41) May Company has the following information:
Month Budgeted
Purchases
January &
41) May Company has the following information:
Month Budgeted
Purchases
January $33,000
February 37,000
March 31,000
April 30,000
May 27,680
Purchases are paid as follows:
75% in the month of purchase
25% one month after purchase
What is the expected balance in Accounts Payable on April
30?
A) 0
B) $7,500 this is the right answer. Please explain
everything
C) $20,250
D) $30,000
4. The Khaki Company has the following budgeted sales data:
January February March April Credit Sales...
4. The Khaki Company has the following budgeted sales data:
January February March April Credit Sales $350,000 $320,000
$400,000 $360,000 Cash Sales $70,000 $90,000 $80,000 $70,000 The
regular pattern of collection of credit sales is 30% in the month
of sales, 25% in the month following sales, and the remainder in
the second month following the month of sale. There are no bad
debts. Required: a. Determine budgeted cash receipts for April. b.
Determine budgeted accounts receivable balance on March...
Month
Budgeted Cash Sales
Budgeted Credit Sales
Budgeted Cash Purchases
Budgeted Credit Purchases
December
8,000
21,000...
Month
Budgeted Cash Sales
Budgeted Credit Sales
Budgeted Cash Purchases
Budgeted Credit Purchases
December
8,000
21,000
January
9,000
23,000
February
11,000
25,000
March
77,800
12,000
12,000
22,000
March
68,500
12,500
12,500
23,500
May
72,000
12,300
12,300
24,500
Wages & other operating expenses are estimated as
follows:
Month
Wages
Other Expenses
March
20,000
28,000
April
17,500
22,000
May
20,000
23,000
Newequipment purchased in February for $16,750 istobepaid
forin April.
New furniture purchased in March for $15,000 isto be paid...
The following credit sales are budgeted by ELO Company:
January
$51,000
February
$75,000
March
$105,000
April...
The following credit sales are budgeted by ELO Company:
January
$51,000
February
$75,000
March
$105,000
April
$90,000
The company’s past experience indicates that 70% of the accounts
receivable are collected in the month of sale, 20% in the month
following the sale, and 8% in the second month following the sale.
The anticipated cash inflow for the month of April is:
$84,000.
$90,000.
$88,200.
$92,580.
New Corp began operations in January. Purchases for January,
February, and March were $40,000, $50,000, and...
New Corp began operations in January. Purchases for January,
February, and March were $40,000, $50,000, and $70,000,
respectively. New Corp pays 40% of each month’s purchases in the
month of purchase and 60% in the following month. How much total
cash will be paid in March regarding purchases
Zisk Co. purchases raw materials on account. Budgeted purchase
amounts are April, $92,000; May, $122,000; and...
Zisk Co. purchases raw materials on account. Budgeted purchase
amounts are April, $92,000; May, $122,000; and June, $132,000.
Payments are made as follows: 70% in the month of purchase and 30%
in the month after purchase. The March 31 balance of accounts
payable is $34,000. Prepare a schedule of budgeted cash payments
for April, May, and June.
Webster Company has the following
sales budget.
January
$200,000
February 
Webster Company has the following
sales budget.
January
$200,000
February
$240,000
March
$300,000
April
$360,000
Cost of
sales is 70% of sales. Sales are collected 40% in the month of sale
and 60% in the following month. Webster keeps inventory equal to
double the coming month's budgeted sales requirements. It pays for
purchases 80% in the month of purchase and 20% in the month after
purchase. Inventory at the beginning of January is
$190,000. Webster...
he following credit sales are budgeted by Wildhorse
Co.:
January
$330500
February
486000
March
680400
April...
he following credit sales are budgeted by Wildhorse
Co.:
January
$330500
February
486000
March
680400
April
583200
The company’s past experience indicates that 70% of the accounts
receivable are collected in the month of sale, 20% in the month
following the sale, and 8% in the second month following the sale.
The anticipated cash inflow for the month of March is
$599920.
$544320.
$583200.
$571540.
Upstairs Company has the following data:
Month Budgeted Sales January $108,000 February 132,000 March
144,000 April...
Upstairs Company has the following data:
Month Budgeted Sales January $108,000 February 132,000 March
144,000 April 120,000 The gross profit rate is 40% of sales and
ending inventory at December 31 was $19,440. Desired ending
inventory levels are 30% of next month's sales at cost. What are
the expected total purchases for February?
A) $79,200
B) $81,360
C) $102,960
D) $105,120
Answer: B The correct option:B) $ 81,360
Can someone show me the steps to below numbers? the calculation
steps?...
Morgan Company's budgeted income statement reflects the
following amounts:
Sales
Purchases
Expenses
January
$
117,000
$...
Morgan Company's budgeted income statement reflects the
following amounts:
Sales
Purchases
Expenses
January
$
117,000
$
75,000
$
23,700
February
107,000
63,000
23,900
March
122,000
78,250
26,700
April
127,000
81,500
28,300
Sales are collected 50% in the month of sale, 25% in the month
following sale, and 24% in the second month following sale. One
percent of sales is uncollectible and expensed at the end of the
year.
Morgan pays for all purchases in the month following purchase
and takes...