Sydney Corporation, a provider of cable television, projects the following revenues: August September October $205,000 220,000 238,000 250,000 290,000 November December Total expenses are equal to 35 percent of the current month's revenues. Of this amount, $12,000 represents depreciation. Sixty percent of all accounts payable for expenses are paid for in the month incurred, with the remainder being paid in the following month. Compute the budgeted cash disbursements during November: $

Sydney Corporation, a provider of cable television, projects the following revenues: August September October $205,000 220,000 238,000 250,000 290,000 November December Total expenses are equal to 35 percent of the current month's revenues. Of this amount, $12,000 represents depreciation. Sixty percent of all accounts payable for expenses are paid for in the month incurred, with the remainder being paid in the following month. Compute the budgeted cash disbursements during November: $

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter22: S Corporations

Section: Chapter Questions

Problem 16CE

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Noventis Corporation prepared the following estimates for the four quarters of the current year:Additional Information• First-quarter administrative costs include the $160,000 annual insurance premium.• Advertising costs paid in the second quarter relate to television advertisements that will be broadcast throughout the entire year.• No special items affect income during the year.• Noventis estimates an effective income tax rate for the year of 40 percent. a. Assuming that actual results do not vary from the estimates provided, determine the amount of net income to be reported each quarter of the current year.b. Assume that actual results do not vary from the estimates provided except for that in the third quarter, the estimated annual effective income tax rate is revised downward to 38 percent. Determine the amount of net income to be reported each quarter of the current year.
Account
Finch Company began its operations on March 31 of the current year. Finch has the following projected costs: April May June Manufacturing costs* $156,800 $195,200 $217,600 Insurance expense** 1,000 1,000 1,000 Depreciation expense 2,000 2,000 2,000 Property tax expense*** 500 500 500 *Of the manufacturing costs, three-fourths is paid for in the month they are incurred; one-fourth is paid in the following month.**Insurance expense is $1,000 a month; however, the insurance is paid four times yearly in the first month of the quarter (i.e., January, April, July, and October).***Property tax is paid once a year in November. The cash payments expected for Finch Company in the month of April are a.$120,600 b.$123,100 c.$121,100 d.$122,600
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Finch Company began its operations on March 31 of the current year. Finch has the following projected costs: April May June Manufacturing costs (1) $155,800 $190,300 $203,900 Insurance expense (2) 1,080 1,080 1,080 Depreciation expense 2,110 2,110 2,110 Property tax expense (3) 540 540 540 (1) Of the manufacturing costs, three-fourths are paid for in the month they are incurred; one-fourth is paid in the following month.(2) Insurance expense is $1,080 a month; however, the insurance is paid four times yearly in the first month of the quarter, (i.e., January, April, July, and October).(3) Property tax is paid once a year in November. The cash payments expected for Finch Company in the month of May are a.$38,950 b.$181,675 c.$220,625 d.$142,725
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