Question

Answer the next the questions using the following information Buchanan Home Goods purchases merchandise from suppliers for sa
6 Budgeted cash disbursements for the purchases of merchandi ents for the purchases of merchandisinventory in August would be
0 0
Add a comment Improve this question Transcribed image text
Answer #1

5) Budgeted Cash collection in September = (300000*10%+320000*85%) = 302000

So answer is a) $302000

6) July Purchase = (330000*60%)+(300000*60%*35%)-(330000*60%*35%) = 191700

August purchase = (300000*60%)+(320000*60%*35%)-(300000*60%*35%) = 184200

Cash disbursement = (191700*30%+184200*70%) = 186450

So answer is b) $186450

7) Net income August = 330000*40%-25000-21000 = 86000

Retained earning (July) = 451400+86000-10000 = 527400

So answer is b)$527400

Add a comment
Know the answer?
Add Answer to:
Answer the next the questions using the following information Buchanan Home Goods purchases merchandise from suppliers...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Answer the questions in the following into Hans This per ater Y ep out the store's...

    Answer the questions in the following into Hans This per ater Y ep out the store's operations are below budget for the 3rd quarter of the crew year l and the date 196.000 Assets Cash Accounts Receivable (Net) Merchandise Inventory Pronty Equip (Net) Total Assets Balance Sheets of June 30th Liabilities and Stockholdex Eauit 22.000 Accounts Payable 35.000 73.500 Common Stock 1.004.000 Retained in S 1.134.500 Total Liabilities & Equity 487.100 451 400 1.134.300 S . For the upcoming quarter,...

  • The following information applies to the questions displayed below) Beech Corporation is a merchandising company that...

    The following information applies to the questions displayed below) 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 Accounts receivable $75.000 10.000 66.500 222000 $ 508,500 Plant and equipment net of depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity $ 88,000...

  • The following information applies to the questions displayed below.) Beech Corporation is a merchandising company that...

    The following information applies to the questions displayed below.) 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 Accounts recelvable Inventory Plant and equipment, net of depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity $ 75,000 140,000 66,500 227,000 $...

  • [The following Information applies to the questions displayed below.) Beech Corporation is a merchandising comp...

    [The following Information applies to the questions displayed below.) 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 Accounts receivable Inventory Plant and equipment, net of depreciation $ 75,000 140,000 66,500 227,000 Total assets $ 508,500 Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings $ 88,000 311,000 109,500...

  • Required information [The following information applies to the questions displayed below.] Beech Corporation is a merchandising...

    Required information [The following information applies to the questions displayed below.] 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 Accounts receivable Inventory Plant and equipment, net of depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity $ 90,000 136,000 62,000...

  • please show steps thanks! Required information The following information applies to the questions displayed below Beech...

    please show steps thanks! Required information The following information applies to the questions displayed below 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 Sbeet June 30 Assets Cash Accounts receivable Inventory 96,000 139, 000 70,200 228,000 Lant and equipment, net of depreciation Total assets S 533,200 Liabilities and Stockholders Equity Accounts payable Conmon stoek...

  • Required information [The following information applies to the questions displayed below.) Beech Corporation is a merchandising...

    Required information [The following information applies to the questions displayed below.) 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 Accounts receivable Inventory Plant and equipment, net of depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity $ 81,000 132,000 56,250...

  • Chel Required information The following information applies to the questions displayed below.) Beech Corporat...

    Chel Required information The following information applies to the questions displayed below.) 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 Accounts receivable Inventory Plant and equipment, net of depreciation Total assets Liabilities and Stokkholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity 96,000 139,000 70.200...

  • Required information The following information applies to the questions displayed below.) Beech Corporation is a merchandising...

    Required information The following information applies to the questions displayed below.) 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 Accounts receivable Inventory Plant and equipment, net of depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Coomon stock Retained earnings Total liabilities and stockholders' equity $ 71,000 131.000 45.500...

  • Saved automatic | Che Required information [The following information applies to the questions displayed below] Beech...

    Saved automatic | Che Required information [The following information applies to the questions displayed below] 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 $ 96,000 139,000 70,200 228,000 $ 533,200 Accounts receivable Inventory Plant and equipment, net of depreciation Total assets Liabilities and Stokkholders Equity Accounts payable Conmon stock...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT