Mast Corporation seeks your assistance in developing cash and other budget information for May, June, and...
Mast Corporation seeks your assistance in developing cash and other budget information for May, June, and July. At April 30, the company had cash of $11,000, accounts receivable of $855,000, inventories of $122,625, and accounts payable of $29,134. The budget is to be based on the following assumptions. • Each month's sales are billed on the last day of the month. • Customers are allowed a 2 percent discount if payment is made within 10 days after the billing date....
Mast Corporation seeks your assistance in developing cash and other budget information for May, June, and July. At April 30, the company had cash of $11,000, accounts receivable of $876,000, inventories of $106,920, and accounts payable of $30,536. The budget is to be based on the following assumptions. Each month’s sales are billed on the last day of the month. Customers are allowed a 2 percent discount if payment is made within 10 days after the billing date. Receivables are...
Mast Corporation seeks your assistance in developing cash and other budget information for May, June, and July. At April 30, the company had cash of $11,000, accounts receivable of $876,000, inventories of $128,520, and accounts payable of $36,202. The budget is to be based on the following assumptions. Each month’s sales are billed on the last day of the month. Customers are allowed a 2 percent discount if payment is made within 10 days after the billing date. Receivables are...
D. Tomlinson Retail seeks your assistance in developing cash and other budget information for May, June, and July. The store expects to have the following balances at the end of April: Cash Accounts receivable Inventories Accounts payable $ 5,400 489,000 281,400 150, 190 The firm follows these guidelines in preparing its budgets: • Sales. All sales are on credit with terms of 3/10, n/30. Tomlinson bills customers on the last day of each month. The firm books receivables at gross...
Item1 11.11points eBook Print References Check my workCheck My Work button is now enabled Item 1 Item 1 11.11 points Mast Corporation seeks your assistance in developing cash and other budget information for May, June, and July. At April 30, the company had cash of $10,000, accounts receivable of $874,000, inventories of $143,880, and accounts payable of $35,975. The budget is to be based on the following assumptions. Each month’s sales are billed on the last day of the month....
Deacon Company is a merchadising company that is preparing a budget for the three-month period ended june 30th. The following information is available Deacon Company is a merchandising company that is preparing a budget for the three-month period ended June 30th. The following information is available Deacon Company Balance Sheet March 31 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...
You have been asked to prepare the monthly cash budget for June and July for the Merchandise and Mercantile Company. The company sells a unique product that is specially made for it by a major product manufacturer. The selling price is $35.00 per unit. All sales are on account. Merchandise purchases are also on account. The policy of the company is to purchase sufficient quantity of product to ensure that each month's ending inventory is 50% of the following month's...
You have been asked to prepare the monthly cash budget for June and July for the Merchandise and Mercantile Company. The company sells a unique product that is specially made for it by a major product manufacturer. The selling price is $35.00 per unit. All sales are on account. Merchandise purchases are also on account. The policy of the company is to purchase sufficient quantity of product to ensure that each month's ending inventory is 50% of the following month's...
Cash Budget The Williams Supply Company sells for $40 one product that it purchases for $25. Budgeted sales in total dollars for next year are $1,400,000. The sales information needed for preparing the July budget follows: Month Sales Revenue May $ 34,000 June 48,000 July 56,000 August 64,000 Account balances at July 1 include these: Cash $ 24,000 Merchandise inventory 17,500 Accounts receivable (sales) 25,760 Accounts payable (purchases) 16,250 The company pays for one-half of its purchases in the month...
You have been asked to prepare the monthly cash budget for June and July for the Merchandise and Mercantile Company. The company sells a unique product that is specially made for it by a major product manufacturer. The selling price is $18.00 per unit. All sales are on account. Merchandise purchases are also on account. The policy of the company is to purchase sufficient quantity of product to ensure that each month’s ending inventory is 50% of the following month’s...