=Here are some important figures from the budget of Nashville Nougats, Incorporated, for the second quarter of 2022:Hay$ 355,000171,000Credit salesCredit purchasesCash disbursementsWages, taxes, and expensesInterestEquipment purchasesBeginning cash balanceCash receiptsCash collections from credit salesTotal cash availableCash disbursementsPurchasesWages, taxes, and expensesInterestApril$ 406,000183,000The company predicts that 5 percent of its credit sales will never be collected, 35 percent of its sales will be collected in the month ofthe sale, and the remaining 60 percent will be collected in the following month. Credit purchases will be paid in the month followingthe purchase. In March 2022, credit sales were $333,000.Equipment purchasesTotal cash disbursements80,1009,80035,000Using this information, complete the following cash budget.Note: Do not round intermediate calculations and round your answers to the nearest whole number, e.g., 32.Ending cash balance75,6009,8007,500$$June$ 443,000204,000104,3009,800151,000April113,000175,000MayJune

The cash budget is the predetermined statement prepared by the company estimating possible future…

Answered: Here are some important figures from…

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter13: Budgeting And Standard Costs

Section: Chapter Questions

Problem 14CDQ

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What is the amount of budgeted cash payments if purchases are budgeted for $190,500 and the beginning and ending balances of accounts payable are $21,000 and $25,000, respectively?
ONLY ANSWER QUESTION (B) the task of preparing the cash budget for the business for the quarter ending September 30, 2022. Your data collection has yielded the following:i) Extracts from the sales and purchases budgets are as follows:Month CashSales SalesOn Account CashPurchases PurchasesOn AccountMay $75,000 $480,000 $390,000June $135,000 $600,000 $36,000 $360,000July $86,800 $720,000 $61,700 $450,000August $105,600 $640,000 $68,800 $400,000September $112,500 $800,000 $77,250 $500,000ii) An analysis of the records shows that trade…
I ne Tollowing information is available from various budgets for the current period: Account Cash Accounts Receivable Merchandise Inventory Insurance Expense (expense incurred during the period) Equipment Depreciation Expense - Equipment (expense incurred during the period) Budget Cash budget Amount $20,000 Schedule of cash receipts from customers 38,000 Inventory, purchases, and cost of goods sold budget 47,000 Selling and administrative expense budget 2,000 Capital expenditures budget 31,000 Selling and administrative expense budget 1,000 The following balances are available from the balance sheet at the end of the previous year: Prepaid Insurance Equipment Accumulated Depreciation Equipment $6,000 22,000 1,000 What would be the amount of total assets on the budgeted balance sheet?
Splish Company has accumulated the following budget data for the year 2022: 1. 2. 3. 4. 5. 6. 19 Sales: 27,900 units; unit selling price $82 Cost of one unit of finished goods: direct materials, 2 kg at $5 per kilogram; direct labour, 3 hours at $13 per hour; and manufacturing overhead, $6 per direct labour hour Inventories (raw materials only): beginning, 9,900 kg; ending, 14,100 kg Raw materials cost: $5 per kilogram Selling and administrative expenses: $201,000 Income taxes: 30% of income before income taxes
the task of preparing the cash budget for the business for the quarter ending September 30, 2022. Your data collection has yielded the following:i) Extracts from the sales and purchases budgets are as follows:Month CashSales SalesOn Account CashPurchases PurchasesOn AccountMay $75,000 $480,000 $390,000June $135,000 $600,000 $36,000 $360,000July $86,800 $720,000 $61,700 $450,000August $105,600 $640,000 $68,800 $400,000September $112,500 $800,000 $77,250 $500,000ii) An analysis of the records shows that trade receivables (accounts receivable)…
Using a separate columnar worksheet or Excel worksheet, prepare a Cash Budget by month for the quarter ending September 30, 2021, from the following data obtained from the CONSCIOÜNESS Company. Support your solution with schedules of estimated receipts and payments. August P 16,000 150,000 July September Cash Sales P 12,000 P 18,000 Credit Sales Purchases 110,000 120,000 90,000 120,000 110,000 Operating expenses Interest expense 15,000 18,000 16,000 2,000 Credit sales are collected 50% in the month of sales, 40% on the month following, 8% in the second month following and 2% uncollectible. Credit sales for May and June are expected to be P100,000 and P90,000, respectively. Purchases of merchandise, all on account, are paid 60% in the month of purchase and 40% in the month following. Purchases for June are estimated at P80,000. Expenses include depreciation of P2,000 monthly, and are paid in the month incurred. Cash balance on June 30, 2021.
