Brooklyn Studio's sales are all made on account. The firm's collection experience has been that 27% of a month's sales are collected inthe month the sale is made, 52% are collected in the month following the sale, and 19% are collected in the second month followingthe sale. The sales forecast for the months of September through December is as follows:SeptemberOctoberNovemberDecember$ 238,000293,000307,000360,000Required:Calculate the cash collections that would be included in the cash budgets for November and December.NovemberDecemberCash Collections

It is a normal practice of the Business Entities to allow trade credit to their customers. The…

Answered: Required: Calculate the cash…

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 balance of $10,000 will be maintained throughout the cash budget period. Prepare a monthly cash budget for January and February and answer the following: How much surplus (or loan) is expected at the end of February? A $1,900 B. $200 C. $1,400 D. $3,100 E. none of the other choices is correct
Answer all the requirements….
Lavage Rapide is a Canadian company that owns and operates a large automatic car wash facility near Montreal. The following table provides estimates concerning the company's costs: Fixed Cost Cost per per Month Car Washed Cleaning supplies Electricity Maintenance $ 0.80 $ 0.09 $ 0.20 $ 0.40 $ 1,400 $ 4,700 $ 8,000 $ 1,900 $ 1,600 Wages and salaries Depreciation Rent Administrative expenses $ 0.03 For example, electricity costs should be $1,400 per month plus $0.09 per car washed. The company expects to wash 8,000 carg in August and to collect an average of $6.30 per car washed. Required: Prepare the company's planning budget for August. Lavage Rapide Planning Budget
sh On March 1 of the current year, Spicer Corporation compiled information to prepare a cash budget for March, April, and May. All of the company's sales are made on account. The following infor- mation has been provided by Spicer's management. Month January February March April May Credit Sales Collections in the month of the sale Collections one month after the sale Collections two months after the sale Uncollectible accounts ary. The company's collection activity on credit sales historically has been as follows. $300,000 (actual) 400,000 (actual) 600,000 (estimated) 700,000 (estimated) 800,000 (estimated) 50% 30 15 5 Spicer's total cash expenditures for March, April, and May have been estimated at $1,200,000 (an average of $400,000 per month). Its cash balance on March 1 of the current year is $500,000. No financing or investing activities are anticipated during the second quarter. Compute Spicer's budgeted cash balance at the ends of March, April, and May.
How do I solve the chart?
Preparing a financial budget—budgeted income statement and balance sheet Ball Company has the following post-closing trial balance on December 31, 2018 The company’s accounting department has gathered the following budgeting information for the first quarter of 2019: Additional information: Rent and income tax expenses are paid as incurred. Insurance expense is an expense is an expiration of the prepaid amount. Requirements Prepare a budgeted income statement for the quarter ended March 31, 2019. Prepare a budgeted balance sheet as of March 31, 2019.
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You are preparing a cash budget for the month of September. how would you use information about sales in the preceding July?
Can I get the answer for requirement A in the attached picture
Evergreen Furniture, a retailing company, is preparing the cash budget for August. The following inventory information available: Estimated payments in August for purchases in August Estimated purchases for August Estimated cost of goods sold for August Estimated payments in August for purchases in July Estimated payments in August for purchases prior to July Inventories at beginning of August Required: What are the estimated cash disbursements in August? Estimated cash disbursements 70% $ 2,444,000 2,600,000 696,000 176,000 674,000
Prepare a direct materials budget for the first quarter of the financial year ending 30 September 2022. Prepare a cash budget for the first quarter of the financial year ending 30 September 2022 including any necessary schedules. Prepare a budgeted income statement for the first quarter of the financial year ending 30 September 2022.
Kindy assist with b & c . Thank you a) The business needs to have a sense of its future cashflows and therfore requires the preparation of the following: A schedule of budgeted cash collections for trade receivables (sales on account) for each of the months October to December. A schedule of expected cash disbursements for accounts payable (purchases on account) for each of the months October to December. A cash budget, with a total column, for the quarter ending December 31, 2021, showing the expected cash receipts and payments for each month and the ending cash balance for each of the three months, given that no financing activities took place. (b) Another team member who is preparing the Budgeted Balance Sheet for the business for the same quarter and has asked you to furnish him with the figures for the expected trade receivables and payables to be included in the statement at December 31, 2021. Is that a reasonable request? If yes, what should these amounts be? c) Upon…

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Required: Calculate the cash collections that would be included in the cash budgets for November and December. November December Cash Collections