Waterways Corporation is preparing its budget for the coming year, 2020. The first step is to plan for the first quarter of that coming year. The company has gathered information from its managers in preparation of the budgeting process.
Waterways likes to keep 10% of the next month’s unit sales in ending inventory. All sales are on account. 85% of the Accounts Receivable are collected in the month of sale, and 15% of the Accounts Receivable are collected in the month after sale. Accounts receivable on December 31, 2019, totaled $181,800.
Direct Materials
Direct materials cost 80 cents per pound. Two pounds of direct materials are required to produce each unit.
Waterways likes to keep 5% of the materials needed for the next month in its ending inventory. Raw Materials on December 31, 2019, totaled 11,220 pounds. Payment for materials is made within 15 days. 50% is paid in the month of purchase, and 50% is paid in the month after purchase. Accounts Payable on December 31, 2019, totaled $102,605.
Other Information
The Cash balance on December 31, 2019, totaled $100,000, but management has decided it would like to maintain a cash balance of at least $700,000 beginning on January 31, 2020. Dividends are paid each month at the rate of $2.50 per share for 4,720 shares outstanding. The company has an open line of credit with Romney’s Bank. The terms of the agreement requires borrowing to be in $1,000 increments at 9% interest. Waterways borrows on the first day of the month and repays on the last day of the month. A $540,000 equipment purchase is planned for February.
Need Cash Budget chart.
We need at least 6 more requests to produce the answer.
4 / 10 have requested this problem solution
The more requests, the faster the answer.
Waterways Corporation is preparing its budget for the coming year, 2020. The first step is to plan for the first quarter of that coming year. The company has gathered information from its managers in preparation of the budgeting process.
Waterways Corporation is preparing its budget for the coming year, 2020. The first step is to plan for the first quarter of that coming year. The company has gathered information from its managers in preparation of the budgeting process. Sales Unit sales for November 2019 114,000 Unit sales for December 2019 101,000 Expected unit sales for January 2020 114,000 Expected unit sales for February 2020 112,000 Expected unit sales for March 2020 117,000 Expected unit sales for April 2020 126,000...
Waterways Corporation is preparing its budget for the coming year, 2020. The first step is to plan for the first quarter of that coming year. The company has gathered information from its managers in preparation of the budgeting process. Sales Unit sales for November 2019 114,000 Unit sales for December 2019 102,000 Expected unit sales for January 2020 114,000 Expected unit sales for February 2020 113,000 Expected unit sales for March 2020 117,000 Expected unit sales for April 2020 126,000...
SalesUnit sales for November 2019114,000Unit sales for December 2019103,000Expected unit sales for January 2020114,000Expected unit sales for February 2020111,000Expected unit sales for March 2020116,000Expected unit sales for April 2020125,000Expected unit sales for May 2020136,000Unit selling price$12Waterways likes to keep 10% of the next month’s unit sales in ending inventory. All sales are on account. 85% of the Accounts Receivable are collected in the month of sale, and 15% of the Accounts Receivable are collected in the month after sale. Accounts...
Weygandt, Accounting Principles, 13e Help I System Announcements CAL CULATOR PRINTER VERSION BACK NEX Question 2 Waterways Corporation is preparing its budget for the coming year, 2020. The first step is to plan for the first quarter of that coming year. The company has gathered information from its managers in preparation of the budgeting process. Sales Unit sales for November 2019 Unit sales for December 2019 Expected unit sales for January 2020 Expected unit sales for February 2020 Expected unit...
company is preparing its budget for 2019. the company has collected the following information from the managers. 1. sales: sales for November 2018 112,500 units sales for the December 2018 102,100 units Expected sales for January 2019 113,000 units Expected sales for February 2019 112,500 units Expected sales for March 2019 116,000 units Expected sales for April 2019 125,000 units Expected sales for May 2019 137,500 units Selling price unit $12 The company likes to keep 15% of next months...
XX Ltd is preparing its budget for 2019. The company has collected the following information from the managers, 1. Sales: Sales for November 2018 Sales for December 2018 Expected sales for January 2019 Expected sales for February 2019 Expected sales for March 2019 Expected sales for April 2019 Expected sales for May 2019 Selling price per unit 112,500 102,100 113,000 112,500 116,000 125,000 137,500 $12 units units units units units units units The company likes to keep 15% of next...
This is all one question. Thank you, I will give you a thumbs up if correct! Waterways Corporation is preparing its budget for the coming year, 2020. The first step is to plan for the first quarter of that coming year. The company has gathered information from its managers in preparation of the budgeting process. Sales Unit sales for November 2019 Unit sales for December 2019 Expected unit sales for January 2020 Expected unit sales for February 2020 Expected unit...
all the pictures go together...Thank you so much! Waterways Continuing Problem 21 (Part Level Submission) Waterways Corporation is preparing its budget for the coming year, 2017. The first step is to plan for the first quarter of that coming year. Waterways gathered the following information from the managers. Sales Unit sales for November 2016 Unit sales for December 2016 Expected unit sales for January 2017 Expected unit sales for February 2017 Expected unit sales for March 2017 112,500 102,100 113,000...
I provided photos that have information need to answer the question. I only need help with the picture of Chart D (for the first quater of 2017, prepare a direct labor budget.) its the picture of the blank chart. Thank you! Waterways Corporation is preparing its budget for the coming year, 2017. The first step is to plan for the first quarter of that coming year. Waterways gathered the following information from the managers. Sales Unit sales for November 2016...
I provided pictures to help you solve the problem. I only need help with (Chart) (green and red) ( For the first quater of 2017, prepare a casg budget.) Waterways Corporation is preparing its budget for the coming year, 2017. The first step is to plan for the first quarter of that coming year. Waterways gathered the following information from the managers. Sales Unit sales for November 2016 Unit sales for December 2016 Expected unit sales for January 2017 Expected...