Homework Answers
Answer: $64,000
Calculations:
January purchases = 12,000 x $5 = $60,000
| Cash disbursement for inventory purchase in January: | |
| For December purchases | $40,000 |
| For January purchases [$60,000 x 40%] | $24,000 |
| Total | $64,000 |
Add Answer to:
ABC has completed the following inventory purchases budget. January 12,000 Inventory purchases budget in units Each...
ABC has completed the following inventory purchases budget. January Inventory 12,000 purchases budget in units Each...
ABC has completed the following inventory purchases budget. January Inventory 12,000 purchases budget in units Each unit costs $5. ABC purchases all inventory with cash. How much cash will be disbursed for inventory purchases in January? Select one: $0 none of these answers is correct $60,000 $12,000 January February Inventory 12,000 15,000 purchases budget in units Each unit costs $5. ABC pays 20% in the month of purchase and 80% in the month following the purchase. Accounts payable at December...
X Company has the following information from its purchases budget, payroll budget and capital expenditures budget....
X Company has the following information from its purchases budget, payroll budget and capital expenditures budget. Budgeted Month Inventory Purchases Payroll Capital Expenditures Depreciation January $ 80,000 $40,000 $10,000 $15,000 February 100,000 $50,000 $12,000 $15,000 March 70,000 $60,000 $14,000 $15,000 The company pays for all of its purchases of inventory in the month following the purchase. It pays 50% of its payroll in the month the wages are earned and 50% in the next month and it pays for all...
Summit Company has budgeted purchases of merchandise inventory of $454,500 in January and $532,000 in February....
Summit Company has budgeted purchases of merchandise inventory of $454,500 in January and $532,000 in February. Assume Summit pays for inventory purchases 60% in the month of the purchase and 40% in the month after purchase. The Accounts Payable balance on December 31 is $98,150. Prepare a schedule of cash payments for purchases for January and February. (If a box is not used in the table leave the box empty; do not enter a zero.) Cash Payments January February Total...
ABC company has budgeted $100,000 of sales for January Sales are 80% cash and 20% on...
ABC company has budgeted $100,000 of sales for January Sales are 80% cash and 20% on credit Credit sales are collected 100% in the month following the sale A/R at Dec 31 = $15,000 What are the cash collections for January? Select one: O $15,000 none of the answers is correct $95,000 O $100,000 ABC company has budgeted $200,000 of sales for January. Sales are 80% credit and 20% cash Credit sales are collected 100% in the month following the...
The following information pertains to the January operating budget for Casey Corporation. ·Budgeted sales for January...
The following information pertains to the January operating budget for Casey Corporation. ·Budgeted sales for January $100,000 and February $200,000 -Collections for sales are 60% in the month of sale and 40% the next month Gross margin is 30% of sales Administrative costs are $10,000 each month · Beginning accounts receivable is $20,000 -Beginning inventory is $14,000 -Beginning accounts payable is $60,000 (All from inventory purchases) Purchases are paid in full the following month Desired ending inventory is 20% of...
Problem 14-18 Preparing an inventory purchases budget and schedule of cash payments LO 14-3 Humboldt, Inc....
Problem 14-18 Preparing an inventory purchases budget and schedule of cash payments LO 14-3 Humboldt, Inc. sells fireworks. The company's marketing director developed the following cost of goods sold budget for April, May, June, and July April May June July $37,500 $34.000 $30,000 $45,000 Budgeted cost of goods sold Humboldt had a beginning inventory balance of $1,800 on April 1 and a beginning balance in accounts payable of $7.400. The company desires to maintain an ending inventory balance equal to...
You will use the information to prepare elements of the ABC Company Budget for the 4th...
You will use the information to prepare elements of the ABC Company Budget for the 4th quarter (October, November, and December) of 2018. The following balances were taken from the ABC Company’s balance sheet on September 30, 2018: Cash 25,000 Accounts Receivable 90,000 Inventory 30,000 Accounts Payable 54,000 The following information is also available and pertaining to ABC Company: ABC sells one product that is priced at $10/unit. Sales for the months of October and November are expected to...
Determining the amount of inventory purchases and cash payments Clement Oil Corporation, which distributes gasoline products...
Determining the amount of inventory purchases and cash payments Clement Oil Corporation, which distributes gasoline products to independent gasoline stations, had $240,000 of cost of goods sold in January. The company expects a 2.5 percent increase in cost of goods sold during February. The ending inventory balance for January is $20,000, and the desired ending inventory for February is $25,000. Clement pays cash to settle 60 percent of its purchases on account during the month of purchase and pays the...
Cash Budget Pasadena Candle Inc. pays 40% of its purchases on account in the month of...
Cash Budget Pasadena Candle Inc. pays 40% of its purchases on account in the month of the purchase and 60% in the month following the purchase. Purchases are budgeted to be $40,000 for August and $36,000 for September Prepare a simple cash budget for Pasadena Candle Inc. Pasadena Candle Inc. Schedule of Cash Payments for Purchases For the Month Ending September Total payments for purchases on accounts
Exercise 7-9B Determining the amount of inventory purchases and cash payments Clement Oil Corporation, which distributes...
