Question: 130General, Inc. has prepared the following direct materials purchasesbudget:MonthJuneJulyAugustSeptemberOctoberBudgeted DM Purchases$ 69,00077,50076,90077,80076,800All purchases are paid for as follows: 10% in the month of purchase,50% in the following month, and 40% two months after purchase.Calculate the budgeted balance of accounts payable at the end ofOctober.a. $69,120b. $100,240c. $31,120d. $61,840

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Answered: Question: 130 General, Inc. has…

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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Current Attempt in Progress Nieto Company's budgeted sales and direct materials purchases are as follows. January February March Budgeted Sales $237,000 227,300 284,800 (b) Nieto's sales are 30% cash and 70% credit. Credit sales are collected 10% in the month of sale, 50% in the month following sale, and 36% in the second month following sale; 4% are uncollectible. Nieto's purchases are 50% cash and 50% on account. Purchases on account are paid 40% in the month of purchase, and 60% in the month following purchase. (a) Prepare a schedule of expected collections from customers for March. March cash sales Total collections Budgeted D.M. Purchases $36,500 43,100 42,900 NIETO COMPANY Expected Collections from Customers Total payments > Prepare a schedule of expected payments for direct materials for March. NIETO COMPANY Expected Payments for Direct Materials March $ $ 85,440 March
paid in month of purchase: 10% paid n first month following purchase: 40% Paid in second month following purchase: 50% If budgeted purchases for April, May, and june are $30,000, $45,000 and $20,000, what is the budgeted accounts payable balance on June 30? a. 32500 b. 31000 c. 35000 d. 40500
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COVID 19 Co has forecast purchases on account to be $318,000 in March, $370,000 in April, $421,000 in May, and $493.000 in June. Sixty five percent of purchases are paid for in the month of purchase, the remaining 35% are paid in the following month, What is the budgeted Accounts Payable balance for June 30? Select one a. $172.550 b. $320,450 C $147.350 d. $273.650
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Dec. Year Jan. Year 2 Feb. Year 2 Mar. Year 2 1 (Actual) $70,000 $20,000 (Budgeted) $165,000 $ 40,000 (Budgeted) $ 120,000 $ 22,000 (Budgeted) Credit sales $150,000 Cash sales $ 35,000 Based on the company's collection history, 42% of credit sales are collected in month of sale, and the remainder is collected in the following month. Cash collections in January from December credit sales would be: Multiple Choice $40,600. $45,500. $62,000. $60,200.
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Cash Budget The controller of Stanley Yelnats Inc. asks you to prepare a monthly cash budget for the next three months. You are presented with the following budget information: January February March Sales Manufacturing costs 42,000 $101,000 $121,000 $171,000 52,000 62,000 Selling and administrative expenses Capital expenditures 29,000 33,000 38,000 41,000 The company expects to sell about 15% of its merchandise for cash. Of sales on account, 65% are expected to be collected in full in the month following the sale and the remainder in the following month. Depreciation, Insurance, and property tax expense represent $8,000 of the estimated monthly manufacturing costs. The annual Insurance premium is paid in June, and the annual property taxes are paid in October. Of the remainder of the manufacturing costs, 80% are expected to be paid in the month in which they are incurred and the balance in the following month. All selling and administrative expenses are paid in the month incurred.…
Exercise 9-26 Cash Budgeting (LO 9-3, 9-5) The following information is from Tejas WindowTint's financial records. Month Sales Purchases April May June July $72,000 66,000 60,000 78,000 $42,000 48,000 36,000 54,000 Collections from customers are normally 70 percent in the month of sale, 20 percent in the month following the sale, and 9 percent in the second month following the sale. The balance is expected to be uncollectible. All purchases are on account. Management takes full advantage of the 2 percent discount allowed on purchases paid for by the tenth of the following month. Purchases for August are budgeted at $60,000, and sales for August are forecasted at $66,000. Cash disbursements for expenses are expected to be $14,400 for the month of August. The company's cash balance on August 1 was $22,000. Required: 1. Prepare the expected cash collections during August. 2. Prepare the expected cash disbursements during August. 3. Calculate the expected cash balance on August 31. Answer…
Current Attempt in Progress Sunland Company's budgeted sales and direct materials purchases are as follows. Budgeted Sales Budgeted D.M. Purchases January $188,000 $28,200 February 206,800 33,840 March 235,000 35,720 A Sunland's sales are 30% cash and 70% credit. Credit sales are collected 10% in the month of sale, 50% in the month following sale, and 36% in the second month following sale; 4% are uncollectible. Sunland's purchases are 50% cash and 50% on account. Purchases on account are paid 40% in the month of purchase, and 60% in the month following purchase. (a) Prepare a schedule of expected collections from customers for March. SUNLAND COMPANY Schedule of Expected Collections from Customers
Question 10 Cash Budget Daybook Inc. collects 30% of its sales on account in the month of the sale and 70% in the month following the sale. If sales on account are budgeted to be $105,000 for September and $116,000 for October, what are the budgeted cash receipts from sales on account for October?

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