43What are the estimated cash disbursements for inventories in April? NUBD Company is preparing its cash budget for the month of April. The followinginformation is available concerning its inventories:Inventories, April 1Estimated purchases for AprilEstimated cost of goods sold for AprilEstimated payments in April for purchases in MarchEstimated payments in April for purchases prior to MarchEstimated payments in April for purchases in AprilP 90,000440,000450,00075,00020,00075%

Solution: Estimated cash disbursements for inventories in April = Estimated payments in april for…

Answered: NUBD Company is preparing its cash…

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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Bulalugaw's net sales for 2020 is 240,000. 30% of it was on credit. In 2019 their accounts receivable is 32,000 and 58,000 on 2020. How many times were they able to collect their recievables?
Explain how to calculate day’s sales in receivable.
Task 2: Evaluate the company's efficiency in collecting its accounts receivable during the fiscal year ended 31 December 2021. Use the company's information from its annual reports: Receivables as of 31 December 2020 Receivables as of 31 December 2021 $4,468,392 $4,972,722 $45,349,943 Sales revenue for year ended 31 December 2021 1. Calculate the company's number of days of sales outstanding (DSO) for the fiscal year ended 31 December 2021. (Use the average receivables to calculate the ratio). Net = 2.37 = Accounting receivable: Average Day's sales in receivable = 154. 2. Interpret the calculated ratio. 3. Assume that the industry average DSO ratio is 60 days. Based on this information and the subject company's DSO ratio, critically evaluate the company's credit policy and its implications.
17. Find the ending balance if the original balance was $425.32 and the followingtransactions occurred over the space of a week: wrote a check, $16;paycheck deposit, $235.21; check deposit, $30; ATM, $20; wrote a check,$63.45; deposit, $30; maintenance fee, $11; interest, $0.32.A. $609.76B. $610.40C. $650.08D. $649.76
Bramble Stores accepts both its own and national credit cards. During the year, the following selected summary transactions occurred. Made Bramble credit card sales totaling $25,800. (There were no balances prior to January 15.) Made Visa credit card sales (service charge fee 2%) totaling $5,800. Collected $12,000 on Bramble credit card sales. Added finance charges of 1.5% to Bramble credit card account balances. Jan. 15 20 Feb. 10 15 Journalize the transactions for Bramble Stores. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Account Titles and Explanation Date Jan 15 Jan. 20 Cash Debit Credit M Ç T 9 M Q Me Mu VI 65 Ac Q 59 Ace
29
Preparing a Schedule of Cash Collections on Accounts Receivable Kailua and Company is a legal services firm. All sales of legal services are billed to the client (there are no cash sales). Kailua expects that, on average, 20% will be paid in the month of billing, 50% will be paid in the month following billing, and 25% will be paid in the second month following billing. For the next 5 months, the following sales billings are expected: May $84,000 June 100,800 July 77,000 August 86,700 September 92,000 Required: Prepare a schedule showing the cash expected in payments on accounts receivable in August and in September. If an amount box does not require an entry, leave it blank or enter "0". Be sure to enter percentages as whole numbers. Kailua and Company Schedule August September June: 2$ % July: 2$ % 24 % August: 2$
Develop a flowchart for revenue cycle of 7-Eleven retail store containing their cash disbursement, payroll and fixed asset
Bramble Corporation is a small wholesaler of gourmet food products. Data regarding the store's operations follow: • Sales are budgeted at $230,000 for November, $210,000 for December, and $200,000 for January. • Collections are expected to be 40% in the month of sale and 60% in the month following the sale. The cost of goods sold is 65% of sales. The company would like to maintain ending merchandise inventories equal to 55% of the next month's cost of goods sold. Payment for merchandise is made in the month following the purchase. Other monthly expenses to be paid in cash are $22,900. Monthly depreciation is $13,900. Ignore taxes. ● ● ● ● Assets Cash Balance Sheet October 31 Accounts receivable Merchandise inventory Property, plant and equipment, net of $574,300 accumulated depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity The difference between cash receipts and cash disbursements…
41 Tesla estimates the allowance for uncollectible accounts at 3% of the ending balance of accounts receivable. During 2024, Tesla's credit sales and collections were $121,000 and $131,000, respectively. What was the balance of accounts receivable on January 1, 2024, if $120 in accounts receivable were written off during 2024 and if the allowance account had a balance of $960 on December 31, 2024? Multiple Choice O $42,120 O $31,000 $420 None of these answer choices are correct.
On the schedule of collection from sales what are the percentage calculations for cash collected from prior months sales? Note A Calculations for cash collected and percentages from current months sales Note B
The bookkeeper at Hopkins Company has not reconciled the bank statement with the cash account, saying instead, "I don't have time." You have been asked to prepare a reconciliation and review the procedures with the bookkeeper. The April 30, current year, bank statement and the April ledger accounts for cash showed the following (summarized): Balance, March 31, current year Deposits during April Notes collected for company (including $83 interest) Cheques cleared during April NSF cheque-A. B. Wright Bank service charges Balance, April 30, current year Mar. 31 Balance Apr. Deposits Bank Statement Apr. 30 Balance Cash in Bank 24,800 43,450 Apr. Cheques written Cash on Hand 230 Cheques Deposits Balance $33,600 71,000 72,310 26,510 26,337 26, 254 26,254 $45,800 173 83 $ 37,400 1,310 42,400 A comparison of cheques written before and during April with the cheques cleared through the bank showed that cheques of $5,400 are still outstanding at April 30. No deposits in transit were carried over…

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