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Zhang Industries is preparing a cash budget for June. The company has $31.000 cash at the...
Western Company is preparing a cash budget for June. The company has $11,000 cash at the...
Western Company is preparing a cash budget for June. The company has $11,000 cash at the beginning of June and anticipates $31,000 in cash receipts and $36,500 in cash disbursements during June. Western Company has an agreement with its bank to maintain a minimum cash balance of $10,000. As of May 31, the company owes $15,000 to the bank. To maintain the $10,000 required balance, during June the company must: Borrow $10,000. Borrow $4,500. Repay $5,500. Repay $4,500. Borrow $5,500.
Soprano Co. is in the process of preparing the second quarter budget for 2016, and the...
Soprano Co. is in the process of preparing the second quarter budget for 2016, and the following data have been assembled • The company sells a single product at a selling price of $41 per unit. The estimated sales volume for the next six months is as follows March April 6.100 units 7,100 units 10,300 units by August 8.400 units 9.100 units 6.100 units All sales are on account. The company's collection experience has been that 42% of a month's...
The Express Company is preparing its cash budget for the month of June. The following information...
The Express Company is preparing its cash budget for the month of June. The following information is available concerning its inventories: Inventories at beginning of June $ 84,500 Estimated purchases of June 364,000 Estimated cost of goods sold for June 371,500 Estimated payments in June for purchases in May 90,250 Estimated payments in June for purchases prior to May49,000 Estimated payments in June for purchases in June 80% What are the estimated cash disbursements for inventories in June? Multiple Choice...
Cash Budget The owner of a building supply company has requested a cash budget for June....
Cash Budget The owner of a building supply company has requested a cash budget for June. After examining the records of the company, you find the following: a. Cash balance on June 1 is $1,086. b. Actual sales for April and May are as follows: April May Cash sales $10,000 $18,000 Credit sales 28,900 35,000 Total sales $38,900 $53,000 C. Credit sales are collected over a 3-month period: 40% in the month of sale, 30% in the second month, and...
4. Transcript Company is preparing a cash budget for June. The company has $125,000 cash at...
4. Transcript Company is preparing a cash budget for June. The company has $125,000 cash at the beginning of the month and anticipates having total sales of $1,222,000, consisting of 25% cash sales and 75% credit card sales. The bank charges 3 percent for credit card deposits. The firm sets its selling price at 150 percent of the cost of purchases and pays the cost of each month's sales at the end of the month. Other cash disbursements are $66,000...
Budget Preparation Reeves Company is preparing its master budget for July. Use the given estimates to...
Budget Preparation Reeves Company is preparing its master budget for July. Use the given estimates to determine the amounts necessary for each of the following requirements. (Estimates may be related to more than one requirement.) a. What should total sales revenue be if territories A and B estimate sales of 8,000 and 20,000 units, respectively, and the unit selling price is $55? $ 0 b. If the beginning finished goods inventory is an estimated 2,500 units and the desired ending...
Can you help me in part 2 Please. Oxford, Inc., is preparing its master budget for the quarter ended June 30. It se...
Can you help me in part 2 Please.
Oxford, Inc., is preparing its master budget for the quarter ended June 30. It sells a single product for $40 each. Sales are 60% cash and 40% on credit. All credit sales are collected in the month following the sale. At March 31, the balance in accounts receivable is $12,000, which represents the uncollected balance on March sales, Budgeted sales for the next four months follow: Aon May June July Sales in...
preparing a master budget practice Schedules to include: a. Sales Budget, with a Schedule of Expected Cash Coll...
preparing a master budget practice
Schedules to include: a. Sales Budget, with a Schedule of Expected Cash Collections b. Production Budget C. Ending Finished Goods Inventory Budget d. Direct Materials Budget, with a Schedule of Cash Disbursement e. Direct Labor Budget f. Manufacturing Overhead Budget g. Selling & Administrative Expense Budget h. Cash Budget i. Budgeted Income Statement Sharp Products is a manufacturing company. It uses absorption costing for budgeting. amount unit Budgeted sales: Q1 of 2019 23,000 cases Q2...
port On January 1, 2020, the Hardin Company budget committee has reached agreement on the following...
port On January 1, 2020, the Hardin Company budget committee has reached agreement on the following data for the 6 months ending June 30, 2020. Sales units: First quarter 5,600, second quarter 6,300: third quarter 7.000. Ending raw materials inventory: 40% of the next quarter's production requirements. Endinghnished goods inventory: 25% of the next quarter's expected sales units. Third quarter production: 7.820 units. The ending raw materials and finished goods inventories at December 31, 2019 follow the same percentage relationships...
