can you please tell me how you arrive at the beginning cash balance for November and december. 21,400 and 112,800. thanks for you help.
Explanation
1) If you look at the balance sheet carefully, you will see that , its for the october month end.
2) All the balance sheet accounts are permanent accounts and hence all the balances are roll over for next period.
3) Here, october 31th cash balance is $ 21,400 . Therefore this will become the novermber month's beginning cash balance.
4) Now, when we will add receits and deduct disbursements,we will get the ending balance. And same will become the December's beginning balance.
5) Calculation :
November Beginning Balance ( given) | $ 21,400 |
Add: Cash Receipt | $ 307,400 |
Total Cash Available | $ 328,800 |
Less: Cash Disburement | $ 216,000 |
November's Ending balance ( Dec. Beging Bal) | $ 112,800 |
6) Collections are expected 75% in the month of sale.For Nov. sale is $ 300,000. therefore collection would be:
= $ 300,000× 75% = $ 225,000
7) Rest 25% are collected in the next month. Same way, october 's 25 % would be collected in November. therefore account receivable $ 82,400 is also collected in November.
8) Total Receipt of November:
= $ 225,000 + $82,400 ( given)
=$ 307,400
9 ) Cash disbursement is equal to
= $ 195,400 ( account payable, given) + $ 20,600 ( cash exp ,given)
= $ 216,000
can you please tell me how you arrive at the beginning cash balance for November and...
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please answer. thank you Student Login | Trid... Employee Self-Servi... Login | Salesforce Home CNSSS : Home Trident Main Site... Calendar - Events - rs 6-10 Saved Help Save & Exit Submit Check my work Weller Industrial Gas Corporation supplies acetylene and other compressed gases to industry. Data regarding the store's operations follow: • Sales are budgeted at $380,000 for November, $400,000 for December, and $390,000 for January • Collections are expected to be 75% in the month of sale...
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