Public Manufacturing Company (PMC) is preparing their budgeted financial statements for the coming year, and has accumulated the following data: Beginning-of-period balances: Cash $40,000 Accounts Receivable $50,000 Raw Materials Inventory $14,000 Work-in-Process Inventory $160,000 Finished Goods Inventory $6,000 Equipment (historical value) $200,000 Accumulated Depreciation $130,000 Accounts Payable $62,000 Estimates for end-of-period balances: Accounts Receivable $55,000 Raw Materials Inventory $10,000 Work-in-Process Inventory $120,000 Finished Goods Inventory $5,000 Accumulated Depreciation $124,000 Accounts Payable $50,000 Budgeted activity levels for the period: Sales 12,000 units @ a sales price of $300/unit Purchases of Direct Materials $500,000 Direct Labor Wages $340,000 Manufacturing Overhead $1,400,000 Selling and Administrative Expenses $1,300,000 What is the budgeted cash received from customers?
Public Manufacturing Company (PMC) is preparing their budgeted financial statements for the coming year, and has accumulated the following data: Beginning-of-period balances: Cash $40,000 Accounts Receivable $50,000 Raw Materials Inventory $14,000 Work-in-Process Inventory $160,000 Finished Goods Inventory $6,000 Equipment (historical value) $200,000 Accumulated Depreciation $130,000 Accounts Payable $62,000 Estimates for end-of-period balances: Accounts Receivable $55,000 Raw Materials Inventory $10,000 Work-in-Process Inventory $120,000 Finished Goods Inventory $5,000 Accumulated Depreciation $124,000 Accounts Payable $50,000 Budgeted activity levels for the period: Sales 12,000 units @ a sales price of $300/unit Purchases of Direct Materials $500,000 Direct Labor Wages $340,000 Manufacturing Overhead $1,400,000 Selling and Administrative Expenses $1,300,000 What is the budgeted cash received from customers?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Public Manufacturing Company (PMC) is preparing their budgeted financial statements for the coming year, and has accumulated the following data:
|
Beginning-of-period balances:
|
|
|
Cash
|
$40,000
|
|
|
$50,000
|
|
Raw Materials Inventory
|
$14,000
|
|
Work-in-Process Inventory
|
$160,000
|
|
Finished Goods Inventory
|
$6,000
|
|
Equipment (historical value)
|
$200,000
|
|
|
$130,000
|
|
Accounts Payable
|
$62,000
|
|
Estimates for end-of-period balances:
|
|
|
Accounts Receivable
|
$55,000
|
|
Raw Materials Inventory
|
$10,000
|
|
Work-in-Process Inventory
|
$120,000
|
|
Finished Goods Inventory
|
$5,000
|
|
Accumulated Depreciation
|
$124,000
|
|
Accounts Payable
|
$50,000
|
|
Budgeted activity levels for the period:
|
|
|
Sales
|
12,000 units @ a sales price of $300/unit
|
|
Purchases of Direct Materials
|
$500,000
|
|
Direct Labor Wages
|
$340,000
|
|
Manufacturing
|
$1,400,000
|
|
Selling and Administrative Expenses
|
$1,300,000
|
What is the budgeted cash received from customers?
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