ZuoTi.Pro
Question

Springfield Company's master budget includes estimated costs and expenses of $500,000 for its third quarter of...

Springfield Company's master budget includes estimated costs and expenses of $500,000 for its third quarter of operations. Of this amount, $458,000 is expected to be financed with current payables. Depreciation expense for the quarter is budgeted at $40,000. Springfield's prepayments balance at the end of the third quarter is expected to be twice that of its prepayments balance at the beginning of the quarter. The company estimates it will prepay expenses totaling $8,700 in the third quarter.

What is Springfield's budgeted prepayments balance at the end of the third quarter?

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

payments to be sxpied-sooD 2000 payments ndg preynentt

0 0
Add a comment
Know the answer?
Add Answer to:
Springfield Company's master budget includes estimated costs and expenses of $500,000 for its third quarter of...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Built-Tight is preparing its master budget for the quarter ended September 30

    Built-Tight is preparing its master budget for the quarter ended September 30. Budgeted sales and cash payments for product costs for the quarter follow. Sales are 20% cash and 80% on credit. All credit sales are collected in the month following the sale. The June 30 balance sheet includes balances of $15,000 in cash; $44,400 in accounts receivable; $3,900 in accounts payable; and a $4,400 balance in loans payable. A minimum cash balance of $15,000 is required. Loans are obtained at...

  • LBL Corporation is preparing its master budget for the first quarter of the upcoming year. The...

    LBL Corporation is preparing its master budget for the first quarter of the upcoming year. The following contains detail on LBL’s operations necessary for their master budget: LBL Corporation is preparing its master budget for the first quarter of the upcoming year. The following contains detail on LBL's operations necessary for their master budget: Sales Information Actual Projected Sales are as follows: December (Prior Year; Actual): $75,000 January (Estimated) $85,000 February (Estimated): $91,000 March (Estimated): $96,000 April (Estimated): $112,000 May...

  • Beech Corporation is a merchandising company that is preparing a master budget for the third quarter...

    Beech Corporation is a merchandising company that is preparing a master budget for the third quarter of the calendar year. The company’s balance sheet as of June 30th is shown below: Beech Corporation Balance Sheet June 30 Assets Cash $ 86,000 Accounts receivable 138,000 Inventory 75,000 Plant and equipment, net of depreciation 229,000 Total assets $ 528,000 Liabilities and Stockholders’ Equity Accounts payable $ 90,000 Common stock 351,000 Retained earnings 87,000 Total liabilities and stockholders’ equity $ 528,000 Beech’s managers...

  • B&B, Inc. is preparing its master budget for the first quarter of its calendar year. The...

    B&B, Inc. is preparing its master budget for the first quarter of its calendar year. The following forecasted data relate to the first quarter: Unit sales:    January 40,000    February 55,000    March 50,000 Unit sales price $25 Cost of goods sold per unit $13 Expenses:    Commissions 10% of sales    Rent $20,000/month    Advertising 15% of sales    Office salaries $75,000/month    Depreciation $50,000/month    Interest 15% annually on a $250,000 note payable Tax rate 40% Prepare a budgeted income statement for this first quarter.

  • Beech Corporation is a merchandising company that is preparing a master budget for the third quarter...

    Beech Corporation is a merchandising company that is preparing a master budget for the third quarter of the calendar year. The company’s balance sheet as of June 30th is shown below: Beech Corporation Balance Sheet June 30 Assets Cash $ 82,000 Accounts receivable 129,000 Inventory 52,500 Plant and equipment, net of depreciation 217,000 Total assets $ 480,500 Liabilities and Stockholders’ Equity Accounts payable $ 78,000 Common stock 347,000 Retained earnings 55,500 Total liabilities and stockholders’ equity $ 480,500 Beech’s managers...

  • Beech Corporation is a merchandising company that is preparing a master budget for the third quarter...

    Beech Corporation is a merchandising company that is preparing a master budget for the third quarter of the calendar year. The company’s balance sheet as of June 30th is shown below: Beech Corporation Balance Sheet June 30 Assets Cash $ 72,000 Accounts receivable 128,000 Inventory 60,900 Plant and equipment, net of depreciation 218,000 Total assets $ 478,900 Liabilities and Stockholders’ Equity Accounts payable $ 79,000 Common stock 308,000 Retained earnings 91,900 Total liabilities and stockholders’ equity $ 478,900 Beech’s managers...

  • Okay Company is preparing to build its master budget. The budget will detail each quarter's activity and the activity for the year in total.

    Master Budget ProjectOkay Company is preparing to build its master budget. The budget will detail each quarter's activity and the activity for the year in total. The master budget will be based on the following information:a. This will be the first year of operation for Okay Company.b. Budgeted unit sales by quarter for 2017 are projected as follows: First quarter 6,300 , Second quarter 6,100 , Third quarter 6,100 & Fourth quarter 6,450 . First and second quarter 2018 budgeted...

  • Hamby Corporation is a merchandising company that is preparing a master budget for the third quarter...

    Hamby Corporation is a merchandising company that is preparing a master budget for the third quarter of the calendar year. The company’s balance sheet as of June 30th is shown below: Hamby Corporation Balance Sheet June 30 Assets Cash $ 76,000 Accounts receivable 137,000 Inventory 86,100 Plant and equipment, net of depreciation 230,000 Total assets $ 529,100 Liabilities and Stockholders’ Equity Accounts payable $ 91,000 Common stock 312,000 Retained earnings 126,100 Total liabilities and stockholders’ equity $ 529,100 The company...

  • Beech Corporation is a merchandising company that is preparing a master budget for the third quarter...

    Beech Corporation is a merchandising company that is preparing a master budget for the third quarter of the calendar year. The company's balance sheet as of June 30th is shown below Cash Beech Corporation Balance Sheet June 30 Assets $ 90.000 Accounts receivable 136.000 Inventory 62,000 Plant and equipment, net of 210,000 depreciation Total assets $498,000 Liabilities and Stockholders' Equity Accounts payable $ 71,100 Common stock 327,000 Retained earnings 99,900 Total Ilabilities and $498,000 stockholders' equity Beech's managers have made...

  • Kelsey is preparing its master budget for the quarter ended September 30. Budgeted sales and cash...

    Kelsey is preparing its master budget for the quarter ended September 30. Budgeted sales and cash payments for merchandise for the next three months follow. Budgeted July 562,450 43.600 August $81,500 32.009 September $49,609 3 2.30 Cash payments for nerchandise Sales are 20% cash and 80% on credit. All credit sales are collected in the month following the sale. The June 30 balance sheet Includes balances of $13.900 in cash, $51,100 in accounts receivable; $6,100 in accounts payable, and a...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT