Homework Answers
| Budgeted cash receipts includes only receipts from cash sales. |
| Budgeted cash receipts for December = 550,000 |
| Option D is correct |
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the wanderas Company, a merchandising firm, has budgeted its activity for December according to the following...
The Banderas Company, a merchandising firm, has budgeted its activity for December according to the following...
The Banderas Company, a merchandising firm, has budgeted its activity for December according to the following information: 1) Sales at $550,000, all for cash. 2) Merchandise inventory on November 30 was $300,000 3) Budgeted depreciation for December is $35,000 4) The cash balance at December 1 was $25,000 5) Selling and administrative expenses are budgeted at $60,000 for December and are paid in cash. 6) The planned merchandise inventory on December 31 is $270,000 7) The involce cost for merchandise...
answere 14 to 16 The Bandeiras Company, a merchandising firm, has budgeted its activity for December...
answere 14 to 16
The Bandeiras Company, a merchandising firm, has budgeted its activity for December according to the following information: I. Sales at $550,000, all for cash. II. Merchandise inventory on November 30 was $300,000. III. Budgeted depreciation for December is $35,000. IV. The cash balance at December 1 was $25,000. V. Selling and administrative expenses are budgeted at $60,000 for December and are paid in cash. VI. The planned merchandise inventory on December 31 is $270,000. VII. The...
Question 3 (5 points) The Banderas Company, a merchandising firm, has budgeted its activity for December...
Question 3 (5 points) The Banderas Company, a merchandising firm, has budgeted its activity for December according to the following information: 1) Sales at $550,000, all for cash. 2) Merchandise inventory on November 30 was $300,000 3) Budgeted depreciation for December is $35,000. 4) The cash balance at December 1 was $25,000. 5) Selling and administrative expenses are budgeted at $60,000 for December and are paid in cash. 6) The planned merchandise inventory on December 31 is $270,000. 7) The...
Return to pag Question 1(5 points) The Banderas Company, a merchandising firm, has budgeted its activity...
Return to pag Question 1(5 points) The Banderas Company, a merchandising firm, has budgeted its activity for December according to the following information: 1) Sales at $550,000, all for cash. 2) Merchandise inventory on November 30 was $300,000. 3) Budgeted depreciation for December is $35,000 4) The cash balance at December 1 was $25,000. 5) Selling and administrative expenses are budgeted at $60,000 for December and are paid in cash. 6) The planned merchandise inventory on December 31 is $270,000...
The Adams Corporation, a merchandising firm, has budgeted its activity for November according to the following...
The Adams Corporation, a merchandising firm, has budgeted its activity for November according to the following information: • Sales at $490,000, all for cash. • Merchandise inventory on October 31 was $220,000. • The cash balance November 1 was $22,000. • Selling and administrative expenses are budgeted at $72,000 for November and are paid for in cash. • Budgeted depreciation for November is $33,000. • The planned merchandise inventory on November 30 is $250,000. • The cost of goods sold...
The Adams Company, a merchandising firm, has budgeted its activity for November a...continues
The Adams Company, a merchandising firm, has budgeted its activity for November according to the following information:• Sales were at $450,000, all for cash.• Merchandise inventory on October 31 was $200,000.• The cash balance on November 1 was $18,000.• Selling and administrative expenses are budgeted at $60,000 for November and are paid for in cash.• Budgeted depreciation for November is $25,000.• The planned merchandise inventory on November 30 is $230,000.• The cost of goods sold is 70% of the selling...
answere 12 to 13 12) Superior Industries' sales budget shows quarterly sales for the next year...
answere 12 to 13
12) Superior Industries' sales budget shows quarterly sales for the next year as follows: Quarter Sales (Units) First 10,000 Second 8,000 Third 12.000 Fourth 14,000 Company policy is to have a finished goods inventory at the end of each quarter equal to 20% of the next quarter's sales. What should be the budgeted production for the second quarter? a) 7,200 units. b) 8.000 units. c) 8,400 units. d) 8,800 units. 13) The Tobler Company has budgeted...
Smith Company has budgeted activity for December using the following data: Cash sales $25,000 Credit sales...
Smith Company has budgeted activity for December using the following data: Cash sales $25,000 Credit sales (60% collected in month of sale) 380,000 Selling and administrative costs (including depreciation) 50,000 Depreciation expense 5,000 Merchandise Inventory, December 1 21,000 Merchandise Inventory, December 31 20,000 Beginning cash balance 3,000 Minimum cash balance required 2,500 Cost of goods sold is 55% of Cooper’s selling price All purchases are paid in cash Selling and administrative costs are paid in month of purchase Prepare a...
