Homework Answers
| Ans. | GARDA | ||
| Cash payments for Merchandise (Budgeted) | |||
| For the Month Ended September 30 | |||
| Particulars | Amount | ||
| Cash payment for September purchases | $155,000 | ||
| Cash payment for August purchases | $510,000 | ||
| Total budgeted cash payments | $665,000 | ||
| Calculation of Cash payments: | |||
| September | |||
| Cash payment for September purchases | $620,000 * 25% | ||
| Cash payment for August purchases | $680,000 * 75% | ||
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Garda purchased $680,000 of merchandise in August and expects to purchase $620,000 in September Merchandise purchases...
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Garda purchased $570,000 of merchandise in August and expects to purchase $790,000 in September. Merchandise purchases are paid as follows: 20% in the month of purchase and 80% in the following month. Compute cash payments for merchandise for September. GARDA Cash payments for Merchandise (Budgeted) For Month Ended September 30 Cash payments for September purchases Cash payments for August purchases Total budgeted cash payments $ 0
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Garda purchased $670,000 of merchandise in August and expects to purchase $750,000 in September. Merchandise purchases are paid as follows: 15% in the month of purchase and 85% in the following month. Compute cash payments for merchandise for September.
Garda purchased $570,000 of merchandise in August and expects to purchase $790,000 in September. Merchandise purchases...
Garda purchased $570,000 of merchandise in August and expects to purchase $790,000 in September. Merchandise purchases are paid as follows: 20% in the month of purchase and 80% in the following month. Compute cash payments for merchandise for September. GARDA Cash payments for Merchandise (Budgeted) For Month Ended September 30 Cash payments for September purchases Cash payments for August purchases Total budgeted cash payments Foyert Corp. requires a minimum $6,300 cash balance. If necessary, loans are taken to meet this...
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Walter Enterprises expects its September sales to be 25% higher than its August sales of $170,000. Purchases were $120,000 in August and are expected to be $140,000 in September. All sales are on credit and are collected as follows: 35% in the month of the sale and 65% in the following month. Merchandise purchases are paid as follows: 25% in the month of purchase and 75% in the following month. The beginning cash balance on September 1 is $7,300. The...
Walter Enterprises expects its September sales to be 20 % higher than its August sales of...
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Lough Company prepared the following purchases budget: Month June July August September October Budgeted Purchases...
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Lough Company prepared the following purchases budget: Month June July August September October Budgeted Purchases $38,000 $49,000 $38,500 $50,000 $49,900 All purchases are paid for as follows: 20% two months after purchase, 45% in the following month, and 35% in the month of purchase. What are the total cash disbursements in August to account for the purchase of merchandise at Lough Company? O $47,665 $43,050 O $13,475 O $43.125
Hardy Company's cost of goods sold is consistently 70% of sales. The company plans ending merchandise...
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Required: 1. Prepare a schedule of expected cash collections for July August, and September 2-a. Prepare...
Required: 1. Prepare a schedule of expected cash collections for July August, and September 2-a. Prepare a merchandise purchases budget for July August, and September. Also compute total merchandise purchases for the quarter ended September 30. 2.b. Prepare a schedule of expected cash disbursements for merchandise purchases for July, August, and September 3. Prepare an income statement that computes net operating income for the quarter ended September 30, 4. Prepare a balance sheet as of September 30, Complete this question...
Hector Company reports the following: Sales Purchases July $28,000 17,640 August $36,000 22,680 September $40,000 28,000...
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Garda purchased $570,000 of merchandise in August and expects to purchase $790,000 in September. Merchandise purchases are paid as follows: 20% in the month of purchase and 80% in the following month. Compute cash payments for merchandise for September. GARDA Cash payments for Merchandise (Budgeted) For Month Ended September 30 Cash payments for September purchases Cash payments for August purchases Total budgeted cash payments $ 0
Garda purchased $570,000 of merchandise in August and expects to purchase $790,000 in September. Merchandise purchases are paid as follows: 20% in the month of purchase and 80% in the following month. Compute cash payments for merchandise for September. GARDA Cash payments for Merchandise (Budgeted) For Month Ended September 30 Cash payments for September purchases Cash payments for August purchases Total budgeted cash payments Foyert Corp. requires a minimum $6,300 cash balance. If necessary, loans are taken to meet this...
Walter Enterprises expects its September sales to be 20 % higher than its August sales of $195,000 Purchases were $145,000 in August and are expected to be $165,00C in September. All sales are on credit and are collected as follows: 30 % in the month of the sale and 70 % in the following month. Merchandise purchases are paid as follow 20% in the month of purchase and 80 % in the following month. The beginning cash balance on September...
Lough Company prepared the following purchases budget: Month June July August September October Budgeted Purchases $43,000 $44,000 $38,800 $51,000 $49,100 All purchases are paid for as follows: 5% two months after purchase, 40% in the following month, and 55% in the month of purchase. What are the total cash disbursements in August to account for the purchase of merchandise at Lough Company? O A. $49,345 O B. $21,340 OC. $43,190 OD. $41,090
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