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The Cookie Shop's purchases are equal to 65 percent of the following month's sales. The accounts...
he MacDonald Corporation’s purchases from suppliers in a quarter are equal to 65 percent of the...
he MacDonald Corporation’s purchases from suppliers in a quarter are equal to 65 percent of the next quarter’s forecast sales. The payables period is 60 days. Wages, taxes, and other expenses are 20 percent of sales, and interest and dividends are $123 per quarter. No capital expenditures are planned. Projected quarterly sales are: Q1 Q2 Q3 Q4 Sales $1,260 $1,410 $1,500 $1,710 Sales for the first quarter of the following year are projected at $1,380. Calculate the company’s cash outlays...
The Thunder Dan's Corporation's purchases from suppliers in a quarter are equal to 65 percent of the next quarter's forecasted sales. The payables period is 60 days. Beginning accounts pay...
The Thunder Dan's Corporation's purchases from suppliers in a quarter are equal to 65 percent of the next quarter's forecasted sales. The payables period is 60 days. Beginning accounts payables is $200. Wages, taxes, and other expenses are 16 percent of sales, and interest and dividends are $60 per quarter. No capital expenditures are planned. Sales for the first quarter of the following year are projected at $720. The receivables period is 45 days. Beginning accounts receivables is $150. Initial...
The Torrey Pine Corporation's purchases from suppliers in a quarter are equal to 65 percent of...
The Torrey Pine Corporation's purchases from suppliers in a quarter are equal to 65 percent of the next quarter's forecast sales. The payables period is 60 days. Wages, taxes, and other expenses are 20 percent of sales, and interest and dividends are $90 per quarter. No capital expenditures are planned. Projected quarterly sales are shown here: Q1 Q2 Q3 Q4 Sales $2,160 $2,460 $2,160 $1,860 Sales for the first quarter of the following year are projected at $2,490. Calculate the...
Cahuilla Corporation predicts the following sales in units for the coming four months: April May June...
Cahuilla Corporation predicts the following sales in units for the coming four months: April May June July Sales in Units 370 410 430 370 Each month's ending Finished Goods Inventory should be 30% of the next month's sales. March 31 Finished Goods inventory is 111 units. A finished unit requires 5 pounds of direct material B at a cost of $3.00 per pound. The March 31 Raw Materials Inventory has 220 pounds of B. Each month's ending Raw Materials Inventory...
Suppliers are paid $4.20 for a pair of earrings. One-half of a month's purchases is paid...
Suppliers are paid $4.20 for a pair of earrings. One-half of a month's purchases is paid for in the month of purchase; the other half is paid for in the following month. All sales are on credit. Only 20% of a month's sales are collected in the month of sale. An additional 70% is collected in the following month, and the remaining 10% is collected in the second month following sale. Bad debts have been negligible. Monthly operating expenses for...
Production and Purchases Budgets At the beginning of October, Comfy Cushions had 1,600 cushions and 10,500...
Production and Purchases Budgets At the beginning of October, Comfy Cushions had 1,600 cushions and 10,500 pounds of raw materials on hand. Budgeted sales for the next three months are: Month Sales October 8,000 cushions November 10,000 cushions December 13,000 cushions Comfy Cushions wants to have sufficient raw materials on hand at the end of each month to meet 25 percent of the following month's production requirements and sufficient cushions on hand at the end of each month to meet...
Purchases and Cash Budgets On July 1, MTC Wholesalers had a cash balance of $175,000 and...
Purchases and Cash Budgets On July 1, MTC Wholesalers had a cash balance of $175,000 and accounts payable of $99,000. Actual sales for May and June, and budgeted sales for July, August, September, and October are: Month Actual Sales Month Budgeted Sales May $150,000 July $ 90,000 June 160,000 August 80,000 September 100,000 October 120,000 All sales are on credit with 75 percent collected during the month of sale, 20 percent collected during the next month, and 5 percent collected...
The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods:...
The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods: Current assets as of March 31: Cash Accounts receivable Inventory Building and equipment, net Accounts payable Common stock Retained earnings $ 7,600 $ 20,400 $ 40,200 $ 128,400 $ 23,925 $ 150,000 $ 22,675 a. The gross margin is 25% of sales. b. Actual and budgeted sales data: March (actual) April May June July $ 51,000 $ 67,000 $ 72,000 $ 97,000 $ 48,000...
Prepare Schedule of cash disbursements for merchandise purchases and for selling and administrative expenses for each...
Prepare Schedule of cash disbursements for merchandise purchases
and for selling and administrative expenses for each month of
april, may, june
The following actual and budgeted sales relate to AgriTech Company, a distributor of agricultural products located somewhere in the Midwest. March (actual) April May. June July $50,000 60,000 72,000 90,000 48,000 The company's top executives intend to have 25% of sales as gross margin. Sales are 60% for cash and 40% on credit. Credit sales are collected in the...
Garden Sales, Inc., sells garden supplies. Management is planning its cash needs for the second quarter....
Garden Sales, Inc., sells garden supplies. Management is planning its cash needs for the second quarter. The company usually has to borrow money during this quarter to support pealk sales of lawn care equipment, which occur during May. The following information has been assembled to assist in preparing a cash budget for the quarter: a. Budgeted monthly absorption costing income statements for April-July are April June July Sales Cost of goods sold Gross margin Selling and administrative expenses $650,000 820,000...
The Torrey Pine Corporation's purchases from suppliers in a quarter are equal to 65 percent of the next quarter's forecast sales. The payables period is 60 days. Wages, taxes, and other expenses are 20 percent of sales, and interest and dividends are $90 per quarter. No capital expenditures are planned. Projected quarterly sales are shown here: Q1 Q2 Q3 Q4 Sales $2,160 $2,460 $2,160 $1,860 Sales for the first quarter of the following year are projected at $2,490. Calculate the...
Suppliers are paid $4.20 for a pair of earrings. One-half of a month's purchases is paid for in the month of purchase; the other half is paid for in the following month. All sales are on credit. Only 20% of a month's sales are collected in the month of sale. An additional 70% is collected in the following month, and the remaining 10% is collected in the second month following sale. Bad debts have been negligible. Monthly operating expenses for...
The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods: Current assets as of March 31: Cash Accounts receivable Inventory Building and equipment, net Accounts payable Common stock Retained earnings $ 7,600 $ 20,400 $ 40,200 $ 128,400 $ 23,925 $ 150,000 $ 22,675 a. The gross margin is 25% of sales. b. Actual and budgeted sales data: March (actual) April May June July $ 51,000 $ 67,000 $ 72,000 $ 97,000 $ 48,000...
Prepare Schedule of cash disbursements for merchandise purchases
and for selling and administrative expenses for each month of
april, may, june
The following actual and budgeted sales relate to AgriTech Company, a distributor of agricultural products located somewhere in the Midwest. March (actual) April May. June July $50,000 60,000 72,000 90,000 48,000 The company's top executives intend to have 25% of sales as gross margin. Sales are 60% for cash and 40% on credit. Credit sales are collected in the...
Garden Sales, Inc., sells garden supplies. Management is planning its cash needs for the second quarter. The company usually has to borrow money during this quarter to support pealk sales of lawn care equipment, which occur during May. The following information has been assembled to assist in preparing a cash budget for the quarter: a. Budgeted monthly absorption costing income statements for April-July are April June July Sales Cost of goods sold Gross margin Selling and administrative expenses $650,000 820,000...
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