Beech Corporation is a merchandising company that is preparing a master budget for the third quarter...
Beech Corporation is a merchandising company that is preparing a master budget for the third quarter of the calendar year. The company’s balance sheet as of June 30th is shown below: Beech Corporation Balance Sheet June 30 Assets Cash $ 72,000 Accounts receivable 128,000 Inventory 60,900 Plant and equipment, net of depreciation 218,000 Total assets $ 478,900 Liabilities and Stockholders’ Equity Accounts payable $ 79,000 Common stock 308,000 Retained earnings 91,900 Total liabilities and stockholders’ equity $ 478,900 Beech’s managers...
Soprano Co. is in the process of preparing the second quarter budget for 2016, and the following data have been assembled • The company sells a single product at a selling price of $41 per unit. The estimated sales volume for the next six months is as follows March April 6.100 units 7,100 units 10,300 units by August 8.400 units 9.100 units 6.100 units All sales are on account. The company's collection experience has been that 42% of a month's...
The Express Company is preparing its cash budget for the month of June. The following information is available concerning its inventories: Inventories at beginning of June $ 84,500 Estimated purchases of June 364,000 Estimated cost of goods sold for June 371,500 Estimated payments in June for purchases in May 90,250 Estimated payments in June for purchases prior to May49,000 Estimated payments in June for purchases in June 80% What are the estimated cash disbursements for inventories in June? Multiple Choice...
Cash Budget The owner of a building supply company has requested a cash budget for June. After examining the records of the company, you find the following: a. Cash balance on June 1 is $1,086. b. Actual sales for April and May are as follows: April May Cash sales $10,000 $18,000 Credit sales 28,900 35,000 Total sales $38,900 $53,000 C. Credit sales are collected over a 3-month period: 40% in the month of sale, 30% in the second month, and...
Budget Preparation Reeves Company is preparing its master budget for July. Use the given estimates to determine the amounts necessary for each of the following requirements. (Estimates may be related to more than one requirement.) a. What should total sales revenue be if territories A and B estimate sales of 8,000 and 20,000 units, respectively, and the unit selling price is $55? $ 0 b. If the beginning finished goods inventory is an estimated 2,500 units and the desired ending...
Can you help me in part 2 Please.
Oxford, Inc., is preparing its master budget for the quarter ended June 30. It sells a single product for $40 each. Sales are 60% cash and 40% on credit. All credit sales are collected in the month following the sale. At March 31, the balance in accounts receivable is $12,000, which represents the uncollected balance on March sales, Budgeted sales for the next four months follow: Aon May June July Sales in...
preparing a master budget practice
Schedules to include: a. Sales Budget, with a Schedule of Expected Cash Collections b. Production Budget C. Ending Finished Goods Inventory Budget d. Direct Materials Budget, with a Schedule of Cash Disbursement e. Direct Labor Budget f. Manufacturing Overhead Budget g. Selling & Administrative Expense Budget h. Cash Budget i. Budgeted Income Statement Sharp Products is a manufacturing company. It uses absorption costing for budgeting. amount unit Budgeted sales: Q1 of 2019 23,000 cases Q2...
port On January 1, 2020, the Hardin Company budget committee has reached agreement on the following data for the 6 months ending June 30, 2020. Sales units: First quarter 5,600, second quarter 6,300: third quarter 7.000. Ending raw materials inventory: 40% of the next quarter's production requirements. Endinghnished goods inventory: 25% of the next quarter's expected sales units. Third quarter production: 7.820 units. The ending raw materials and finished goods inventories at December 31, 2019 follow the same percentage relationships...
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