Question 21-/1View PoliciesCurrent Attempt in ProgressCoronado Design provided the following budgeted information for April through July:MayJulyJuneApril$104300 $123000 $114800 $131500Projected salesProjected merchandise purchases$81900 $92100 $78500 $66100. The cash balance on June 1 is $12200. The company pays 40% of merchandise purchases in the month purchasedand 60% in the following month.. General operating expenses are budgeted to be $30900 per month of which depreciation is $2900 of this amount.Management pays operating expenses in the month incurred..The company makes loan payments of $3700 per month of which $610 is interest and the remainder is principal.How much are budgeted cash disbursements for June?O $124770.O $118360.O $86660.O $90170.)1hpfholl244homedeleteprt sc67umbackspacePKsN MI

Cash disbursements are the payments or expenditures made by company to settle its obligations. This…

Answered: Question 21 -/1 View Policies Current…

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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Cash budgeting
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Market Leasing budgeted credit sales in the first quarter of 2014 to be as follows: January $210,000 February 190,000 March 170,000 The budgeted beginning cash balance at February 1 is expected to be $14,000 and budgeted monthly cash disbursements are expected to be $198,000. Credit sales in December, 2013 are expected to be $204,000. The company expects to collect 20% of a month’s sales in the month of sale and 80% in the following month. How much is the budgeted cash balance at the end of February?
Production Budget
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
Dd.60.1
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?
Please do not give solution in image format thanku
Please do not give solution in image format thanku
Problem 6 Tomtom store seeks your assistance to develop cash and other budget information for May, June, and July 2009. On April 30, 2009, the company had cash balance of Php5,500. The budget is based on the following assumptions: A. Sales 1. Each month's sales are billed on the last day of the month 2. Customers are allowed 3% discount if payment is made within 10 days after the billing date. Accounts receivable are booked gross. 3. Sixty percent of the billings are collected within the discount period, 25% are collected by the end of the month where discount period is allowed, 9% are collected by the end of the end second month, and 6% prove uncollectible. B. Purchases 1. 54% of all purchases of materials and selling, general and administrative expenses are paid at the month purchased and the remainder in the following month. 2. Each month's unit of ending inventory is equal to 130% of the month's units of sales. 3. The cost of each unit of inventory is P20. 4. Selling, general and…
eBook Cash Budget The controller of Shoe Mart 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 $148,000 $179,000 $238,000 Manufacturing costs 62,000 77,000 86,000 Selling and administrative expenses 43,000 48,000 52,000 Capital expenditures _ _ 57,000 The company expects to sell about 10% 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 the following month. Depreciation, insurance, and property tax expense represent $7,000 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, 85% are expected to be paid in the month in which they are incurred and the balance in the following month. All sales and administrative…
Problem 10-49: Budgeting for a Merchandising Firm Background Budgeted sales: December $250,000 January $225,000 Collections of A/R: Collected in month of sale 50.00% Collected following month 48.00% Est B/D expense 2.00% Discount for early payment 1.00% Gross margin % 30% Target End Inv, as % of following month's sales 80.00% Merchandise payments: % paid in month following month of purchase 100.00% Other operating expenses (cash) = $25,000 Annual depreciation expense = $216,000 Goldberg Company's statement of financial position at the close of business on November 30th follows: GOLDBERG COMPANY Statement of Financial Position November 30, 2016 Assets Cash…

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