Joanne Coffey owns a retail business. She sells all her products for cash or bank transfer and lodges all cash received to the business bank account at the end of every day. Her suppliers provide her with one month's credit. At 1 April, the business bank balance is €4160. Her budgeted sales for the month are €11701 and her budgeted purchases are €5849. Her purchases in March were €5090. Her other budgeted expenses for April were wages and salaries of €1768 and light and heat of €1082. The energy supplier issues bills every second month and they must be paid within one week. The bill for April/May is due arrive in the first week of June. The shop's rent is €1343 a month, payable every quarter (with the first payment of the year payable on January 2nd). Based on this, what is Joanne's budgeted closing cash balance at 30 April?

Joanne Coffey owns a retail business. She sells all her products for cash or bank transfer and lodges all cash received to the business bank account at the end of every day. Her suppliers provide her with one month's credit. At 1 April, the business bank balance is €4160. Her budgeted sales for the month are €11701 and her budgeted purchases are €5849. Her purchases in March were €5090. Her other budgeted expenses for April were wages and salaries of €1768 and light and heat of €1082. The energy supplier issues bills every second month and they must be paid within one week. The bill for April/May is due arrive in the first week of June. The shop's rent is €1343 a month, payable every quarter (with the first payment of the year payable on January 2nd). Based on this, what is Joanne's budgeted closing cash balance at 30 April?

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter17: Activity Resource Usage Model And Tactical Decision Making

Section: Chapter Questions

Problem 6E: Elliott, Inc., has four salaried clerks to process purchase orders. Each clerk is paid a salary of...

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