Homework Answers
Cash available for the month
= Beginning cash balance + Cash receipts from sales
= 56000 + (230,000*75%) = 228,500
Cash disbursements
= 108,000+78,000+18,000 = 204,000
Excess of cash available over disbursements
= 228,500 - 204,000 = 24,500
Excess (Shortage) = 24,500 - Desired ending balance 49,000
= 24,500 shortage
Add Answer to:
Hilliard Company budgeted the following transactions for April Year 2: Sales (75% collected in month of...
The Model Company is to begin operations in April. It has budgeted April sales of $46,000,...
The Model Company is to begin operations in April. It has budgeted April sales of $46,000, May sales of $50,000, June sales of $56,000, July sales of $58,000, and August sales of $54,000. Note that 10% of each month's sales is expected to represent cash sales; 75% of the balance is expected to be collected in the month following the sale, 17% the second month, 6% the third month, and the balance is expected to be uncollectible. What is the...
Prepare Cash Budget from Budgeted Transactions Prepare a cash budget for the month ended May 31,...
Prepare Cash Budget from Budgeted Transactions Prepare a cash budget for the month ended May 31, 2019. Campton Company anticipates a cash balance of $91,000 on May 1, 2019. The following budgeted transactions for May 2019 present data related to anticipated cash receipts and cash disbursements: 1. For May, budgeted cash sales are $67,000 and budgeted credit sales are $507,000. (Credit sales for April were $450,000.) In the month of sale, 40% of credit sales are collected, with the balance...
5) ABC Company pays for raw material purchases as follows: 75% in the month of purchase;...
5) ABC Company pays for raw material purchases as follows: 75% in the month of purchase; 25% in the subsequent month. Budgeted purchases are as follows: June = $56,000; July = $60,000. Budgeted cash payment to be made in the month of July is $ ? ------- 6) ABC Company pays for raw material purchases as follows: 75% in the month of purchase; 25% in the subsequent month. Budgeted purchases are as follows: June = $56,000; July = $60,000. Cash...
Prepare Cash Budget from Budgeted Transactions Prepare a cash budget for the month ended May 31,...
Prepare Cash Budget from Budgeted Transactions Prepare a cash budget for the month ended May 31, 2019. Campton Company anticipates a cash balance of $97,000 on May 1, 2019. The following budgeted transactions for May 2019 present data related to anticipated cash receipts and cash disbursements: 1. For May, budgeted cash sales are $73,000 and budgeted credit sales are $513,000. (Credit sales for April were $450,000.) In the month of sale, 40% of credit sales are collected, with the balance...
Please show full calculations for each. Thanks! 1) ABC Company's budgeted sales are as follows: July...
Please show full calculations for each. Thanks! 1) ABC Company's budgeted sales are as follows: July = 3,000 units; August = 2,500 units. June ending inventory = 1,200 units. Budgeted ending inventory must equal 40% of next month's budgeted sales. Production budgeted for July would equal units = ? units ------ 2) ABC Company's budgeted production is as follows: January = 5,000 units; February = 8,000 units. Each unit produced requires 3 pounds of raw material. January beginning inventory...
Prepare a cash budget for the month ended May 31, 2019. Campton Company anticipates a cash...
Prepare a cash budget for the month ended May 31, 2019. Campton Company anticipates a cash balance of $77,000 on May 1, 2019. The following budgeted transactions for May 2019 present data related to anticipated cash receipts and cash disbursements: 1. For May, budgeted cash sales are $53,000 and budgeted credit sales are $493,000. (Credit sales for April were $450,000.) In the month of sale, 40% of credit sales are collected, with the balance collected in the month following sale....
Artec Company sells its product for $190 per unit. Its actual and budgeted sales follow. April...
Artec Company sells its product for $190 per unit. Its actual and budgeted sales follow. April (actual) May (actuan June (budgeted) July (budgeted) August (budgeted) Units 9,500 2,800 8,000 7,500 4,100 Dollars $1,805,000 532,000 1,520,000 1,425,000 779,000 All sales are on credit Recent experience shows that 24% of credit sales is collected in the month of the sale, 46% in the month after the sale, 29% in the second month after the sale, and 1% proves to be uncollectible The...
Following are the budgeted income statements for the second quarter of 2019 for SeaTech Inc.: April...
