3. Budget Questions (20 points) The following information pertains to the January operating budget for Casey...

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Answer 1

Answer #1

a. January Budgeted Cash Collections = $201000 x 40% + $25000 = $105400

b. Budgeted Accounts Receivable = $201000 x 60% = $120600

c. Bugeted Cost of Goods Sold = $201000 x (100%-25%) = $150750

d. Budgeted Net Income = Gross Profit - Administrative costs
= $201000 x 25% - $13000 = $37250

e. Budgeted Cash payment for purchases = $73000

f. Budgeted Ending Inventory = $101000 x 75% x 25% = $18937.50

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Answer 2

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