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. B D 1 July $64,000 August $80,000 September 2 Budgeted sales 3 Budgeted cash payments for Direct materials Direct labor Factory overhead $48,000 4 16,160 4,040 20,200 13,440 3,360 16,800 13,760 3,440 17,200 5 6 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; $45,000 in accounts receivable; $4,500 in accounts payable; and a $5,000 balance in loans payable. A minimum

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. B D 1 July $64,000 August $80,000 September 2 Budgeted sales 3 Budgeted cash payments for Direct materials Direct labor Factory overhead $48,000 4 16,160 4,040 20,200 13,440 3,360 16,800 13,760 3,440 17,200 5 6 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; $45,000 in accounts receivable; $4,500 in accounts payable; and a $5,000 balance in loans payable. A minimum

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter8: Budgeting

Section: Chapter Questions

Problem 6PA: Budgeted income statement and balance sheet As a preliminary to requesting budget estimates of...

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