Pink Martini Corporation is projecting a cash balance of $32,000 in its December 31, 2019, balance sheet. Pink Martini's schedule of expected collections from customers for the first quarter of 2020 shows total collections of $183,000. The schedule of expected payments for direct materials for the first quarter of 2020 shows total payments of $43,000. Other information gathered for the first quarter of 2020 is as follows: sale of equipment $2,000; direct labour $80,000, manufacturing overhead $33,000; selling and administrative expenses $40,000; and purchase of securities $12.000. Pink Martini wants to maintain a balance of at least $23.000 cash at the end of each quarter. Prepare a cash budget for the first quarter.
Q: Presented below is information related to copyrights owned by Fielding Company at December 31, 2020.…
A: 1) Loss on Impairment Dr. $1,430,000 To Copyrights A/c $1,430,000 (Being…
Q: How to calculate the gross profit for merchandise business? A. Total Sales minus all the operating…
A: The Gross profit is the excess of revenue over the cost of goods sold. It is the amount available…
Q: SANOFI Company uses a flexible budget for manufacturing overhead based on direct labor hours.…
A: The flexible budget is prepared on to compare the actual results with flexible data of production.…
Q: $800,000. If he received $200,000 in cash and 100 shares of stock, the resulting bases are: O Elon's…
A: Whenever a Business Entity sold goods or provide services, it receive something in consideration.…
Q: Power Company manufactures a variety of drill bits. The company's plant is partially automated. The…
A: In order to determine the Machine setup overhead assigned to the order, the activity rate of machine…
Q: Computation of Variable Cost Variances The following information pertains to the standard costs and…
A: Variance analysis is one of the important tool used for decision making. Under this, standard costs…
Q: Highland Company produces a lightweight backpack that is popular with college students. Standard…
A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve the first three…
Q: Question two - On 1/5/2017, VFS Company sold merchandise on account to TLS Company for 10,000 SAR. -…
A: The promissory notes means the notes that is issued by the customer of the company. In this the…
Q: In July what are the total estimated cash disbursements for raw materials purchases? Assume the cost…
A: Cash Disbursement of Raw materials purchase :— It is the cash payment for the purchase of raw…
Q: Prepare the entry to record the disposal of the machine on January 1 in each separate situation.
A: Record of asset disposal is elimination of assets from company’s accounting records. The main…
Q: Ina Corp. sold equipment costing P1,200,000 for P2,500,000. Old equipment was accepted as down…
A: Here discuss about the details of realized gross profit which are incurred to the sale of the…
Q: A. Muharraq Industrial Co. purchased a Tradename for $ 240,000 on July 1, 2021. The Trademname is…
A: "Since you have asked multiple questions, we will solve first question for you. If you want any…
Q: Brembo, an Italian automotive braking-systems supplier, has three alternative carbon ceramic…
A: Preferred Creditors - According to the relevant insolvency legislation, a lender with the authority…
Q: Twilight Company uses the aging of accounts receivable method to estimate Bad Debt Expense. The…
A: Introduction: A bad debt expense is reported when a receivable is no more recoverable because a…
Q: Finisterra, S.A. Finisterra, S.A., located in the state of Baja California, Mexico, manufactures…
A: The statement of cash flow is prepared by the company to determine the fluctuation in cash during a…
Q: Sandra deposits $3000 at the beginning of each semiannual period for 16 years at 8% interest…
A: Interest Rate - The fees assessed to the borrower in exchange for the assets taken from the lenders…
Q: OT Company y D decides to factor $60 its accounts receivables with recourse. The factoring company…
A: The accounts receivables means the amount that received in future. The accounts receivables arises…
Q: Magic Realm, Incorporated, has developed a new fantasy board game. The company sold 38,800 games…
A: Contribution: The number of profits that are left over after all direct expenditures have been…
Q: Instructions: 1. Prepare the journal entry at the date of the bond purchase. 2. Prepare the first 3…
A: Bond :— A bond is loan from an investor to a borrower such as a company or government. It's…
Q: The South Division of Wiig Company reported the following data for the current year. Sales Variable…
A: Return on Investment: Return on investment (ROI), also known as rate of return or yield, is a metric…
