Chapter 1, Problem 15Q

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Riverstone Publishers Inc. collects 80% of its sales on account in the month of the sale and 20% in the month following the sale. If sales on account are budgeted to be $450,000 for June and $380,000 for July, what are the budgeted cash receipts from sales on account for July?

Accounting

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Miller Corp. produces two products: X and Y. The company's annual production and sales are as follows: Product X: 2,500 units Product Y: 1,800 units The company applies manufacturing overhead based on direct labor-hours. Product X requires 0.5 direct labor-hours per unit. Product Y requires 0.8 direct labor-hours per unit. The predetermined overhead rate is $70.00 per direct labor-hour. What is the amount of overhead cost that will be allocated to each unit of Product Y?

Crescent Corporation has a cash balance of $22,500 on May 1. The company must maintain a minimum cash balance of $18,000. During May, expected cash receipts are $55,000. Cash disbursements during the month are expected to total $72,500. Ignoring interest payments, during May the company will need to borrow: a. $10,000 b. $13,000 c. $20,000 d. $5,000 MCQ

MCQ

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What level of sales is required to achieve a net income of $80,000?