ZuoTi.Pro
Question

20x1. The following information has been extracted from the companys accounting records: following month. U 31, 20x0, will be rec and that the recovery will be in January 20x1. The Aacco 31, 20x0, balance sheet disclosed the following selected figures: cash, $85,000: accounts receivable, $265,000; . Mary and Kay, Inc the month. Interest is paid at the time of repaying principal and computed on the portion of principal repaid at that time. Additional data: . 500,000 155,000 35,000 Required: 3. Prepare a schedule that s
media%2F379%2F37985e78-39ca-47bd-818c-70
media%2F82e%2F82ea5622-68b1-4934-a8d6-63
business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Janua $650,000 $740,000 $755,000 $470,000500,000 $620,000 $113,000$ 92,000 155,000 $-S 35,000 Februa March sales revenue merchandise purchases cash operating costs proceeds from sale of equipment Janua 5 53,000 $390,000$ 227,500 Februa March collection of accounts receivable collection of January sales collection of February sales collection of March sales sale of equipment total cash collections 10 444,000 $259,000 5453,000 35,000 $443,000$671,500 747,000 12 13 14 15 16 17 18 19 20 21 Janua $ 86,000 $282,000$188,000 Februa March payment of accounts payable payment of January purchases payment of February purchases payment of March purchases cash operating costs total cash disbursements 300,000 $200,000 $372,000 $113,000S 92,000 $155,000 $481,000580,000 727,000 24 25 26 Janua Februa March 85,000$ 85,000 5138,215 $443,000$ 671,500 747,000 $528,000$756,500 5885,215 $481,000$ 580,000 5727,000 176,500 $158,215 beginning cash balance total receipts subtotal less: total disbursements cash excess (deficiency) before financing financing borrowing to maintain $85,000 balance loan principal repaid loan interest paid ending cash balance 28 29 47,000 38,000S$- 5 - 285 - 31 32 S 38,000- 85,000 S138,215 $158,215 35

for formulas and calculations, refer to the image below -

A B Janua Februa March 740000 755000 sales revenue merchandise purchases cash operating costs 470000 113000 92000 roceeds from sale of equipment 35000 Janua Februa March collection of accounts receivable collection of January sales collection of February sales collection of March sales sale of equipment total cash collections 26500020% D3.60% 10 -E335% F3.60% -F6 SUM(F9:F13) E36096 12 13 14 15 16 17 18 19 -SUM(D9:D13) SUM(E9 E13) Janua Februa March payment of accounts payable payment of January purchases payment of February purchases payment of March purchases cash operating costs total cash disbursements 86000 D460% D4*40% +4.60% -E440% 4.60% -D5 -SUM(D17:D21) SUM(E17:E21) SUM(F17:F21) -F5 24 25 26 Janua Februa March #E34 -F14 -F25+F26 -F22 -F27-F28 beginning cash balance total receipts subtotal less: total disbursements cash excess (deficiency) before financing D27-D28 financing: borrowing to maintain $85,000 balance D34-D29 loan principal repaid loan interest paid ending cash balance -D14 -D25+D26 -D22 -D34 #E14 -E25+E26 28 -E27-E28 -D31 -E32.9/120 -E29-E32-E33 F29 32 35

0 0
Add a comment
Know the answer?
Add Answer to:
20x1. The following information has been extracted from the company's accounting records: following month. U 31,...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Mary and Kay, Inc, a distributor of cosmetics throughout Florida, is in the process of assembling...

    Mary and Kay, Inc, a distributor of cosmetics throughout Florida, is in the process of assembling a cash budget for the first quarter of 20x1. The following information has been extracted from the company's accounting records: All sales are on account. Sixty percent of customer accounts are collected in the month of sale: 35 percent are collected in the following month. Uncollectibles amounting to 5 percent of sales are anticipated, and management believes that only 20 percent of the accounts...

  • Mary and Kay, Inc, a distributor of cosmetics throughout Florida, is in the process of assembling...

