Prepare expected cash collections April, May, and June months. Introduction: Cash collection means the recovery of cash from an individual for which an invoice is generated. Unpaid invoices are meant to be outstanding and are a function of account receivables. Cash collection is a method to compute the amount that a company receives during a month.

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Answer 1

Question

Chapter 8, Problem 8.24P

(1)

To determine

Prepare expected cash collections April, May, and June months.

Introduction: Cash collection means the recovery of cash from an individual for which an invoice is generated. Unpaid invoices are meant to be outstanding and are a function of account receivables. Cash collection is a method to compute the amount that a company receives during a month.

(2)

To determine

Prepare merchandise purchase budget for all three months and prepare expected cash disbursements for all three months and quarter in total.

Introduction: Cash collection means the recovery of cash from an individual for which an invoice is generated. Unpaid invoices are meant to be outstanding and are a function of account receivables. Cash collection is a method to compute the amount that a company receives during a month.

(3)

To determine

Prepare cash budget for April, May, June, and quarter.

Introduction: Cash collection means the recovery of cash from an individual for which an invoice is generated. Unpaid invoices are meant to be outstanding and are a function of account receivables. Cash collection is a method to compute the amount that a company receives during a month.

Cash budget for April is $40,000 , May is $40,000 , June is $57,100 , and quarter is $57,100

Particulars April May June Quarter
Beginning cash balances $52,000 $40,000 $40,000 $52,000
Add: Collections from customers $368,000 $636,000 $740,000 $1,744,000
Total cash available $420,000 $676,000 $780,000 $1, 796,000
Less: cash disbursements
Purchase for inventory $357,000 $518,000 $455,000 $1,330,000
Selling expenses $79,000 $120,000 $62,000 $261,000
Administrative expenses $25,000 $32,000 $21,000 $78,000
Land purchases $16,000 $16,000
Dividends paid $49,000 $49,000
Total cash disbursements $510,000 $686,000 $538,000 $1,734,000
Excess availability of cash over disbursements ($90,000) ($10,000) $242,000 $62,000
Financings:
Borrowings $130,000 $50,000 ($180,000) ($180,000)
Repayments
Interest ($130,0001%3+$50,0001%2) ($49,000) ($49,000)
Total Financing $130,000 $130,000 ($184,900) ($4,900)
Ending cash balance $40,000 $40,000 $57,100 $57,100

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Acorn Construction (calendar-year-end C corporation) has had rapid expansion during the last half of the current year due to the housing market's recovery. The company has record income and would like to maximize its cost recovery deduction for the current year. (Use MACRS Table 1, Table 2, Table 3, Table 4, and Table 5.) Note: Round your answer to the nearest whole dollar amount. Acorn provided you with the following information: Asset Placed in Service Basis New equipment and tools August 20 $ 3,800,000 Used light-duty trucks October 17 2,000,000 Used machinery November 6 1,525,000 Total $ 7,325,000 The used assets had been contributed to the business by its owner in a tax-deferred transaction two years ago. a. What is Acorn's maximum cost recovery deduction in the current year?

Answer 2

Question

Chapter 8, Problem 8.24P

(1)

To determine

Prepare expected cash collections April, May, and June months.

Introduction: Cash collection means the recovery of cash from an individual for which an invoice is generated. Unpaid invoices are meant to be outstanding and are a function of account receivables. Cash collection is a method to compute the amount that a company receives during a month.

(2)

To determine

Prepare merchandise purchase budget for all three months and prepare expected cash disbursements for all three months and quarter in total.

Introduction: Cash collection means the recovery of cash from an individual for which an invoice is generated. Unpaid invoices are meant to be outstanding and are a function of account receivables. Cash collection is a method to compute the amount that a company receives during a month.

(3)

To determine

Prepare cash budget for April, May, June, and quarter.

Introduction: Cash collection means the recovery of cash from an individual for which an invoice is generated. Unpaid invoices are meant to be outstanding and are a function of account receivables. Cash collection is a method to compute the amount that a company receives during a month.