Q: 2. The Finishing Department started the month with 500 units in process, received 2,000 units from…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: Based on last year’s Statement of Comprehensive Income, the company’s marginal tax rate was 35%.…
A: Lease refers to the contractual agreement among two parties named as lessor and lessee where lessor…
Q: Rodriguez Company pays $410,670 for real estate with land, land improvements, and a building. Land…
A: Introduction:- The following basic information as follows under:- Land is appraised at $192,000;…
Q: What is the gain or loss c'est cheese would report on the sale of delivery van
A: Analysis of question :— Cash received from issuance of preferred stock is used to purchase milk…
Q: The financial statements for Castile Products, Incorporated, are given below: Castile Products,…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: The following data relate to the operations of Shilow Company, a wholesale distributor of consumer…
A: Note: Hi! Thank you for the question, As per the honor code, we are allowed to answer three…
Q: In 2018, Lakers Corporation acquired 3,000 shares of its P 20 par value ordinary share capital at…
A: Treasury shares are those shares which are being reacquired or repurchased by the company from its…
Q: 5. What is the maximum price that Silven should be willing to pay the outside supplier for a box of…
A: Lets understand the basics. When there is option to either make or buy product then management try…
Q: Major medical complexes and their service providers continue to move toward advanced health…
A: Depreciation refers to the reduction in the hysterical amount of tangible assets due to the usage of…
Q: ndicate all statements that are correct. Select one or more: a. Net Income is higher at first…
A: The lease system is type of arrangement in which right to use of the assets is given by payment of…
Q: Question 5 Emma Co manufactures electric motors. The company expects to sell 440 units in June and…
A: Manufacturing Overheads are indirectly incurred cost which could not be directly traced to…
Q: K Luigi's Restaurant offers a "buy one dinner get the other dinner for half price sale. The "half…
A: Markdown is the amount of discount is given from original price. Mark down ℅ is (Original selling…
Q: On July 27, 2011, Panda, Inc. sold goods to Small Company for P1,850,000 in exchange for a 4-year…
A: The notes receivables means a document in which the borrower issues a note to the lender that he…
Q: Which of the following budgets is not part of the cost of goods sold budget? a.Factory overhead…
A: Introduction: Your operating budget fundamentally includes the cost of goods sold (COGS) budget. The…
Q: Vitex, Incorporated manufactures a popular consumer product and it has provided the following data…
A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve first three…
Q: Acquisition Cost On January 1, 2017, Ruby Company purchased a piece of equipment with a list price…
A: Acquisition cost of equipment:— It is the purchase cost of equipment less discount plus any capital…
Q: Randall has received a special order for 4300 units of its product at a special price of $20. The…
A: Special orders are usually one-time and do not attract a fixed cost. So, if the firm has the…
Q: Record the following transactions in the general journal. 2. Post the…
A: Journal Entries Date Particulars Debit Credit 01-04-2022 Cash 40000 Common Stock 40000…
Q: What are the tax implications of the different methods through which property is disposed? USA
A: Taxation - Taxation is the imposition of a tax on individuals and various types of organizations,…
Q: Becton Labs, Incorporated, produces various chemical compounds for industrial use. One compound,…
A: Formula used: Direct material price variance=Standard price-Actual price×Actual quantity Direct…
Q: Given the stated fair values, if Rowe were to sell one-half of her interest in capital to someone…
A: You have asked multiple questions under a single question but we can provide under a single solution…
Q: 2. On January 1, 2020, Novatpa Company purchased $1,000,000, 6% bonds of Aguirre Co. for $947,574.…
A: Here discuss about the details of the valuation of bond with the amortization of discount which are…
Q: Perez Company paid a $440 cash dividend. Which of the following accurately reflects how this event…
A: The accounting equation states that assets equals to sum of liabilities and shareholders equity. The…
Q: What is the budgeted overhead rate for the assembly department? OA $0.80 per direct labor-hour OB…
A: Direct Costs are directly attributable to the specific product or department but indirect costs are…
Q: Games Co. has eight employees, each of whom earns $3,500 per month. Income taxes are 20% of gross…
A: Gross Pay: Gross pay is the amount an employee receives for their work that has not had any…