    Mary and Kay, Inc, a distributor of cosmetics throughout Florida, is in the process of assembling a cash budget for the first quarter of All sales are on account. Sixty percent of customer accounts are collected in the month of sale: 35 percent are collected in the ·Sixty percent of the merchandise purchases are paid for in the month of purchase, the remaining 40 percent are paid for in the 20x1. The following information has been extracted from the company's...

  • Mary and Kay, Inc., a distributor of cosmetics throughout Florida, is in the process of assembling...

    Mary and Kay, Inc., a distributor of cosmetics throughout Florida, is in the process of assembling a cash budget for the first quarter of 20x1. The following information has been extracted from the company’s accounting records: All sales are on account. Sixty percent of customer accounts are collected in the month of sale; 35 percent are collected in the following month. Uncollectibles amounting to 5 percent of sales are anticipated, and management believes that only 20 percent of the accounts...

  • Mary and Kay, Inc., a distributor of cosmetics throughout Florida, is in the process of assembling...

    Mary and Kay, Inc., a distributor of cosmetics throughout Florida, is in the process of assembling a cash budget for the first quarter of 20x1. The following information has been extracted from the company's accounting records: All sales are on account. Sixty percent of customer accounts are collected in the month of sale; 30 percent are collected in the following month. Uncollectibles amounting to 10 percent of sales are anticipated, and management believes that only 20 percent of the accounts...

  • that only 20 percent of the on 40 percent are paid for in the month after...

    that only 20 percent of the on 40 percent are paid for in the month after . The the month, I 300,000 330,000 450,00e Required: 3. Prepare a schedule that the firm's financing cash flows for January through March . The 31, 20x0 e sheet disclosed the following selected figures cash, $60.000; accounts receivable. $180.000: the month. I s paid at the time of repaying principal and computed on the portion of principal repaid at that time. Required: t Prepare...

  • Mary and Kay, Inc., a distributor of cosmetics throughout Florida, is in the process of assembling...

    Mary and Kay, Inc., a distributor of cosmetics throughout Florida, is in the process of assembling a cash budget for the first quarter of 20x1. The following information has been extracted from the company’s accounting records: All sales are on account. Sixty percent of customer accounts are collected in the month of sale; 30 percent are collected in the following month. Uncollectibles amounting to 10 percent of sales are anticipated, and management believes that only 20 percent of the accounts...

  • in the and management believes that only 20 percent of 17 . The at all times....

    in the and management believes that only 20 percent of 17 . The at all times. Financing is available (and retired) in $1,000 multiples . Additional data 478,880 113,000 155,808 Reterences Required: of January sales the accounts outstanding on December 31, 20x0, will be recovered and that the recovery will be in January 20xt . The 31, 20x0 . Mary and Kay, Inc. the month. Interest is paid at the time of repaying principal and computed on the portion of...

  • Prepare a schedule that summarizes the firm’s financing cash flows for January through March. Mary and...

    Prepare a schedule that summarizes the firm’s financing cash flows for January through March. Mary and Kay, Inc., a distributor of cosmetics throughout Florida, is in the process of assembling a cash budget for the first quarter of 20x1. The following information has been extracted from the company's accounting records: • All sales are on account. Sixty percent of customer accounts are collected in the month of sale; 30 percent are collected in the following month. Uncollectibles amounting to 10...

  • Mary and Kay, Inc., a distributor of cosmetics throughout Florida, is in the process of assembling a cash budget for th...

    Mary and Kay, Inc., a distributor of cosmetics throughout Florida, is in the process of assembling a cash budget for the first quarter of 20x1. The following information has been extracted from the company's accounting records: • All sales are on account. Sixty percent of customer accounts are collected in the month of sale; 35 percent are collected in the following month. Uncollectibles amounting to 5 percent of sales are anticipated, and management believes that only 20 percent of the...

  • Mary and Kay, Inc., a distributor of cosmetics throughout Florida, is in the process of assembling...

    Mary and Kay, Inc., a distributor of cosmetics throughout Florida, is in the process of assembling a cash budget for the first quarter of 20x1. The following information has been extracted from the company's accounting records: • All sales are on account. Sixty percent of customer accounts are collected in the month of sale; 35 percent are collected in the following month. Uncollectibles amounting to 5 percent of sales are anticipated, and management believes that only 20 percent of the...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT