I need the answer as soon as possible Question: Al-Nasser Company plans to obtain banking facilities in the form of an overdraft account with Al-RasheedBank. Sales forecasts have been prepared (all of which are forward) for the years 1990 and 1991, as follows:Amount in thousandsmonth and year15001990 aar1500June5500July4000Faher6100September3100T first3200T second7600The first canon1500The second canon 1991A study prepared on the collection of receivables indicates as follows:1- 67.5% of sales are collected during the first month from the date of sale, i.e. in the same month.2- 80% of sales are collected during the first month from the date of sale.3-12% of sales are collected within two months from the date of sale.4- The remainder of the sales shall be collected within three months from the dateof the sale. The company used to pay the raw materials and labor wages during the month following the month of accruing them.has田These purchases are estimated as follows.Purchasesmonth and yearin thousands7501990 aar750June1700July197017002650septemberthe first1360T the7700second of DecenbeIn addition there are cash payments as follows:1- Administrative and general expenses in the amount of 225,000 dinarsper month. 2- Long-term rental payments of 75,000 dinars per month.3- Miscellaneous expenses 22500 dinars per month.4- Income tax payments of 55,500 dinars are due to be paid with this amount in each of the months of July, September and December.5- Payments on the account for the purchase of laboratories in the amount of 160,000 dinars in September, October and the second.6- The annual depreciation expenses amounted to 300,000 dinars annually.7- The cash balance in 1/7/1990 amounted to 110,000 dinars.8- The minimum balance of cash to be maintained during the budget period is 75,000 dinars.Required: Prepare the monthly cash budget for the last six months of 1990

Cash Budget: Cash budget is statement, which shows the cash inflows and outflows for the specific…

Answered: 8- The minimum balance of cash to be…

8- The minimum balance of cash to be maintained during the budget period is 75,000 dinars. Required: Prepare the monthly cash budget for the last six months of 1990

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 8PA: The following select financial statement information from Candid Photography. Compute the accounts...

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InvisiGuard Ltd sells security doors. Majority of its sales are on credit except small amount of cashsales each year. The accounting records at 30 June 2019 reveal the following. Ignore GST.Credit sales (for the year of 2019) $2,100,000Cash sales (for the year of 2019) 20,000Credit sales returns and allowances (for the year of 2019) 80,000Accounts receivable (balance at 30 June 2019) 593,000Allowance for doubtful debts (credit balance at 30 June 2019) 2,800The company’s yearly bad debts expense had been estimated at 2.5% of net credit sales revenue inthe past. The management of InvisiGuard Ltd has decided to compare the current method with anageing of accounts receivable method. The following analysis was obtained with respect to theaccounts receivable. Balance % of estimated uncollectableAccounts not yet due $351,200 1Accounts overdue 10 - 30 days 92,000 331 - 60 days 78,000 1061 - 120 days 40,800 30121 days and over 31,000 60 Total 593,000 Required:a) Prepare the journal entries to…
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