Homework Answers
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Total payment for the month of March = (300,000*10%) + Feb (295,000*35%) + Jan (270,000*35%) = 227,750 Option B is the answer |
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Alyssum, Inc., a merchandising company, has provided the following extracts from their budget for the first...
Jan Yoshino, Inc., a merchandising company, has the following budgeted figures: Feb Mar April Sales $54,100...
Jan Yoshino, Inc., a merchandising company, has the following budgeted figures: Feb Mar April Sales $54,100 $62,000 $86,000 $98,000 Cost of goods sold 50% of sales $15,000 + 20% of next month's Required ending inventory sales Inventory on hand on Jan 1 $30,000 Calculate the ending merchandise inventory for the month of March. O A. $58,000 OB. $24,450 OC. $34,600 OD. $43,000
Gamma Corp. is preparing its budget for the first quarter of 2015. The following data is...
Gamma Corp. is preparing its budget for the first quarter of 2015. The following data is provided: Inventory, Purchases and COGS Budget Jan Cost of goods sold (a) Desired ending inventory(b) Feb $28,500 9,500 38,000 -10,700 27,300 $30,000 10,700 40,700 -11,000 29,700 Mar $22,500 9,800 32,300 -9,500 Total inventory required less Beginning inventory Purchases 21,309 22,800 (a) COGS = 75% of sales |(b) $5,000 + 20% of COGS for next month The amount of Merchandise Inventory to be shown on...
the wanderas Company, a merchandising firm, has budgeted its activity for December according to the following...
the wanderas Company, a merchandising firm, has budgeted its activity for December according to the following information 1) Sales at 5550,000, all for cash 2) Merchandise Inventory on November 30 was $300,000 3) Budgeted depreciation for December is $35.000 4) The cash balance at December 1 was $25,000 5) Selling and administrative expenses are budgeted at 560,000 for December and are paid in cash. 6) The planned merchandise inventory on December 31 is $270,000 7) The invoice cost for merchandise...
haney company has provided the following budget information for the first quarter of 2018: Haney Company...
haney company has provided the following budget information
for the first quarter of 2018:
Haney Company has provided the following budget information for the first quarter of 2018 (Click the loon to view the budget information.) Additional data related to the first quarter of 2018 for Haney Company (Click the icon to view the data.) Read the requirements Requirement 1. Prepare Haney Company's schedule of cash receipts from customers and schedule of cash payments for the first quarter of 2018...
(Preparation of a cash budget) Lewis Printing has projected its sales for the first 8 months...
(Preparation of a cash budget) Lewis Printing has projected its sales for the first 8 months of 2016 as follows: January $140,000 April $300,000 July $200,000 February $100,000 May $255,000 August $200,000 March $170,000 June $180,000 Lewis collects 30 percent of its sales in the month of thesale, 40 percent in the month following the sale, and the remaining 30 percent 2 months following the sale. During November and December of 2015, Lewis's sales were...
Colerain Corporation is a merchandising company that is preparing a budget for the third quarter of...
Colerain Corporation is a merchandising company that is preparing a budget for the third quarter of the calendar year. The company's balance sheet as of June 30 is shown below: COLERAIN CORPORATION Balance Sheet June 30 Assets Cash Accounts receivable Inventory Plant and equipment, net of depreciation 95,000 141,000 67,000 350,000 Total assets $ 653,000 Liabilities and Shareholders' Equity Accounts payable Common shares Retained earnings 76,000 450,000 127,000 Total liabilities and shareholders' equity $653,000 Colerain's managers have made the following...
Green Landscaping Inc. is preparing its budget for the first quarter of 2020. The next step...
Green Landscaping Inc. is preparing its budget for the first quarter of 2020. The next step in the budgeting process is to prepare a cash receipts schedule and a cash payments schedule. To that end the following information has been collected. Clients usually pay 60% of their fee in the month that service is performed, 30% the month after, and 10% the second month after receiving service. Actual service revenue for 2019 and expected service revenues for 2020 are November...
Blue Landscaping Inc. is preparing its budget for the first quarter of 2017. The next step...
Blue Landscaping Inc. is preparing its budget for the first
quarter of 2017. The next step in the budgeting process is to
prepare a cash receipts schedule and a cash payments schedule. To
that end the following information has been collected.
Clients usually pay 60% of their fee in the month that service is
performed, 30% the month after, and 10% the second month after
receiving service.