Kristopher Company is a merchandising company that sells a single product. The company's inventories, production, and...
Kristopher Company is a merchandising company that sells a single product. The company's inventories, production, and sales in units for the next three months have been forecasted as follows: October November December Beginning inventory Merchandise purchases Sales Ending inventory 10,000 60,000 60,000 10,000 10,000 70,000 70,000 10,000 10,000 35,000 40,000 5,000 Units are sold for $12 each. One fourth of all sales are paid for in the month of sale and the balance is paid in the following month. Accounts...
Information pertaining to Noskey Corporation's sales revenue follows: Cash sales Credit sales Total sales November 2018...
Information pertaining to Noskey Corporation's sales revenue follows: Cash sales Credit sales Total sales November 2018 (Actual) $ 105,000 270,000 $ 375,000 December 2018 (Budgeted) $ 115,000 395,000 $ 510,000 January 2019 (Budgeted) $ 70,000 200,000 $ 270,000 Management estimates 5% of credit sales to be uncollectible. Of collectible credit sales, 60% is collected in the month of sale and the remainder in the month following the month of sale. Purchases of inventory each month include 70% of the next...
The Banderas Company, a merchandising firm, has budgeted its activity for December according to the following information: 1) Sales at $550,000, all for cash. 2) Merchandise inventory on November 30 was $300,000 3) Budgeted depreciation for December is $35,000 4) The cash balance at December 1 was $25,000 5) Selling and administrative expenses are budgeted at $60,000 for December and are paid in cash. 6) The planned merchandise inventory on December 31 is $270,000 7) The involce cost for merchandise...
answere 14 to 16
The Bandeiras Company, a merchandising firm, has budgeted its activity for December according to the following information: I. Sales at $550,000, all for cash. II. Merchandise inventory on November 30 was $300,000. III. Budgeted depreciation for December is $35,000. IV. The cash balance at December 1 was $25,000. V. Selling and administrative expenses are budgeted at $60,000 for December and are paid in cash. VI. The planned merchandise inventory on December 31 is $270,000. VII. The...
Question 3 (5 points) The Banderas Company, a merchandising firm, has budgeted its activity for December according to the following information: 1) Sales at $550,000, all for cash. 2) Merchandise inventory on November 30 was $300,000 3) Budgeted depreciation for December is $35,000. 4) The cash balance at December 1 was $25,000. 5) Selling and administrative expenses are budgeted at $60,000 for December and are paid in cash. 6) The planned merchandise inventory on December 31 is $270,000. 7) The...
Return to pag Question 1(5 points) The Banderas Company, a merchandising firm, has budgeted its activity for December according to the following information: 1) Sales at $550,000, all for cash. 2) Merchandise inventory on November 30 was $300,000. 3) Budgeted depreciation for December is $35,000 4) The cash balance at December 1 was $25,000. 5) Selling and administrative expenses are budgeted at $60,000 for December and are paid in cash. 6) The planned merchandise inventory on December 31 is $270,000...
answere 12 to 13
12) Superior Industries' sales budget shows quarterly sales for the next year as follows: Quarter Sales (Units) First 10,000 Second 8,000 Third 12.000 Fourth 14,000 Company policy is to have a finished goods inventory at the end of each quarter equal to 20% of the next quarter's sales. What should be the budgeted production for the second quarter? a) 7,200 units. b) 8.000 units. c) 8,400 units. d) 8,800 units. 13) The Tobler Company has budgeted...
Kristopher Company is a merchandising company that sells a single product. The company's inventories, production, and sales in units for the next three months have been forecasted as follows: October November December Beginning inventory Merchandise purchases Sales Ending inventory 10,000 60,000 60,000 10,000 10,000 70,000 70,000 10,000 10,000 35,000 40,000 5,000 Units are sold for $12 each. One fourth of all sales are paid for in the month of sale and the balance is paid in the following month. Accounts...
Information pertaining to Noskey Corporation's sales revenue follows: Cash sales Credit sales Total sales November 2018 (Actual) $ 105,000 270,000 $ 375,000 December 2018 (Budgeted) $ 115,000 395,000 $ 510,000 January 2019 (Budgeted) $ 70,000 200,000 $ 270,000 Management estimates 5% of credit sales to be uncollectible. Of collectible credit sales, 60% is collected in the month of sale and the remainder in the month following the month of sale. Purchases of inventory each month include 70% of the next...
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