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nth end year 1500 May1990 1500 June 4000 July

nth end year 1500 May1990 1500 June 4000 July

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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Al-Nasser Company maintains banking facilities in the form of an overdraft account with Al-Rasheed Bank. It has prepared sales forecasts, all of which are due for the years 1990 and 1991, as follows: Amte enth end yeer 1500 May1990 1500 June 4000 July 5500 August 3100 September 6100 October 7600 November 3200 December 1500 January1991 Astudy prepared on the collection of receivables indicates as follows: 175% of sales are collected during the first month from the date of sale, Le. in the same month 2. 80% of sales will be collected during the first month from the date of sale 3_ in 12% of sales are collected within two months from the date of sale 4 The remainder of the sales shall be collected within three months from the date of sale The company has prepared to pay the costs of raw materials and labor wages during the month following the month of their entitlement These purchases are estimated as follows Atin end manth and yeer 750 May1990 750 June July August 1700 1700 1970 September 2650 October November 1360 7700 December In addition to that, there are cash payments as follows: 1- Administrative and general expenaes in the amount of 225.000 staples per month 2 Long-term payments 75,000 meter dinars per month 3 Expenses 22S00 staples per month. 4 Inceme is 55.500 debts. payable with this amount in each of the months, dates September and December. SThe account far purchasing leborateries prevents 160,000 stars in the first and second twentieth of September. G Level depreciution thefts 300,000 dinars. 7- The cash balance on 7/1/1000 8- amounted to 110.000 for the minimum cash balance required to be kept during the parallel period 75,000 dekan seha Required: Preparing the menthly cash budget for the last months of the year 1990
Transcribed Image Text:Al-Nasser Company maintains banking facilities in the form of an overdraft account with Al-Rasheed Bank. It has prepared sales forecasts, all of which are due for the years 1990 and 1991, as follows: Amte enth end yeer 1500 May1990 1500 June 4000 July 5500 August 3100 September 6100 October 7600 November 3200 December 1500 January1991 Astudy prepared on the collection of receivables indicates as follows: 175% of sales are collected during the first month from the date of sale, Le. in the same month 2. 80% of sales will be collected during the first month from the date of sale 3_ in 12% of sales are collected within two months from the date of sale 4 The remainder of the sales shall be collected within three months from the date of sale The company has prepared to pay the costs of raw materials and labor wages during the month following the month of their entitlement These purchases are estimated as follows Atin end manth and yeer 750 May1990 750 June July August 1700 1700 1970 September 2650 October November 1360 7700 December In addition to that, there are cash payments as follows: 1- Administrative and general expenaes in the amount of 225.000 staples per month 2 Long-term payments 75,000 meter dinars per month 3 Expenses 22S00 staples per month. 4 Inceme is 55.500 debts. payable with this amount in each of the months, dates September and December. SThe account far purchasing leborateries prevents 160,000 stars in the first and second twentieth of September. G Level depreciution thefts 300,000 dinars. 7- The cash balance on 7/1/1000 8- amounted to 110.000 for the minimum cash balance required to be kept during the parallel period 75,000 dekan seha Required: Preparing the menthly cash budget for the last months of the year 1990
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