RB Co. prepared these data related to its cash budget: Cash Sales Credit Sales P240,000 300,000 370,000 360,000 380,000 August September October P180,000 200,000 190,000 220,000 210,000 November December Collections are 40% in the month of sale, 35% in the month following the sale and 20% two months following the sale. The remaining 5% is expected to be uncollectible. How much is the total budgeted cash receipts for the quarter ended December 31?

RB Co. prepared these data related to its cash budget: Cash Sales Credit Sales P240,000 300,000 370,000 360,000 380,000 August September October P180,000 200,000 190,000 220,000 210,000 November December Collections are 40% in the month of sale, 35% in the month following the sale and 20% two months following the sale. The remaining 5% is expected to be uncollectible. How much is the total budgeted cash receipts for the quarter ended December 31?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The excess (deficiency) of cash available over disbursements for December would be: P40,400 P68,600 P28,200 P12,200
The controller of Bridgeport Housewares Inc. instructs you to prepare a monthly cash budget for the next three months. You are presented with the following budget information: Line Item Description Sales September October November $103,000 $122,000 $166,000 Manufacturing costs 43,000 52,000 60,000 Selling and administrative expenses Capital expenditures 36,000 37,000 63,000 40,000 The company expects to sell about 10% of its merchandise for cash. Of sales on account, 70% are expected to be collected in the month following the sale and the remainder the following month (second month following sale). Depreciation, insurance, and property tax expense represent $10,000 of the estimated monthly manufacturing costs. The annual insurance premium is paid in January, and the annual property taxes are paid in December. 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. Current assets as of…
The following information was taken from Bonita Industries's cash budget for the month of July: Beginning cash balance $440000 Cash receipts 404000 Cash disbursements 558000 If the company's policy is to maintain a minimum end of the month cash balance of $430000, the amount the company would have to borrow in July is $286000. $144000. $10000. $26000.
what is the correct answer
6. An entity provided the fo:louingdata for the year ended December 31. 2019:Retained earnings unappropriated. Januar> Overdepreciation of20i 8 due to prior period error. net oftax 400.000Net incomeRetained earning; appropriated for treasury (original balance is 3,000,000but reduced S) P200,000 by reason of reissuance of the treasury Shares)Retained earnings eppropria:ed for contingencies (begirråpg balance P70C,OOO. 300,000but increased by current appropriation ofP 100,000) 800,000Cash dividends paid to shareholders 1000.000Change in accounting policy from FIFO to a average — credit, net OftaxWhat is the balance of unappropriated retained earnings on December 31, 2019? 4,500.000 300.000b. 4,800,000
Janus Inc. needs to prepare a cash budget. The following are actual and forecasted sales figures: Actual Forecast November December January February March April $200,000 $220,000 $280,000 $320,000 $340,000 $330,000 Thirty percent of each month's sales are in cash, 50% are paid the month after sale and 20% are paid two months after sale. Materials cost 30% of sales and are purchased one month prior to sale and paid for 30 days later. Labor expense is 40% of sales, selling and administrative expenses are 5% of sales and both are paid in the month of sale. Overhead is $28,000 per month, depreciation expense is $10,000 per month. Taxes of $8,000 will be paid in January and dividends of $2,000 will be paid in March. Cash on hand at the beginning of January is $80,000 and the desired cash balance is $75,000. Prepare the cash budget for January – March.
1
Garden Depot Is a retailer that provided the following budgeted cash flows for next year. 1st Quarter 2nd Quarter $410,000 $ 260,000 $ 316,000 $ 286,000 3rd Quarter $ 290,000 $ 276,000 Total cash receipts Total cash disbursements The company's beginning cash balance for next year will be $36,000. The company requires a minimum cash balance of $10,000 and may borrow money at the beginning of any quarter and may repay any part of its loans at the end of any quarter. Interest payments, based on a quarterly Interest rate of 3%, are due on any principal at the time it is repaid. For simplicity, assume Interest is not compounded. Required: Prepare the company's cash budget for next year. Note: Repayments, Interest, and cash deficiencies should be indicated by a minus sign. Beginning cash balance Total cash receipts Total cash available Total cash disbursements Excess (deficiency) of cash available over disbursements Financing Borrowings Repayments Interest Total financing Ending cash balance…
Expected cash collections in December are: P54,400 P256,000 P320,000 P310,400
Kids Clothing NZ Ltd makes both cash and credit sales. The company’s information regarding budgeted sales for the last quarter of the year is as follows: October November DecemberCash sales $100,000 $120,000 $ 80,000Credit sales 100,000 150,000 90,000Total $200,000 $270,000 $170,000 Past experience shows that 5% of credit sales are uncollectible. Of the credit sales that are collectible, 60% are collected in the month of sale; the remaining 40% are collected in the month following the month of sale. Customers are granted a 1.5% discount for payment within 10 days of billing. Approximately 75% of collectible credit sales take advantage of the cash discount.Inventory purchases each month are 100% of the cost of the following month’s projected sales. (The gross profit rate for Kids Clothing is approximately 30%.) All merchandise purchases are made on credit, with 25% paid in the month of purchase and the remainder paid in the following month. No cash discounts for early payment are…
Capstone 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 $399,000 for September and $319,000 for October, what are the budgeted cash receipts from sales on account for October?$fill in the blank 1
Jake Company needs to calculate the amount of cash it expects to collect for themonth of july using the following info: Month Credit SaIesMay　　　　200,000　budgetedJune　　　　230,000 budgetedJuIy　　　　 220,000　budgetedAugust　　　250,000　budgetedThe company has historically collected its receivables as follows:Collections in month of sale 30%Collections one month after the sale 50%ColIections two months after the sale 20%