Actual service revenue for 2016 and expected service revenues for
2017 are November...
Beech Corporation is a merchandising company that is preparing a master budget for the third quarter...
Beech Corporation is a merchandising company that is preparing a master budget for the third quarter of the calendar year. The company’s balance sheet as of June 30th is shown below: Beech Corporation Balance Sheet June 30 Assets Cash $ 82,000 Accounts receivable 129,000 Inventory 52,500 Plant and equipment, net of depreciation 217,000 Total assets $ 480,500 Liabilities and Stockholders’ Equity Accounts payable $ 78,000 Common stock 347,000 Retained earnings 55,500 Total liabilities and stockholders’ equity $ 480,500 Beech’s managers...
The following data have been taken from the budget reports of Kenyon Company, a merchandising company....
The following data have been taken from the budget reports of Kenyon Company, a merchandising company. Purchases Sales January $ 194,000 $ 134,000 February $ 194,000 $ 234,000 March $ 194,000 $ 274,000 April $ 174,000 $ 334,000 May $ 174,000 $ 294,000 June $ 154,000 $ 274,000 Forty percent of purchases are paid for in cash at the time of purchase, and 30% are paid for in each of the next two months. Purchases for the previous November and...
Jan Yoshino, Inc., a merchandising company, has the following budgeted figures: Feb Mar April Sales $54,100 $62,000 $86,000 $98,000 Cost of goods sold 50% of sales $15,000 + 20% of next month's Required ending inventory sales Inventory on hand on Jan 1 $30,000 Calculate the ending merchandise inventory for the month of March. O A. $58,000 OB. $24,450 OC. $34,600 OD. $43,000
Gamma Corp. is preparing its budget for the first quarter of 2015. The following data is provided: Inventory, Purchases and COGS Budget Jan Cost of goods sold (a) Desired ending inventory(b) Feb $28,500 9,500 38,000 -10,700 27,300 $30,000 10,700 40,700 -11,000 29,700 Mar $22,500 9,800 32,300 -9,500 Total inventory required less Beginning inventory Purchases 21,309 22,800 (a) COGS = 75% of sales |(b) $5,000 + 20% of COGS for next month The amount of Merchandise Inventory to be shown on...
the wanderas Company, a merchandising firm, has budgeted its activity for December according to the following information 1) Sales at 5550,000, all for cash 2) Merchandise Inventory on November 30 was $300,000 3) Budgeted depreciation for December is $35.000 4) The cash balance at December 1 was $25,000 5) Selling and administrative expenses are budgeted at 560,000 for December and are paid in cash. 6) The planned merchandise inventory on December 31 is $270,000 7) The invoice cost for merchandise...
haney company has provided the following budget information
for the first quarter of 2018:
Haney Company has provided the following budget information for the first quarter of 2018 (Click the loon to view the budget information.) Additional data related to the first quarter of 2018 for Haney Company (Click the icon to view the data.) Read the requirements Requirement 1. Prepare Haney Company's schedule of cash receipts from customers and schedule of cash payments for the first quarter of 2018...
Colerain Corporation is a merchandising company that is preparing a budget for the third quarter of the calendar year. The company's balance sheet as of June 30 is shown below: COLERAIN CORPORATION Balance Sheet June 30 Assets Cash Accounts receivable Inventory Plant and equipment, net of depreciation 95,000 141,000 67,000 350,000 Total assets $ 653,000 Liabilities and Shareholders' Equity Accounts payable Common shares Retained earnings 76,000 450,000 127,000 Total liabilities and shareholders' equity $653,000 Colerain's managers have made the following...
Green Landscaping Inc. is preparing its budget for the first quarter of 2020. The next step in the budgeting process is to prepare a cash receipts schedule and a cash payments schedule. To that end the following information has been collected. Clients usually pay 60% of their fee in the month that service is performed, 30% the month after, and 10% the second month after receiving service. Actual service revenue for 2019 and expected service revenues for 2020 are November...
Blue Landscaping Inc. is preparing its budget for the first
quarter of 2017. The next step in the budgeting process is to
prepare a cash receipts schedule and a cash payments schedule. To
that end the following information has been collected.
Clients usually pay 60% of their fee in the month that service is
performed, 30% the month after, and 10% the second month after
receiving service.
Actual service revenue for 2016 and expected service revenues for
2017 are November...
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