Question 2 Following are some important figures from the budget of Jasmine, Inc., for the year 2016: February March April Credit sales $289,000 $265,000 $378,000 Credit purchases 89,000 $126,000 $187,000 Cash disbursements Wages, taxes, and expenses $46,000 $ 41,000 $58,000 Interest $12,700 $12,700 $12, 700 Equipment purchases $67,000 $133,000 0 The company predicts that 3% of its credit sales will never be collected, 47% of its sales wil be collected in the month of the sale, and the remaining 50% will be collected in the followin month. Credit purchases will be paid in the month following the purchase. In Jan 2016, cred

Question 2 Following are some important figures from the budget of Jasmine, Inc., for the year 2016: February March April Credit sales $289,000 $265,000 $378,000 Credit purchases 89,000 $126,000 $187,000 Cash disbursements Wages, taxes, and expenses $46,000 $ 41,000 $58,000 Interest $12,700 $12,700 $12, 700 Equipment purchases $67,000 $133,000 0 The company predicts that 3% of its credit sales will never be collected, 47% of its sales wil be collected in the month of the sale, and the remaining 50% will be collected in the followin month. Credit purchases will be paid in the month following the purchase. In Jan 2016, cred

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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Accounting Consider the following third-quarter budget data for TAP & Brothers: TAP & Brothers Third-Quarter Budget Data July August September Credit Sales 256,167 262,962 282,872 Credit Purchases 97,465 111,565 137,292 Wages, Taxes, and Expenses 26,506 31,621 33,707 Interest 7,239 7,773 8,091 Equipment Purchases 54,832 61,271 0 The company predicts that 4% of its credit sales will never be collected, 30% of its sales will be collected in the month of the sale, and the remaining 66% will be collected in the following month. Credit purchases will be paid in the month following the purchase. In June, credit sales were $138,282, and credit purchases were $102,770 July’s beginning cash is $184,797 If TAP maintains a policy of always keeping a minimum cash balance of $75,000 as a buffer against uncertainty and forecasting errors, what is the cash surplus/deficit at the end of the quarter (i.e., end of…
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Question 1 The management accountant at Miller Merchandising & More, Odail Russell is in the process of preparing the cash budget for the business for the fourth quarter of 2021. It is customary for the business to borrow money during this quarter. Extracts from the sales and purchases budgets are as follows: Month Cash Sales Sales On Account Purchases August $85,000 $640,000 $420,000 September $70,000 $550,000 $550,000 October $88,550 $600,000 $500,000 November $77,160 $800,000 $600,000 December $174,870 $500,000 $450,000 - An analysis of the records shows that trade receivables are settled according to the following credit pattern, in accordance with the credit terms 4/30, n90: 50% in the month of sale 30% in the first month following the sale 20% in the second month following the sale -Expected purchases include monthly cash purchases of 5%. All other purchases are on Accounts payable are settled as follows,…
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