Homework Answers
| Answer | ||
| The Correct Option is C : $42,500 | ||
| Explanation | ||
| Sales | $ 5,50,000 | |
| Cost of goods sold | $ -4,12,500 | 550000*75% |
| Depreciation | $ -35,000 | |
| Selling and Administration epenses | $ -60,000 | |
| Net Income | $ 42,500 | |
| Therefore, | ||
| Option C is correct | ||
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Return to pag Question 1(5 points) The Banderas Company, a merchandising firm, has budgeted its activity...
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...
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...
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...
the wanderas Company, a merchandising firm, has budgeted its activity for December according to the following...
the wanderas Company, a merchandising firm, has budgeted its activity for December according to the following information 1) Sales at 5550,000, 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 560,000 for December and are paid in cash. 6) The planned merchandise inventory on December 31 is $270,000 7) The invoice cost for merchandise...
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...
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...
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...
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...
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Please help with each requirment 10 Wolfpack Company is a merchandising company that is preparing a...
Please help with each
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10 Wolfpack Company is a merchandising company that is preparing a budget for the month of July. It has provided the following information: $ 75,200 60,000 Wolfpack Company Balance Sheet June 30 Assets Cash Accounts receivable Inventory Buildings and equipment, net of depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Common stock Retained earnings Total liabilities and stockholders' equity 210.000 $ 392,000 $ 52,000 100,000 240,000 $ 392,000 Budgeting Assumptions: 1. All sales are...
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...
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...
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...
the wanderas Company, a merchandising firm, has budgeted its activity for December according to the following information 1) Sales at 5550,000, 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 560,000 for December and are paid in cash. 6) The planned merchandise inventory on December 31 is $270,000 7) The invoice cost for merchandise...
answere 12 to 13
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Please help with each
requirment
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