Exercise 7-9B Determining the amount of inventory purchases and cash payments Clement Oil Corporation, which distributes gasoline products to independent gasoline stations, had $240,000 of cost of goods sold in January. The company expects a 2.5 percent increase in cost of goods sold during February. The ending inventory balance for January is $20,000, and the desired ending inventory for February is $25,000. Clement pays cash to settle 60 percent of its purchases on account Page 337during the month of purchase...
ABC has completed the following inventory purchases budget. January Inventory 12,000 purchases budget in units Each unit costs $5. ABC purchases all inventory with cash. How much cash will be disbursed for inventory purchases in January? Select one: $0 none of these answers is correct $60,000 $12,000 January February Inventory 12,000 15,000 purchases budget in units Each unit costs $5. ABC pays 20% in the month of purchase and 80% in the month following the purchase. Accounts payable at December...
Summit Company has budgeted purchases of merchandise inventory of $454,500 in January and $532,000 in February. Assume Summit pays for inventory purchases 60% in the month of the purchase and 40% in the month after purchase. The Accounts Payable balance on December 31 is $98,150. Prepare a schedule of cash payments for purchases for January and February. (If a box is not used in the table leave the box empty; do not enter a zero.) Cash Payments January February Total...
ABC company has budgeted $100,000 of sales for January Sales are 80% cash and 20% on credit Credit sales are collected 100% in the month following the sale A/R at Dec 31 = $15,000 What are the cash collections for January? Select one: O $15,000 none of the answers is correct $95,000 O $100,000 ABC company has budgeted $200,000 of sales for January. Sales are 80% credit and 20% cash Credit sales are collected 100% in the month following the...
The following information pertains to the January operating budget for Casey Corporation. ·Budgeted sales for January $100,000 and February $200,000 -Collections for sales are 60% in the month of sale and 40% the next month Gross margin is 30% of sales Administrative costs are $10,000 each month · Beginning accounts receivable is $20,000 -Beginning inventory is $14,000 -Beginning accounts payable is $60,000 (All from inventory purchases) Purchases are paid in full the following month Desired ending inventory is 20% of...
Problem 14-18 Preparing an inventory purchases budget and schedule of cash payments LO 14-3 Humboldt, Inc. sells fireworks. The company's marketing director developed the following cost of goods sold budget for April, May, June, and July April May June July $37,500 $34.000 $30,000 $45,000 Budgeted cost of goods sold Humboldt had a beginning inventory balance of $1,800 on April 1 and a beginning balance in accounts payable of $7.400. The company desires to maintain an ending inventory balance equal to...
Determining the amount of inventory purchases and cash payments Clement Oil Corporation, which distributes gasoline products to independent gasoline stations, had $240,000 of cost of goods sold in January. The company expects a 2.5 percent increase in cost of goods sold during February. The ending inventory balance for January is $20,000, and the desired ending inventory for February is $25,000. Clement pays cash to settle 60 percent of its purchases on account during the month of purchase and pays the...
Cash Budget Pasadena Candle Inc. pays 40% of its purchases on account in the month of the purchase and 60% in the month following the purchase. Purchases are budgeted to be $40,000 for August and $36,000 for September Prepare a simple cash budget for Pasadena Candle Inc. Pasadena Candle Inc. Schedule of Cash Payments for Purchases For the Month Ending September Total payments for purchases on accounts
Most questions answered within 3 hours.
-
An electron passes through a point 2.67 cm from a long straight
wire as it moves...
asked 34 minutes ago -
A grammar is a 4-tuple G, G = (Ν, Σ, Π, Σ, S) where, Ν is...
asked 1 hour ago -
In this part, calculate the present values. Use the Excel PV
function to compute the present...
asked 1 hour ago -
Part 1. Primitive Types, Sorting, Recursion for
Homework.java
a) Implement the static method initializeArray that receives...
asked 2 hours ago -
Using C++, build a sorter that can rank a sequence of numbers in
a descending order....
asked 2 hours ago -
Derive ground state term symbols. Use notation 2S(1/2) for state
2S1/2
a) d5
b) f3
c)...
asked 2 hours ago -
A sample of size 31 will be drawn from a population with mean 39
and standard...
asked 3 hours ago -
What is the effect on the P-value when a test is changed from a
two-tailed hypothesis...
asked 3 hours ago -
I wish to estimate µ, the mean of a population. After I collect
and an-
alyze...
asked 3 hours ago -
At a local university, you poll a group of 115 students and find
that 37 of...
asked 3 hours ago -
Gladstone company tracks the number of units purchased and sold
throughout each accounting period but applies...
asked 3 hours ago -
When determining if a molecule's configuration is E or Z, what
determines the higher priority groups?
asked 3 hours ago