Cash budget for April is $40,000 , May is $40,000 , June is $57,100 , and quarter is $57,100

Particulars April May June Quarter
Beginning cash balances $52,000 $40,000 $40,000 $52,000
Add: Collections from customers $368,000 $636,000 $740,000 $1,744,000
Total cash available $420,000 $676,000 $780,000 $1, 796,000
Less: cash disbursements
Purchase for inventory $357,000 $518,000 $455,000 $1,330,000
Selling expenses $79,000 $120,000 $62,000 $261,000
Administrative expenses $25,000 $32,000 $21,000 $78,000
Land purchases $16,000 $16,000
Dividends paid $49,000 $49,000
Total cash disbursements $510,000 $686,000 $538,000 $1,734,000
Excess availability of cash over disbursements ($90,000) ($10,000) $242,000 $62,000
Financings:
Borrowings $130,000 $50,000 ($180,000) ($180,000)
Repayments
Interest ($130,0001%3+$50,0001%2) ($49,000) ($49,000)
Total Financing $130,000 $130,000 ($184,900) ($4,900)
Ending cash balance $40,000 $40,000 $57,100 $57,100

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Answer 3

Question

Chapter 8, Problem 8.24P

(1)

To determine

Prepare expected cash collections April, May, and June months.

Introduction: Cash collection means the recovery of cash from an individual for which an invoice is generated. Unpaid invoices are meant to be outstanding and are a function of account receivables. Cash collection is a method to compute the amount that a company receives during a month.

(2)

To determine

Prepare merchandise purchase budget for all three months and prepare expected cash disbursements for all three months and quarter in total.

Introduction: Cash collection means the recovery of cash from an individual for which an invoice is generated. Unpaid invoices are meant to be outstanding and are a function of account receivables. Cash collection is a method to compute the amount that a company receives during a month.

(3)

To determine

Prepare cash budget for April, May, June, and quarter.

Introduction: Cash collection means the recovery of cash from an individual for which an invoice is generated. Unpaid invoices are meant to be outstanding and are a function of account receivables. Cash collection is a method to compute the amount that a company receives during a month.

Cash budget for April is $40,000 , May is $40,000 , June is $57,100 , and quarter is $57,100

Particulars April May June Quarter
Beginning cash balances $52,000 $40,000 $40,000 $52,000
Add: Collections from customers $368,000 $636,000 $740,000 $1,744,000
Total cash available $420,000 $676,000 $780,000 $1, 796,000
Less: cash disbursements
Purchase for inventory $357,000 $518,000 $455,000 $1,330,000
Selling expenses $79,000 $120,000 $62,000 $261,000
Administrative expenses $25,000 $32,000 $21,000 $78,000
Land purchases $16,000 $16,000
Dividends paid $49,000 $49,000
Total cash disbursements $510,000 $686,000 $538,000 $1,734,000
Excess availability of cash over disbursements ($90,000) ($10,000) $242,000 $62,000
Financings:
Borrowings $130,000 $50,000 ($180,000) ($180,000)
Repayments
Interest ($130,0001%3+$50,0001%2) ($49,000) ($49,000)
Total Financing $130,000 $130,000 ($184,900) ($4,900)
Ending cash balance $40,000 $40,000 $57,100 $57,100

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Answer 4

Question

Chapter 8, Problem 8.24P

(1)

To determine

Prepare expected cash collections April, May, and June months.

Introduction: Cash collection means the recovery of cash from an individual for which an invoice is generated. Unpaid invoices are meant to be outstanding and are a function of account receivables. Cash collection is a method to compute the amount that a company receives during a month.

(2)

To determine

Prepare merchandise purchase budget for all three months and prepare expected cash disbursements for all three months and quarter in total.

Introduction: Cash collection means the recovery of cash from an individual for which an invoice is generated. Unpaid invoices are meant to be outstanding and are a function of account receivables. Cash collection is a method to compute the amount that a company receives during a month.

(3)

To determine

Prepare cash budget for April, May, June, and quarter.

Introduction: Cash collection means the recovery of cash from an individual for which an invoice is generated. Unpaid invoices are meant to be outstanding and are a function of account receivables. Cash collection is a method to compute the amount that a company receives during a month.

