General Accounting The following selected data pertain to Phineus Corporation:Cash operating expenses, July 1-31$180,000Depreciation60,000Merchandise purchases in July560,000Estimated payments in July for purchases in June220,000Estimated payments in July for purchases prior to June 50,000Estimated payments in July for purchases in July40%July's cash disbursements are expected to be:A. $404,000B. $464,000C. $674,000D. $734,000E. Some other amount

Step 1: Define Cash DisbursementsThe cash disbursements represent the outflow of cash in the form of…

Answered: The following selected data pertain to…

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter8: Budgeting

Section: Chapter Questions

Problem 18E

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Serven Corporation has estimated its accrual-basis revenue and expenses for June 20X1 and would like your help in estimating cash disbursements. Selected data from these estimated amounts are as follows: Sales $ 700,000 Gross profit (as a percent of sales) 30 % Increase in trade accounts receivable for the month $ 20,000 Change in accounts payable during month 0 Increase in inventory during month $ 10,000 Variable selling, general, and administrative expenses include a charge for uncollectible accounts of 1% of sales. Total selling, general, and administrative expenses are $71,000 per month plus 15% of sales. Depreciation expense of $40,000 per month is included in fixed selling, general, and administrative expense. Required: On the basis of the preceding data, what are the estimated cash disbursements from operations for June 20X1?
You are provided with the following information taken from Sage Hill Inc's March 31, 2027, balance sheet. Cash Accounts receivable Inventory Property, plant, and equipment, net of depreciation Accounts payable Common stock Retained earnings 1 2 3. 5. 6. 7. Additional information concerning Sage Hill Inc. is as follows. Gross profit is 24% of sales. Actual and budgeted sales data: March (actual) April (budgeted) March April $18.840 $47.100 $62460 $12,280 72.700 23.120 37,100 123,400 22,910 Sales are both cash and credit, Cash collections expected in April are: 152.900 12.320 (40% of $47.100) (60% of $72,700) Half of a month's purchases are paid for in the month of purchase and half in the following month Cash disbursements expecte Purchases March Purchases April $22,910 28,910 $51820 Cash operating costs are anticipated to be $12,110 for the month of April. Equipment costing $2,530 will be purchased for cash in April. The company wishes to maintain a minimum cash balance of $12,240. An…
Accounting calculate a. b. c.
Calculate January Net Cash Flow (Labeled Y Below): January $10,000 $4,000 Sales Current Month Collection (40%) Previous Month Collection (60%) Total Cash Receipts Estimated Cash Payments (100%) Net Cash Flow O $17,000 O $1,000 $7,000 $22,000 $14,000 $0 X $3,000 Y February $15,000 $6,000 $6,000 $12,000 $15,000 Z March $20,000 $8,000 $9,000 $17,000 $12,000 $5,000
Calculate January Net Cash Flow (Labeled Y Below): January $10,000 $4,000 Sales Current Month Collection (40%) Previous Month Collection (60%) Total Cash Receipts Estimated Cash Payments (100%) Net Cash Flow O $17,000 O $1,000 $7,000 O $22,000 O $14,000 $0 X $3,000 Y February $15,000 $6,000 $6,000 $12,000 $15,000 Z March $20,000 $8,000 $9,000 $17,000 $12,000 $5,000 PE Pawan das LIE LASER 7 1956 FRENTE BATHARK FO praco Ver P Seher von N Su SE PARE PANE V F BY S TOLEN LETTE E 478 F Me ASPER 2 Fulde P EVE SA 20 CHRIC SU BAGHE 1250 T PARFSE 1620
Schedule of Cash Payments Tadpole Learning Systems Inc. was organized on February 28. Projected selling and administrative expenses for each of the first three months of operations are as follows: Schedule of Cash Payments Tadpole Learning Systems Inc. was organized on February 28. Projected selling and administrative expenses for each of the first three months of operations are as follows: March $157,600 April 148,100 May 134,800 Depreciation, insurance, and property taxes represent $34,000 of the estimated monthly expenses. The annual insurance premium was paid on February 28, and property taxes for the year will be paid in November. 62% of the remainder of the expenses are expected to be paid in the month in which they are incurred, with the balance to be paid in the following month. Prepare a schedule indicating cash payments for selling and administrative expenses for March, April, and May. Enter all amounts as positive numbers. TADPOLE LEARNING SYSTEMS INC. Schedule of Cash…
Question The following information is from Teas Window’s financial records. The company buys its raw material on account and pays: 50% of accounts payable during the month of purchase 40% in the first month after purchase 10% in the second month after purchase Month Purchases april 80,000 may 92,000 june 93,000 july 97,000 Compute the estimated total cash disbursements during July. Show your calculations
Attached Question
ll. Subject Accounting
Cash disbursements schedule Maris Brothers, Inc., needs a cash disbursement schedule for the months of April, May, and June. Use the format given here and the following information in its preparation. Sales: February $493,000; March $517,000; April $539,000; May $627,000; June $660,000; July $651,000 Purchases: Purchases are calculated as 65% of the next month's sales, 12% of purchases are made in cash, 55% of purchases are paid for 1 month after purchase, and the remaining 33% of purchases are paid for 2 months after purchase. Rent: The firm pays rent of $8,020 per month. Wages and salaries: Base wage and salary costs are fixed at $5,700 per month plus a variable cost of 7.3% of the current month's sales. Taxes: A tax payment of $54,700 is due in June. Fixed asset outlays: New equipment costing $74,900 will be bought and paid for in April. Interest payments: An interest payment of $30,100 is due in June. Cash dividends: Dividends of $13,000 will be paid in April. Principal repayments…
f) The Cathy Specialist Corporation approached you to compile a cash disbursement schedule for the month of March, April and May. Use the following information. Sales: January-RMS20,000; February-RM540,000; March-RM550,000; April=RM600,000; May-RM660,000; June-RM670,000. Purchases: Purchases are calculated as 70% of the following month's sales, 50% of purchase are made in cash, 30% of purchases are settled one month after purchase, and the remaining 20% of purchase are settled two months after purchase. c) d) e) g) h) the firm's expected cash receipts for a) b) Rent: The firm pays rent of RM9,500 per month. Wages & salaries: the fixed wage and salary costs are RM7,500 per month plus a variable cost of 6.5% of the current month's sales. Taxes: the tax bill to be paid in May amount to RM57,500. Fixed asset outlay: new equipment will be acquired during March at a cost of RM85,000. Interest payment: an amount of RM32,000 for interest is due in March. Cash Dividend: Dividends of RM15,000…
BALANCE SHEET ANALYSIS Complete the balance sheet and sales information using the following financial data: Total assets turnover: 1.2x Days sales outstanding: 36 days Inventory turnover ratio: 7x Fixed assets turnover: 2.5x Current ratio: 1.5x Gross profit margin on sales: (Sales- Cost of goods sold)/Sales = 20% Calculation is based on a 365-day year. Do not round intermediate calculations. Round your answer to the nearest cent. Balance Sheet Cash Accounts receivable. Inventories Fixed assets Total assets Sales $300,000 Current liabilities Long-term debt Common stock Retained earnings Total liabilities and equity Cost of goods sold 45,000 90,000

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