Following are the budgeted income statements for the second quarter of 2019 for SeaTech Inc.: April May June Sales $ 210,000 $ 255,000 $ 285,000 Cost of goods sold* 144,000 171,000 189,000 Gross profit $ 66,000 $ 84,000 $ 96,000 Operating expenses† 33,000 37,500 40,500 Operating income $ 33,000 $ 46,500 $ 55,500 * Includes all product costs (i.e., direct materials, direct labor, and manufacturing overhead). † Includes all period costs (i.e., selling, general, and administrative expenses). The company expects...
Compton Company expects the following total sales: Month Sales March $20,000 $10,000 $34,000 $15,000 April May...
Compton Company expects the following total sales: Month Sales March $20,000 $10,000 $34,000 $15,000 April May June The company expects 70 % of its sales to be credit sales and 30 % for cash. Credit sales are collected as follows: 25% in the month of sale, 75 % in the month following the sale. The budgeted accounts receivable balance on May 31 is: Multiple Choice $16,450. $17,850 $13,950. $25,500.
A company past experience indicates the 60% of its credit sales are collected in the month of sale, 30% in the next month, and 5% in the second month after the sale, the remainder is never collected, budgeted credit sales were: April 80,000; May 48,000; J
A company past experience indicates the 60% of its credit sales are collected in the month of sale, 30% in the next month, and 5% in the second month after the sale, the remainder is never collected, budgeted credit sales were: April 80,000; May 48,000; June 120,000; the cash inflow in the month of June is expected to be.
Prepare Cash Budget from Budgeted Transactions Prepare a cash budget for the month ended May 31, 2019. Campton Company anticipates a cash balance of $91,000 on May 1, 2019. The following budgeted transactions for May 2019 present data related to anticipated cash receipts and cash disbursements: 1. For May, budgeted cash sales are $67,000 and budgeted credit sales are $507,000. (Credit sales for April were $450,000.) In the month of sale, 40% of credit sales are collected, with the balance...
Prepare a cash budget for the month ended May 31, 2019. Campton Company anticipates a cash balance of $77,000 on May 1, 2019. The following budgeted transactions for May 2019 present data related to anticipated cash receipts and cash disbursements: 1. For May, budgeted cash sales are $53,000 and budgeted credit sales are $493,000. (Credit sales for April were $450,000.) In the month of sale, 40% of credit sales are collected, with the balance collected in the month following sale....
Artec Company sells its product for $190 per unit. Its actual and budgeted sales follow. April (actual) May (actuan June (budgeted) July (budgeted) August (budgeted) Units 9,500 2,800 8,000 7,500 4,100 Dollars $1,805,000 532,000 1,520,000 1,425,000 779,000 All sales are on credit Recent experience shows that 24% of credit sales is collected in the month of the sale, 46% in the month after the sale, 29% in the second month after the sale, and 1% proves to be uncollectible The...
Compton Company expects the following total sales: Month Sales March $20,000 $10,000 $34,000 $15,000 April May June The company expects 70 % of its sales to be credit sales and 30 % for cash. Credit sales are collected as follows: 25% in the month of sale, 75 % in the month following the sale. The budgeted accounts receivable balance on May 31 is: Multiple Choice $16,450. $17,850 $13,950. $25,500.
Most questions answered within 3 hours.
-
1- What are 5 general characteristics of Botticelli’s
paintings?
2- Describe 5 important traits of Flemish...
asked 58 minutes ago -
A golfer claims that his average golf score at the course he
plays regularly is less...
asked 1 hour ago -
On May 1, First Bank perfected a security interest in Debtor’s
inventory. On June 1, Bob...
asked 1 hour ago -
A new kind of typhoid shot is being developed by a medical
research team. The old...
asked 3 hours ago -
Write a chemical equation for these reactions. (Use
the lowest possible whole number coefficients.) Include
states-of-matter...
asked 5 hours ago -
For each of the Z-scores below, determine two probabilities
(show four three decimal places): (1) the...
asked 5 hours ago -
Oxidative phosphorylation is achieved through chemiosmotic
coupling, which turns chemical energy into osmotic potential energy
that...
asked 8 hours ago -
Hollywood Shoes would like to maintain their cash account at a
minimum level of $64,000, but...
asked 8 hours ago -
Proteins CtrA-P, DnaA, and GcrA behave similarly to what
molecule in the Eukaryotic Cell Cycle?
asked 8 hours ago -
TRUE OR FALSE
In case of a competitive tender procedure, in the request for
quotation, the...
asked 8 hours ago -
I am a little behind please provide some explanation, will
provide thumbs up.
This question considers...
asked 8 hours ago -
Let say the utility function as U(X,Y) = lnX + Y. Show that the
marginal rate...
asked 9 hours ago