Homework Answers
Solution 6:
Effective cash planning for a company ideally requires, "Having enough cash on hand to pay bills within the discount period, but not having much more than that on hand"
Hence 2nd option is correct.
solution 7:
True, The balance in petty cash account is changed only when the authorized balance is changed or when the fund is not replenished at the end of the accounting period
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Question 6 1 pts Effective cash planning for a company ideally requires: having as little cash...
View Polides Current Attempt in Progress -/1 Blossom Company maintains a petty cash fund for small...
View Polides Current Attempt in Progress -/1 Blossom Company maintains a petty cash fund for small penditures. The following transactions occurred over a two month period: Feb. 1 Feb 15 Feb. 28 Established petty cash fund by writing a cheque on Algonquin Bank for $200.00. Replenished the petty cash fund by writing a cheque for $195.00. On this date the fund consisted of $500 in cash and the following petty cash receipts: Freight out $82.00 Postage expense 72.90 Entertainment expense...
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Question 1 Winter County enacted a law establishing a Highway Special Revenue Fund, effective January 1, 2020. The fund expenditures were to be financed by a special gasoline tax. Prepare journal entries to record the following transactions for the calendar year 2020. Then prepare a preclosing trial balance as of December 31,2020. a. Winter County adopted the following budget for the fund: Estimated revenues—gasoline taxes 855,000 Appropriations—maintenance salaries 745,000 Appropriations—maintenance supplies 90,000 Budgeted increase in fund balance 20,000 b. The...
Question 1 2 pts Crane Company is preparing a cash summary budget using the data below....
Question 1 2 pts Crane Company is preparing a cash summary budget using the data below. They have already prepared their cash receipts and cash payments budget so that data is provided: October November Beginning Cash Balance $16000 Expected Cash Receipts $63000 $95000 Expected Cash Payments $45000 $76000 Management always wants to maintain a $39,343 minimum cash balance at the end of every month. If there is an expected cash shortfall in the budget they will be proactive and borrow...
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3 of 4 (2 complete) HW Score: 5.71%, 3.43 of 60 pts Score: 0 of 10 pts CP22-57 Continuing Problem (similar to) Question Help Assume Dean Consulting began January with $14,000 cash. Management forecasts that cash receipts from credit customers will be $56,000 in January and $60,000 in February. Projected cash payments include equipment purchases (522,000 in January and $45,000 in February) and selling and administrative experises $10,000 each month). Dean's bank requires a $20,000 minimum balance in the firm's...
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Thank you in advance! Question 18 1 pts Aggregate Planning The following information will be used...
Thank you in advance!
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You have just been hired as a new manager at Bracelets Unlimited. In the past the company has done very little i...
You have just been hired as a new manager at Bracelets Unlimited. In the past the company has done very little in the way of budgeting. Since you are well rained in budgeting you have decided to prepare a comprehensive master budget for the upcoming year. You have worked with accounting and other areas of the company to compile the following information. The company sell its bracelets for $15 each. Actual sales for the last three months and budgeted sales...
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View Polides Current Attempt in Progress -/1 Blossom Company maintains a petty cash fund for small penditures. The following transactions occurred over a two month period: Feb. 1 Feb 15 Feb. 28 Established petty cash fund by writing a cheque on Algonquin Bank for $200.00. Replenished the petty cash fund by writing a cheque for $195.00. On this date the fund consisted of $500 in cash and the following petty cash receipts: Freight out $82.00 Postage expense 72.90 Entertainment expense...
Question 1 2 pts Crane Company is preparing a cash summary budget using the data below. They have already prepared their cash receipts and cash payments budget so that data is provided: October November Beginning Cash Balance $16000 Expected Cash Receipts $63000 $95000 Expected Cash Payments $45000 $76000 Management always wants to maintain a $39,343 minimum cash balance at the end of every month. If there is an expected cash shortfall in the budget they will be proactive and borrow...
3 of 4 (2 complete) HW Score: 5.71%, 3.43 of 60 pts Score: 0 of 10 pts CP22-57 Continuing Problem (similar to) Question Help Assume Dean Consulting began January with $14,000 cash. Management forecasts that cash receipts from credit customers will be $56,000 in January and $60,000 in February. Projected cash payments include equipment purchases (522,000 in January and $45,000 in February) and selling and administrative experises $10,000 each month). Dean's bank requires a $20,000 minimum balance in the firm's...
Homework: Topic 3 Homework (Chapter 22) Score: 9.55 of 10 pts 3 of 4 (3 complete) CP22-57 Continuing Problem (similar to) HW Score: 32.58%, 19.55 of 60 pts Question Help Assume Dean Consulting began January with $14,000 cash Management forecasts that cash receipts from credit customers will be $56,000 in January and 60.000 in February. Projected cash payments include upment purchases (522,000 in January and $45.000 in February) and selling and administrative expenses $10.00 each month) Dean's bank requires a...
Thank you in advance!
Question 18 1 pts Aggregate Planning The following information will be used for the next 8 problems (18-25). We strongly suggest using Excel to setup the aggregate plan associated with these questions (the Excel template file- 'SCM301_HW2_StuTemplate_Q18_25.xlsx' will be posted on Canvas). A key hospital supplier, IVs Plus (IVP) located in Salina, KS sells IV tubing and stands to hospitals and clinics. Sales have picked up ever since they introduced their newest “Squeaky Clean” IV stand,...
as a new manager at Bracelets Unlimited. In the past the company has done very little you have decided to prepare a comprehensive You have just been hired in the way of budgeting. Since you are well trained in budgeting master budget for the upcoming year. You have worked with accounting and other areas of the company to compile the following information. The company sell its bracelets for $15 each. Actual sales for the last three months and budgeted sales...
You have just been hired as a new manager at Bracelets Unlimited. In the past the company has done very little in the way of budgeting. Since you are well rained in budgeting you have decided to prepare a comprehensive master budget for the upcoming year. You have worked with accounting and other areas of the company to compile the following information. The company sell its bracelets for $15 each. Actual sales for the last three months and budgeted sales...
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