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Mast Corporation seeks your assistance in developing cash and
other budget information for May, June, and July. At April 30, the
company had cash of $11,000, accounts receivable of $876,000,
inventories of $106,920, and accounts payable of $30,536. The
budget is to be based on the following assumptions.
Each month’s sales are billed on the last day of the
month.
Customers are allowed a 2 percent discount if payment is made
within 10 days after the billing date. Receivables are...
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Mast Corporation seeks your assistance in developing cash and
other budget information for May, June, and July. At April 30, the
company had cash of $11,000, accounts receivable of $876,000,
inventories of $128,520, and accounts payable of $36,202. The
budget is to be based on the following assumptions.
Each month’s sales are billed on the last day of the
month.
Customers are allowed a 2 percent discount if payment is made
within 10 days after the billing date. Receivables are...
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Mast Corporation seeks your assistance in developing cash and other budget information for May, June, and July. At April 30, the company had cash of $11,000, accounts receivable of $874,000, inventories of S618,800, and accounts payable of $266,110. The budget is to be based on the following assumptions .Each month's sales are billed on the last day of the month. .Customers are allowed a 2 percent discount if payment is made wihin 10 days after the billing date. Recelvables are...
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D. Tomlinson Retail seeks your assistance in developing cash and other budget information for May, June, and July. The store expects to have the following balances at the end of April: Cash Accounts receivable Inventories Accounts payable $ 5,400 489,000 281,400 150, 190 The firm follows these guidelines in preparing its budgets: • Sales. All sales are on credit with terms of 3/10, n/30. Tomlinson bills customers on the last day of each month. The firm books receivables at gross...
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Mast Corporation seeks your assistance in developing cash and
other budget information for May, June, and July. At April 30, the
company had cash of $10,000, accounts receivable of $874,000,
inventories of $143,880, and accounts payable of $35,975. The
budget is to be based on the following assumptions.
Each month’s sales are billed on the last day of the
month....
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Deacon Company is a merchadising company that is preparing a budget
for the three-month period ended june 30th. The following
information is available
Deacon Company is a merchandising company that is preparing a budget for the three-month period ended June 30th. The following information is available Deacon Company Balance Sheet March 31 Assets Cash Accounts receivable Inventory Buildings and equipment, net of depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity...
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Cash Budget
The Williams Supply Company sells for $40 one product that it
purchases for $25. Budgeted sales in total dollars for next year
are $1,400,000. The sales information needed for preparing the July
budget follows:
Month
Sales Revenue
May
$ 34,000
June
48,000
July
56,000
August
64,000
Account balances at July 1 include these:
Cash
$ 24,000
Merchandise inventory
17,500
Accounts receivable (sales)
25,760
Accounts payable (purchases)
16,250
The company pays for one-half of its purchases in the month...
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Purchases and Cash Budgets
On July 1, MTC Wholesalers had a cash balance of $175,000 and
accounts payable of $99,000. Actual sales for May and June, and
budgeted sales for July, August, September, and October are:
Month
Actual Sales
Month
Budgeted Sales
May
$150,000
July
$ 90,000
June
160,000
August
80,000
September
100,000
October
120,000
All sales are on credit with 75 percent collected during the
month of sale, 20 percent collected during the next month, and 5
percent collected...
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Aztec Company sells its product for $190 per unit its actual and budgeted sales to low. Units Dollars $950,000 Aprill (actual) May (actual) June (budgeted) July (budgeted) August (budgeted) 5.000 2,000 7,500 6,000 4,300 380,000 1.425,000 1.140,000 817,000 All sales are on credit. Recent experience shows that 20% of credit sales is collected in the month of the sale, 50% in the month after the sale, 29% in the second month after the sale, and 1% proves to be uncollectible....
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Show transcribed image text
Problem 22-7AA Merchandising: Preparation and analysis of cash budgets with supporting inventory and purchases budgets LO P4 Aztec Company sells its product for $160 per unit. Its actual and budgeted sales follow. April (actual) May (actual) June (budgeted) July (budgeted) August (budgeted) Units 4,000 1,800 5,500 4,500 4,100 Dollars $ 640,000 288,000 880,000 879,000 656,000 All sales are on credit. Recent experience shows that 26% of credit sales is collected in the month of the sale,...
Mast Corporation seeks your assistance in developing cash and other budget information for May, June, and July. At April 30, the company had cash of $11,000, accounts receivable of $874,000, inventories of S618,800, and accounts payable of $266,110. The budget is to be based on the following assumptions .Each month's sales are billed on the last day of the month. .Customers are allowed a 2 percent discount if payment is made wihin 10 days after the billing date. Recelvables are...
D. Tomlinson Retail seeks your assistance in developing cash and other budget information for May, June, and July. The store expects to have the following balances at the end of April: Cash Accounts receivable Inventories Accounts payable $ 5,400 489,000 281,400 150, 190 The firm follows these guidelines in preparing its budgets: • Sales. All sales are on credit with terms of 3/10, n/30. Tomlinson bills customers on the last day of each month. The firm books receivables at gross...
Item1
11.11points
eBook
Print
References
Check my workCheck My Work button is now enabled
Item 1
Item 1 11.11 points
Mast Corporation seeks your assistance in developing cash and
other budget information for May, June, and July. At April 30, the
company had cash of $10,000, accounts receivable of $874,000,
inventories of $143,880, and accounts payable of $35,975. The
budget is to be based on the following assumptions.
Each month’s sales are billed on the last day of the
month....
Deacon Company is a merchadising company that is preparing a budget
for the three-month period ended june 30th. The following
information is available
Deacon Company is a merchandising company that is preparing a budget for the three-month period ended June 30th. The following information is available Deacon Company Balance Sheet March 31 Assets Cash Accounts receivable Inventory Buildings and equipment, net of depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity...
Aztec Company sells its product for $190 per unit its actual and budgeted sales to low. Units Dollars $950,000 Aprill (actual) May (actual) June (budgeted) July (budgeted) August (budgeted) 5.000 2,000 7,500 6,000 4,300 380,000 1.425,000 1.140,000 817,000 All sales are on credit. Recent experience shows that 20% of credit sales is collected in the month of the sale, 50% in the month after the sale, 29% in the second month after the sale, and 1% proves to be uncollectible....
Show transcribed image text
Problem 22-7AA Merchandising: Preparation and analysis of cash budgets with supporting inventory and purchases budgets LO P4 Aztec Company sells its product for $160 per unit. Its actual and budgeted sales follow. April (actual) May (actual) June (budgeted) July (budgeted) August (budgeted) Units 4,000 1,800 5,500 4,500 4,100 Dollars $ 640,000 288,000 880,000 879,000 656,000 All sales are on credit. Recent experience shows that 26% of credit sales is collected in the month of the sale,...