Cash budget for April is $40,000 , May is $40,000 , June is $57,100 , and quarter is $57,100

Particulars April May June Quarter
Beginning cash balances $52,000 $40,000 $40,000 $52,000
Add: Collections from customers $368,000 $636,000 $740,000 $1,744,000
Total cash available $420,000 $676,000 $780,000 $1, 796,000
Less: cash disbursements
Purchase for inventory $357,000 $518,000 $455,000 $1,330,000
Selling expenses $79,000 $120,000 $62,000 $261,000
Administrative expenses $25,000 $32,000 $21,000 $78,000
Land purchases $16,000 $16,000
Dividends paid $49,000 $49,000
Total cash disbursements $510,000 $686,000 $538,000 $1,734,000
Excess availability of cash over disbursements ($90,000) ($10,000) $242,000 $62,000
Financings:
Borrowings $130,000 $50,000 ($180,000) ($180,000)
Repayments
Interest ($130,0001%3+$50,0001%2) ($49,000) ($49,000)
Total Financing $130,000 $130,000 ($184,900) ($4,900)
Ending cash balance $40,000 $40,000 $57,100 $57,100

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Answer 5

Chapter 8, Problem 8.24P

(1)

To determine

Prepare expected cash collections April, May, and June months.

Introduction: Cash collection means the recovery of cash from an individual for which an invoice is generated. Unpaid invoices are meant to be outstanding and are a function of account receivables. Cash collection is a method to compute the amount that a company receives during a month.

(2)

To determine

Prepare merchandise purchase budget for all three months and prepare expected cash disbursements for all three months and quarter in total.

Introduction: Cash collection means the recovery of cash from an individual for which an invoice is generated. Unpaid invoices are meant to be outstanding and are a function of account receivables. Cash collection is a method to compute the amount that a company receives during a month.

(3)

To determine

Prepare cash budget for April, May, June, and quarter.

Introduction: Cash collection means the recovery of cash from an individual for which an invoice is generated. Unpaid invoices are meant to be outstanding and are a function of account receivables. Cash collection is a method to compute the amount that a company receives during a month.

Cash budget for April is $40,000 , May is $40,000 , June is $57,100 , and quarter is $57,100

Particulars April May June Quarter
Beginning cash balances $52,000 $40,000 $40,000 $52,000
Add: Collections from customers $368,000 $636,000 $740,000 $1,744,000
Total cash available $420,000 $676,000 $780,000 $1, 796,000
Less: cash disbursements
Purchase for inventory $357,000 $518,000 $455,000 $1,330,000
Selling expenses $79,000 $120,000 $62,000 $261,000
Administrative expenses $25,000 $32,000 $21,000 $78,000
Land purchases $16,000 $16,000
Dividends paid $49,000 $49,000
Total cash disbursements $510,000 $686,000 $538,000 $1,734,000
Excess availability of cash over disbursements ($90,000) ($10,000) $242,000 $62,000
Financings:
Borrowings $130,000 $50,000 ($180,000) ($180,000)
Repayments
Interest ($130,0001%3+$50,0001%2) ($49,000) ($49,000)
Total Financing $130,000 $130,000 ($184,900) ($4,900)
Ending cash balance $40,000 $40,000 $57,100 $57,100

Answer 6

Chapter 8, Problem 8.24P

(1)

To determine

Prepare expected cash collections April, May, and June months.

Introduction: Cash collection means the recovery of cash from an individual for which an invoice is generated. Unpaid invoices are meant to be outstanding and are a function of account receivables. Cash collection is a method to compute the amount that a company receives during a month.

Answer 7

Chapter 8, Problem 8.24P

(1)

To determine

Prepare expected cash collections April, May, and June months.

Introduction: Cash collection means the recovery of cash from an individual for which an invoice is generated. Unpaid invoices are meant to be outstanding and are a function of account receivables. Cash collection is a method to compute the amount that a company receives during a month.

Answer 8

(2)

To determine

Prepare merchandise purchase budget for all three months and prepare expected cash disbursements for all three months and quarter in total.

Introduction: Cash collection means the recovery of cash from an individual for which an invoice is generated. Unpaid invoices are meant to be outstanding and are a function of account receivables. Cash collection is a method to compute the amount that a company receives during a month.

Answer 9

(2)

To determine

Prepare merchandise purchase budget for all three months and prepare expected cash disbursements for all three months and quarter in total.

Introduction: Cash collection means the recovery of cash from an individual for which an invoice is generated. Unpaid invoices are meant to be outstanding and are a function of account receivables. Cash collection is a method to compute the amount that a company receives during a month.

Answer 10

(3)

To determine

Prepare cash budget for April, May, June, and quarter.

Introduction: Cash collection means the recovery of cash from an individual for which an invoice is generated. Unpaid invoices are meant to be outstanding and are a function of account receivables. Cash collection is a method to compute the amount that a company receives during a month.

Cash budget for April is $40,000 , May is $40,000 , June is $57,100 , and quarter is $57,100

Particulars April May June Quarter
Beginning cash balances $52,000 $40,000 $40,000 $52,000
Add: Collections from customers $368,000 $636,000 $740,000 $1,744,000
Total cash available $420,000 $676,000 $780,000 $1, 796,000
Less: cash disbursements
Purchase for inventory $357,000 $518,000 $455,000 $1,330,000
Selling expenses $79,000 $120,000 $62,000 $261,000
Administrative expenses $25,000 $32,000 $21,000 $78,000
Land purchases $16,000 $16,000
Dividends paid $49,000 $49,000
Total cash disbursements $510,000 $686,000 $538,000 $1,734,000
Excess availability of cash over disbursements ($90,000) ($10,000) $242,000 $62,000
Financings:
Borrowings $130,000 $50,000 ($180,000) ($180,000)
Repayments
Interest ($130,0001%3+$50,0001%2) ($49,000) ($49,000)
Total Financing $130,000 $130,000 ($184,900) ($4,900)
Ending cash balance $40,000 $40,000 $57,100 $57,100

Answer 11

(3)

To determine

Prepare cash budget for April, May, June, and quarter.

Introduction: Cash collection means the recovery of cash from an individual for which an invoice is generated. Unpaid invoices are meant to be outstanding and are a function of account receivables. Cash collection is a method to compute the amount that a company receives during a month.

Cash budget for April is $40,000 , May is $40,000 , June is $57,100 , and quarter is $57,100

Particulars April May June Quarter
Beginning cash balances $52,000 $40,000 $40,000 $52,000
Add: Collections from customers $368,000 $636,000 $740,000 $1,744,000
Total cash available $420,000 $676,000 $780,000 $1, 796,000
Less: cash disbursements
Purchase for inventory $357,000 $518,000 $455,000 $1,330,000
Selling expenses $79,000 $120,000 $62,000 $261,000
Administrative expenses $25,000 $32,000 $21,000 $78,000
Land purchases $16,000 $16,000
Dividends paid $49,000 $49,000
Total cash disbursements $510,000 $686,000 $538,000 $1,734,000
Excess availability of cash over disbursements ($90,000) ($10,000) $242,000 $62,000
Financings:
Borrowings $130,000 $50,000 ($180,000) ($180,000)
Repayments
Interest ($130,0001%3+$50,0001%2) ($49,000) ($49,000)
Total Financing $130,000 $130,000 ($184,900) ($4,900)
Ending cash balance $40,000 $40,000 $57,100 $57,100

Answer 12

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Answer 13

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Answer 14

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Answer 15

Ch. 8 - Prob. 8.1Q Ch. 8 - Prob. 8.2Q Ch. 8 - Prob. 8.3Q Ch. 8 - Prob. 8.4Q Ch. 8 - Prob. 8.5Q Ch. 8 - Prob. 8.6Q Ch. 8 - Prob. 8.7Q Ch. 8 - Prob. 8.8Q Ch. 8 - Prob. 8.9Q Ch. 8 - Prob. 8.10Q

Particulars	April	May	June	Quarter

Beginning cash balances	$52,000	$40,000	$40,000	$52,000

Add: Collections from customers	$368,000	$636,000	$740,000	$1,744,000
Total cash available	$420,000	$676,000	$780,000	$1, 796,000
Less: cash disbursements
Purchase for inventory	$357,000	$518,000	$455,000	$1,330,000
Selling expenses	$79,000	$120,000	$62,000	$261,000
Administrative expenses	$25,000	$32,000	$21,000	$78,000
Land purchases		$16,000		$16,000
Dividends paid	$49,000			$49,000
Total cash disbursements	$510,000	$686,000	$538,000	$1,734,000
Excess availability of cash over disbursements	($90,000)	($10,000)	$242,000	$62,000
Financings:
Borrowings	$130,000	$50,000	($180,000)	($180,000)
Repayments
Interest ($130,0001%3+$50,0001%2)			($49,000)	($49,000)
Total Financing	$130,000	$130,000	($184,900)	($4,900)

Ending cash balance	$40,000	$40,000	$57,100	$57,100

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