Prepare a Budgeted Statement of Financial Position as at 31 December 2022 using the below information: Statement of comprehensive income for the year ended 31 December 2021Sales 10 000 000Cost of sales (5 750 000)Gross profit 4 250 000Variable selling and administrative expenses (1 500 000)Fixed selling and administrative expenses (500 000)Net profit 2 250 000 Statement of financial position as at 31 December 2021ASSETSNon-current assets 800 000Property, plant and equipment 800 000Current assets 3 400 000Inventories 1 600 000Accounts receivable 600 000Cash 1 200 000 4 200…
The following information is available from various budgets for the current period: Amount Budget Cash budget Account Cash Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation - Equipment Schedule of cash receipts from customers Inventory, purchases, and cost of goods sold budget Selling and administrative expense budget Capital expenditures budget OA. $173,000 OB. $164,000 OC. $159,000 O D. $162,000 $28,000 Merchandise Inventory Insurance Expense (expense incurred during the period) Equipment Depreciation Expense Equipment (expense incurred during the period) Selling and administrative expense budget 2,000 The following balances are available from the balance sheet at the end of the previous year: $5,000 28,000 7,000 What would be the amount of total assets on the budgeted balance sheet? 35,000 41,000 2,000 36,000
Ivanhoe Corporation prepares monthly cash budgets. Here are relevant data from operating budgets for 2025. Sales Purchases Salaries Administrative expenses Selling expenses Other data. 2. January $360,300 3. 121,000 4. 84,400 71,600 79,300 February All sales and purchases are on account. Eudgeted collections and disbursement data are given below. All other expenses are paid in the month incurred. Administrative expenses include $1,100 of depreciation per month. $400,600 130,900 1. Collections from customers: January $330,600; February $379,000. Payments for purchases: January $102,600; February $143,100. Other receipts: January: collection of December 31, 2024, notes receivable $17,600; February: proceeds from sale of securities $5,200. Other disbursements: February $12,000 cash dividend. 81,200 73,900 86,400 The company's cash balance on January 1, 2025, is expected to be $47,700. The company wants to maintain a minimum cash balance of $56,020. Prepare a cash budget for January and…
Q1. Below are the budgeted revenue and expenses for a restaurant for the year 2022. RM (*000) 71,250 Revenue Sales RM ('000) 28,500 4,200 17,100 Expenses Cost of supplies Salaries Wages Depreciation Repair and Maintenance Advertisement Laundry Interest on Loan Miscellaneous expenses Utilities 900 3,000 1,500 200 2,200 2,300 650 Below are the additional information given to you for further analysis: The expected pattern of sales for the year 2022 are as follows and it is the company policy to analyse based on quarters. Percentage of sales 24 Quarter 1 2 20 3 24 4 32 75% of the sales are on a cash basis and the balance will be received in the next quarter. The costs of supplies vary directly with sales and a constant stock value of supplies are kept. 20% of purchases of the food and drinks are for cash and the balance are paid during next quarter. 80% of the repairs and maintenance item is for a major redecoration to be paid in the third quarter. Wages, which are variable with sales, are…
ere are some important figures from the budget of Crenshaw, Inc., for the second quarter of 2019. April May June Credit sales $ 689,000 $ 598,000 $ 751,000 Credit purchases 302,000 282,000 338,000 Cash disbursements Wages, taxes, and expenses 137,000 129,000 179,000 Interest 15,600 15,600 15,600 Equipment purchases 53,500 6,600 248,000 The company predicts that 5 percent of its credit sales will never be collected, 35 percent of its sales will be collected in the month of the sale, and the remaining 60 percent will be collected in the following month. Credit purchases will be paid in the month following the purchase. In March 2019, credit sales were $561,000. Using this information, complete the following cash budget: (Do not round intermediate calculations and round your answers to the nearest whole number,…
Please draft a budgeted receipt schedule from debtors for the period of 1 January 2023 to 30 June 2023. Month of 2023 Budgeted total sales: 1. January 140 000 2. February 132 000 3. March 128 000 4. April 115 000 5. May 120 000 6. June 150 000 Additional information: Total sales for September 2022, October 2022, November 2022 and December 2022 were R 120 000, R128 000 and R134 000 and R140 000 respectively. The goods sold on credit were 60% of actual sales. Customers will pay their debt as follows: . ⚫ 0% in the first month after the month of sale • 60% in the second month after the month of sale • 30% in the third month after the month of sale 10% in the fourth month after the month of sale

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