A schedule that shows the calculation of cash collection of its credit sales from accounts receivables in the month of June and July.

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Answer 1

Question

Chapter 20, Problem 7PSA

1.

To determine

To prepare: A schedule that shows the calculation of cash collection of its credit sales from accounts receivables in the month of June and July.

2.

To determine

To prepare: A schedule that shows the computation of budgeted ending inventories for the month of April, May, June and July.

3.

To determine

To prepare: Purchase budget for May, June and July month.

4.

To determine

To prepare: A schedule that shows the calculation of cash payment for credit purchase to accounts payable in the month of June and July.

5.

To determine

To prepare: A cash budget.

6.

To determine

To explain: The information given in part 5 is useful to management in the month of May.

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On December 31, 2018, Blackpink Company, a financing institution lent ₱15,000,000 to YG Corp. due 3 years after. The loan is supported by an 12% note receivable. Based on the company’s initial estimates the present value of the 12 months expected credit loss (ECL) discounted at 10% is at 2,000,000. The probability of default (PD) is at 7%. Blackpink Company was able to collect interest as it became due at the end of 2019. There was no evidence of significant increase in credit risk by the end 2019 and that the receivable is determined to have “low credit risk”. There were no changes in its initial estimate of the 12 months expected credit loss either. By the end of 2020, Blackpink Company was able to collect interest as it became due. Based on available forward-looking information (determinable without undue cost or effort), however, there is evidence that there was a significant increase in credit risk by the end of 2020. Blackpink Company therefore had to change its basis…

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Answer 2

Question

Chapter 20, Problem 7PSA

1.

To determine

To prepare: A schedule that shows the calculation of cash collection of its credit sales from accounts receivables in the month of June and July.

2.

To determine

To prepare: A schedule that shows the computation of budgeted ending inventories for the month of April, May, June and July.

3.

To determine

To prepare: Purchase budget for May, June and July month.

4.

To determine

To prepare: A schedule that shows the calculation of cash payment for credit purchase to accounts payable in the month of June and July.

5.

To determine

To prepare: A cash budget.

6.

To determine

To explain: The information given in part 5 is useful to management in the month of May.

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Answer 3

Question

Chapter 20, Problem 7PSA

1.

To determine

To prepare: A schedule that shows the calculation of cash collection of its credit sales from accounts receivables in the month of June and July.

2.

To determine

To prepare: A schedule that shows the computation of budgeted ending inventories for the month of April, May, June and July.

3.

To determine

To prepare: Purchase budget for May, June and July month.

4.

To determine

To prepare: A schedule that shows the calculation of cash payment for credit purchase to accounts payable in the month of June and July.

5.

To determine

To prepare: A cash budget.

6.

To determine

To explain: The information given in part 5 is useful to management in the month of May.

Expert Solution & Answer

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Answer 4

Question

Chapter 20, Problem 7PSA

1.

To determine

To prepare: A schedule that shows the calculation of cash collection of its credit sales from accounts receivables in the month of June and July.

2.

To determine

To prepare: A schedule that shows the computation of budgeted ending inventories for the month of April, May, June and July.

3.

To determine

To prepare: Purchase budget for May, June and July month.

4.

To determine

To prepare: A schedule that shows the calculation of cash payment for credit purchase to accounts payable in the month of June and July.

5.

To determine

To prepare: A cash budget.

6.

To determine

To explain: The information given in part 5 is useful to management in the month of May.

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Answer 5

Chapter 20, Problem 7PSA

1.

To determine

To prepare: A schedule that shows the calculation of cash collection of its credit sales from accounts receivables in the month of June and July.

2.

To determine

To prepare: A schedule that shows the computation of budgeted ending inventories for the month of April, May, June and July.

3.

To determine

To prepare: Purchase budget for May, June and July month.

4.

To determine

To prepare: A schedule that shows the calculation of cash payment for credit purchase to accounts payable in the month of June and July.

5.

To determine

To prepare: A cash budget.

6.

To determine

To explain: The information given in part 5 is useful to management in the month of May.

Answer 6

Chapter 20, Problem 7PSA

1.

To determine

To prepare: A schedule that shows the calculation of cash collection of its credit sales from accounts receivables in the month of June and July.

Answer 7

Chapter 20, Problem 7PSA

1.

To determine

To prepare: A schedule that shows the calculation of cash collection of its credit sales from accounts receivables in the month of June and July.

Answer 8

2.

To determine

To prepare: A schedule that shows the computation of budgeted ending inventories for the month of April, May, June and July.

Answer 9

2.

To determine

To prepare: A schedule that shows the computation of budgeted ending inventories for the month of April, May, June and July.

Answer 10

3.

To determine

To prepare: Purchase budget for May, June and July month.

Answer 11

3.

To determine

To prepare: Purchase budget for May, June and July month.

Answer 12

4.

To determine

To prepare: A schedule that shows the calculation of cash payment for credit purchase to accounts payable in the month of June and July.

Answer 13

4.

To determine

To prepare: A schedule that shows the calculation of cash payment for credit purchase to accounts payable in the month of June and July.

Answer 14

5.

To determine

To prepare: A cash budget.

Answer 15

5.

To determine

To prepare: A cash budget.

Answer 16

6.

To determine

To explain: The information given in part 5 is useful to management in the month of May.

Answer 17

6.

To determine

To explain: The information given in part 5 is useful to management in the month of May.

Answer 18

Expert Solution & Answer

Answer 19

Expert Solution & Answer

Answer 20

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Answer 21

Ch. 20 - Prob. 1MCQ Ch. 20 - Prob. 2MCQ Ch. 20 - Prob. 3MCQ Ch. 20 - Prob. 4MCQ Ch. 20 - Prob. 5MCQ Ch. 20 - Identify at least three benefits of budgeting in...Ch. 20 - Prob. 2DQ Ch. 20 - What is the benefit of continuous budgeting?Ch. 20 - Identify three usual time horizons for short-term...Ch. 20 - Why should each department participate in...

A schedule that shows the calculation of cash collection of its credit sales from accounts receivables in the month of June and July.

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To prepare: A schedule that shows the calculation of cash collection of its credit sales from accounts receivables in the month of June and July.

To prepare: A schedule that shows the computation of budgeted ending inventories for the month of April, May, June and July.

To prepare: Purchase budget for May, June and July month.

To prepare: A schedule that shows the calculation of cash payment for credit purchase to accounts payable in the month of June and July.

To prepare: A cash budget.

To explain: The information given in part 5 is useful to management in the month of May.

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Chapter 20 Solutions