help please Lols Bragg owns a small restaurant in Boston. Ms. Bragg provided her accountant with...
Lois Bragg owns a small restaurant in Boston, Ms. Bragg provided her accountant with the following summary information regarding expectations for the month of June. The balance in accounts receivable as of May 31 is $57,000. Budgeted cash and credit sales for June are $144,000 and $581,000, respectively. Credit sales are made through Visa and MasterCard and are collected rapidly. Sixty percent of credit sales is collected in the month of sale, and the remainder is collected in the following...
Lois Bragg owns a small restaurant in Boston. Ms. Bragg provided her accountant with the following summary information regarding expectations for the month of June. The balance in accounts receivable as of May 31 is $57,000. Budgeted cash and credit sales for June are $145,000 and $586,000, respectively. Credit sales are made through Visa and MasterCard and are collected rapidly. Sixty percent of credit sales is collected in the month of sale, and the remainder is collected in the following...
Lois Bragg owns a small restaurant in Boston. Ms. Bragg provided her accountant with the following summary information regarding expectations for the month of June. The balance in accounts receivable as of May 31 is $59,000. Budgeted cash and credit sales for June are $146,000 and $582,000, respectively. Credit sales are made through Visa and MasterCard and are collected rapidly. Seventy five percent of credit sales is collected in the month of sale, and the remainder is collected in the...
Lois Braggs owns a small restaurant in Boston. Ms. Bragg provided her accountant with the following summary information regarding expectations for the month of June. The balance in the cash account as of May 31 is $50,000. Budgeted sales for June are $310,000. Ms. Braggs is required to pay her suppliers on the last day of each month; cash payments for June are expected to be $350,000. Ms. Braggs has a line of credit that enables the restaurant to borrow...
Lois Braggs owns a small restaurant in Boston. Ms. Bragg provided her accountant with the following summary information regarding expectations for the month of June. The balance in the cash account as of May 31 is $50,000. Budgeted sales for June are $310,000. Ms. Braggs is required to pay her suppliers on the last day of each month; cash payments for June are expected to be $350,000. Ms. Braggs has a line of credit that enables the restaurant to borrow...
Schedule of Cash Receipts Rosita Flores owns Rosita's Mexican Restaurant in Tempe, Arizona. Rosita's is an affordable restaurant near campus and several hotels. Rosita accepts cash and checks. Checies are deposited immediately. The bank charges $0.50 per check; the amount per check averages $75. "Bad" checks that Rosita cannot collect make up 3 percent of check revenue. During a typical month, Rosita's has sales of $45,000. About 80 percent are cash sales. Estimated sales for the next three months are...
Tried to do some of these and I know I did them wrong. Please help Aztec Company sells its product for $160 per unit. Its actual and budgeted sales follow. Units Dollars April (actual) 4,000 $640,000 May (actual) 1,800 $288,000 June (budgeted) 5,000 $800,000 July (budgeted) 4,000 $799,000 August (budgeted) 3,800 $608,000 All sales are on credit. Recent experience shows that 28% of credit sales is collected in the month of the...
please full calculation and explanation. PetPlace requires a minimum cash balance of $30,000 at the end of March of the current year in order to remodel its store. Any required borrowings take place in increments of $10,000 with interest of 1.5% per month. Repayments of borrowed funds are also made in increments of $10,000. Assume that borrowings are made on the first day of the month in which the cash is required, and that repayments are made on the last...
Question Help The Thai Fusion, a local Thai restaurant, expects sales to be $1,235,000 in January. Its average customer restaurant bill is $65. Only 30% of the restaurant bills are paid with cash; 60% are paid with credit cards and 10% with debit cards. The transaction fees charged by the credit and debit card issuers are as follows: Credit cards: $0.55 per transaction + 4% of the amount charged Debit cards: $0.35 per transaction + 3% of the amount charged...
The accountant for Gibson’s Dress Shop prepared the following cash budget. Gibson’s desires to maintain a cash cushion of $22,000 at the end of each month. Funds are assumed to be borrowed and repaid on the last day of each month. Interest is charged at the rate of 1 percent per month. Required Complete the cash budget by filling in the missing amounts. Determine the amount of net cash flows from operating activities Gibson’s will report on the third quarter...