Revenues (Actual and Estimates) [GHS] May 20,000 September 50,000 June 28,000 October 94,000 July 24,000 November 74,000 August 26,000 December 52,000 January 40,000 Approximately 25 per cent of sales are for cash and 75 per cent are on credit. Past experience has shown that two-third of all credit sales are collected in the month immediately following the month of…
Corp. Is working on its cash budget for March. The budgeted beginning cash balance is $26,000. budgeted cash receipts total $198,000 and budgeted cash disbursements total $197,000. The desired ending cash balance is $45,000. Q) The excess (deficiency) of cash available over disbursements for March will be: Multiple Cholce $25,000 $1,000 $27,000 $224,000
The management accountant at Hewitt Manufacturing Company, Conrad Fuller, is in the process ofpreparing the cash budget for the business for the quarter ending December 31, 2010. Extracts from thesales and purchases budgets are as follows:Month CashSalesSalesonAccountPurchasesonAccountAugustSeptemberOctoberNovemberDecember$45,000$60,000$38,000$47,000$51,000$480,000$600,000$720,000$640,000$800,000$400,000$380,000$480,000$500,000$600,000i) An analysis of the records shows that trade receivables (accounts receivable) are settled accordingto the following credit pattern, in accordance with the credit terms 10/30, n90:50% in the month of sale30% in the first month following the sale20% in the second month following the saleii) Accounts payable are settled as follows:70% in the month in which the inventory is purchased30% in the following monthThe credit terms of the suppliers is 5/30, n60.iii) A motor vehicle costing $350,000 will be purchased and paid for in November 2010.iv) During…
Edelmar Corp. has prepared a preliminary cash budget for the third quarter as shown below: Cash Budget Beginning cash balance Plus: Cash collections Cash available Less: Cash payments: Purchases of direct materials July $36,000 $56,000 92,000 Operating expenses Capital expenditures Ending cash balance Aug $17,000 $52,000 $69,000 34,000 41,000 0 $17,000 Subsequently, the marketing department revised its figures for cash collections. New data are as follows: $54,000 in July, $55,000 in August, and $44,000 in September. Based on the new data, calculate the new projected cash balance at the end of July Sep $21,500 47,800 $69,300 9,000 30,500 8,000 $21,500 10,000 30,800 7,700 $20,800
3. The Uthred Company, a merchandising firm, has planned the following sales for the next four months: March $50,000 Аpril $70,000 Мay $90,000 June July $90,000 Total budgeted Sales $60,000 Sales are made 60% on account and 40% cash. From experience, the company has learned that a month's sales on account are collected according to the following pattern: Month of sale 60% • First month following month of sale . • Second month following month of sale • Uncollectible 28% 10% 2% Uthred has a building that is not used in the business operation; they rented it out and receive $10,080 rent every month. The company requires a minimum cash balance of $14,000 to start a month.
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The following information was used by the Long Corporation to prepare a cash budget for April: Cash balance beginning of April $ 16,000 Expected cash receipts in April 272,000 Sales salaries paid 62,000 Material purchases (all cash) 94,000 Depreciation charges 44,000 Other expenses (all cash) 96,000 What is the budgeted ending cash balance in April? Multiple Choice None of these. $36,000 $45,000 $22,000 $ (8,000)
The management of Mecca Copy, a photocopying center located on University Avenue, has compiled the following data to use in preparing its budgeted balance sheet for next year: Ending Balances Cash ? Accounts receivable $ 10,100 Supplies inventory $ 4,600 Equipment $ 44,000 Accumulated depreciation $ 17,800 Accounts payable $ 3,800 Common stock $ 5,000 Retained earnings ? The beginning balance of retained earnings was $37,000, net income is budgeted to be $21,700, and dividends are budgeted to be $4,300. Prepare the company’s budgeted balance sheet. (Amounts to be deducted should be indicated by a minus sign.)
Rahul

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