estion 6: Master Budgetine - Time: 40 minutes . Total: 24 marks The following information pertains...
Question 6: Master Budgeting • Time: 40 minutes Total: 24 marks The following information pertains to Stark Corporation Jan Feb Mar Apr May June $30,000 34,000 38.000 42.000 48.000 60,000 $10,000 12.000 14.000 16.000 18.000 20,000 Cash is collected from customers in the following manner 30% Month of sale Month following sale Two months following sale Amount uncollectible SOX 15% 5% * Customers paying in the month of sale receive a 2% cash discount. 40% of purchases are paid for...
Type The following information pertains to Stark Corporation Month Jan Feb Mar Apr May June sales and Purchases $30,000 $10000 34,000 12000 38,000 14000 42,000 16000 48,000 18000 60,000 20000 Cash is collected from customers in the following manner 30% Month of sale* 50% Month following sale 15% Two months following sale 5% Amount uncollectible *Customers paying in the month of sale receive a 2% cash discount. 40% of purchases are paid for in cash in the...
3) The following information pertains to Amigo Corporation: Month Sales Purchases July $30,000 $10,000 August 34,000 12,000 September 38,000 14,000 October 42,000 16,000 November 48,000 18,000 December 60,000 20,000 • Cash is collected from customers in the following manner: Month of sale 40% Month following sale 40% Two months following sale 20% • 60% of purchases are paid for in cash in the month of purchase, and the other...
The following information pertains to Acme Corporation: Month Sales Purchases July 30,000 10,000 August 34,000 12,000 September 38,000 14,000 October 42,000 16,000 November 48,000 18,000 December 60,000 20,000 Cash is collected from customers in the following manner: Month of sale 35% Month following sale 50% Two months following sale 15% 40% of purchases are paid for in cash in the month of purchase, and the balance is paid the following month. How much are total cash collections for the 4th...
The following information pertains to Amigo Corporation: Month Sales Purchases July $30,000 $10,000 August 34,000 12,000 September 38,000 14,000 October 42,000 16,000 November 48,000 18,000 December 60,000 20,000 Cash is collected from customers in the following manner: Month of sale 45% Month following sale 40% Two months following sale 10% Amount uncollectible 5% 50% of purchases are paid for in cash in the month of purchase, and the other 50% is paid the...
The following information pertains to Ko Wei Sdn Bhd: Month Sales Purchases RM RM July 30,000 10,000 August 34,000 12,000 September 38,000 14,000 October 42,000 16,000 November 48,000 18,000 December 60,000 20,000 Cash is collected from customers in the following manner: Month of sale (2% cash discount) 30% Month following sale 50% Two months following sale 15% Amount uncollectible 5% 40% of purchases are paid for in cash in the month of purchase, and the balance is paid the following...
3) The following information pertains to Amigo Corporation: Month July August September October November December Sales $30,000 34,000 38,000 42,000 48,000 60,000 Purchases $10,000 12,000 14,000 16,000 18,000 20,000 Cash is collected from customers in the following manner: Month of sale 40% Month following sale 40% Two months following sale 20% • 60% of purchases are paid for in cash in the month of purchase, and the other 40% is paid the following month. Required: Complete the cash budget for...
The following sales and purchases forecast information pertains to Palermo Corporation: Month July August September October November December Sales $13,000 16,000 18,000 23,000 22,500 28,400 Purchases $6,000 5,700 7,500 8,300 9,200 10,100 Based on past experience cash is typically collected from customers in the following manner: Collected within 10 days of sale so receive a 10% cash discount 25% Collected after 10 days but in the month of sale 10% Collected in the month following the sale 40% Collected in...
4. Cash Budget (20 points) The following information pertains to Monroe Company: Month December January February March Sales $130,000 $68,000 $87,000 $106,000 Purchases $65,000 $35,000 $46,000 $48,000 • Cash is collected from customers in the following manner: o Month of sale 30% o Month following the sale 65% o Written off as uncollectible 5% 45% of purchases are paid for in cash in the month of purchase, and the balance is paid the following month. Labor costs are 20% of...
he following information is about a Company Month Sales Purchases Jan. 62,000 33,000 Feb. 84,000 42,000 Mar. 101,000 61,000 Cash is collected from customers in the following manner: Month of sale 40% Month following the sale 60% 45% of purchases are paid for in cash in the month of purchase, and the balance is paid in the following month. Labor costs are 30% of sales. Other operating costs are 38,000 per month including deprecation of 10,000. Both of these are...