The following information pertains to the October operating budget for Flockhart Corporation. times• Budgeted sales for...
The following information pertains to the October operating budget for Flockhart Corporation.
times•
Budgeted sales for October $100,000 and November $200,000.
times•
Collections for sales are 60% in the month of sale and 40% the next month.
times•
Gross margin is 30% of sales.
times•
Administrative costs are $10,000 each month.
times•
Beginning accounts receivable (October 1) $20,000.
times•
Beginning inventory (October 1) $14,000.
times•
Beginning accounts payable (October 1) $60,000. (All from inventory purchases.)
times•
Purchases are paid in full the following month.
times•
Desired ending inventory is 20% of next month's cost of goods sold (COGS).
times•
No loans are outstanding on October 1
At the end of October, budgeted accounts receivable is:
A.
$40,000.
B.
$20,000.
C.
$60,000.
D.
None of the above is correct.
Homework Answers
| At the end of October, budgeted accounts receivable =October sales*40% = 100000*40% = $40000 | |||||||||
| Option A is correct | |||||||||
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The following information pertains to the October operating
budget for Flockhart Corporation.
times•
Budgeted sales for...
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