Required information [The following information applies to the questions displayed below.] The following trial balance was drawn from the records of Havel Company as of October 1, year 2. Cash Accounts receivable Inventory Store equipment Accumulated depreciation Accounts payable Line of credit loan Common stock Retained earnings Totals Cash Budget for October equired Indicate whether Havel will need to borrow money during October by preparing October's Cash Budget. ote: Negative amounts should be indicated by a minus sign. Round your answers to the nearest whole dollar. Cash available _ess: Payments Total budgeted payments Cash surplus (shortage) Will Havel need to borrow money during October? $ 26,000 80,000 50,000 400,000 0 $ 80,800 82,000 300,000 70,000 23,200 $ 556,000 $ 556,000
Required information [The following information applies to the questions displayed below.] The following trial balance was drawn from the records of Havel Company as of October 1, year 2. Cash Accounts receivable Inventory Store equipment Accumulated depreciation Accounts payable Line of credit loan Common stock Retained earnings Totals Cash Budget for October equired Indicate whether Havel will need to borrow money during October by preparing October's Cash Budget. ote: Negative amounts should be indicated by a minus sign. Round your answers to the nearest whole dollar. Cash available _ess: Payments Total budgeted payments Cash surplus (shortage) Will Havel need to borrow money during October? $ 26,000 80,000 50,000 400,000 0 $ 80,800 82,000 300,000 70,000 23,200 $ 556,000 $ 556,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
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![Required information
[The following information applies to the questions displayed below.]
The following trial balance was drawn from the records of Havel Company as of October 1, year 2.
Cash
Accounts receivable
Inventory
Store equipment
Accumulated depreciation
Accounts payable
Line of credit loan
Common stock
Retained earnings
Totals
Cash Budget for October
Cash available
Less: Payments
Required
. Indicate whether Havel will need to borrow money during October by preparing October's Cash Budget.
Note: Negative amounts should be indicated by a minus sign. Round your answers to the nearest whole dollar.
Total budgeted payments
Cash surplus (shortage)
Will Havel need to borrow money during October?
$ 26,000
80,000
50,000
400,000
0
$ 556,000
$ 80,800
82,000
300,000
70,000
23, 200
$ 556,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd1cd217a-0f44-4f2e-b53e-6b927170a60e%2F7bb0d81e-31d9-4d99-86ca-60e5958ba172%2F0fdm4fn_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
The following trial balance was drawn from the records of Havel Company as of October 1, year 2.
Cash
Accounts receivable
Inventory
Store equipment
Accumulated depreciation
Accounts payable
Line of credit loan
Common stock
Retained earnings
Totals
Cash Budget for October
Cash available
Less: Payments
Required
. Indicate whether Havel will need to borrow money during October by preparing October's Cash Budget.
Note: Negative amounts should be indicated by a minus sign. Round your answers to the nearest whole dollar.
Total budgeted payments
Cash surplus (shortage)
Will Havel need to borrow money during October?
$ 26,000
80,000
50,000
400,000
0
$ 556,000
$ 80,800
82,000
300,000
70,000
23, 200
$ 556,000
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