Q: Dimsdale Sports, a merchandising company, reports the following balance sheet at December 31.…
A: Budgeting is a estimated paln for a future period. Sales expenses plan is s spending budget,…
Q: Give brief introduction about accounting
A: Financial Accounting - Financial accounting is a subset of accounting that tracks a business's…
Q: Food Harvesting Corporation is considering purchasing a machine for $1,718,750. The machine is…
A: Introduction: The payback period is the number of years needed to repay the initial financial…
Q: Absorption and Variable Costing Income Statements During the first month of operations ended July…
A: The net income is calculated as difference between sales and total costs incurred. The costs are…
Q: On April 1, 2020, C'est Cheese issues 20,000 shares of 4%, $10 par, cumulative preferred stock $15…
A: Units of Activity Method The depreciation expense is determined by the asset's actual operational…
Step by step
Solved in 2 steps with 2 images
- Gear Up Co. pays 65% of its purchases in the month of purchase, 30% in the month after the purchase, and 5% in the second month following the purchase. What are the cash payments if it made the following purchases in 2018?Sheridan Corporation is projecting a cash balance of $32,100 in its December 31, 2019, balance sheet. Sheridan’s schedule of expected collections from customers for the first quarter of 2020 shows total collections of $197,950. The schedule of expected payments for direct materials for the first quarter of 2020 shows total payments of $46,010. Other information gathered for the first quarter of 2020 is sale of equipment $3,210; direct labor $74,900, manufacturing overhead $37,450, selling and administrative expenses $48,150; and purchase of securities $14,980. Sheridan wants to maintain a balance of at least $26,750 cash at the end of each quarter.Prepare a cash budget for the first quarter.Crane Corporation is projecting a cash balance of $31,800 in its December 31, 2024, balance sheet. Crane's schedule of expected collections from customers for the first quarter of 2025 shows total collections of $196, 100. The schedule of expected payments for direct materials for the first quarter of 2025 shows total payments of $45, 580. Other information gathered for the first quarter of 2025 is sale of equipment $3, 180; direct labor $74, 200, manufacturing overhead $ 37,100, selling and administartive expenses $47,700; and purchase of securities $14,840. Crane wants to maintain a balance of at least $26, 500 cash at the end of the quarter. Prepare a cash budget for the first quarter.
- The following information was extracted from NOVO cash budget for July 2019. The following data are as follows: Excess of cash available over disbursements is P700; cash balance as of July 1, 2019 is P 5,000 and a total cash disbursement for July is P22,500. The business can only borrow in round figures of P1,000 amounts. If the business is required to maintain a minimum cash balance of P100,000, how much money should be borrowed in July?Suppose that the Sales in December 2019 were 26,630. The sales are expected to grow by 7% in January 2020, by 5% in February 2020, and by 5% in March 2020. After that, the sales are expected to grow by 11%. The company's cash collection is as follows: 71% is collected in the same month and the remainder in the next month. What is the cash collection for July, 2020?Suppose that the Sales in December 2019 were 41,498. The sales are expected to grow by 5% in January 2020, by 10% in February 2020, and by 15% in March 2020. After that, the sales are expected to grow by 9%. The company's cash collection is as follows: 24% is collected in the same month, 47% is collected in the next month, and the remainder in the following month. What is the cash collection for July, 2020?
- Suppose that the Sales in December 2019 were 86,536. The sales are expected to grow by 9% in January 2020, by 14% in February 2020, and by 15% in March 2020. After that, the sales are expected to grow by 10%. The company's cash collection is as follows: 60% is collected in the same month and the remainder in the next month. What is the cash collection for June, 2020?Suppose that the Sales in December 2019 were 78,893. The sales are expected to grow by 15% in January 2020, by 4% in February 2020, and by 5% in March 2020. After that, the sales are expected to grow by 4%. The company's cash collection is as follows: 22% is collected in the same month, 22% is collected in the next month, and the remainder in the following month. What is the cash collection for June, 2020?Mr. James Pastor, a financial analyst for ABC Company, has prepared the following actual sales and cash disbursement for the months of August to September 2020 and estimates for the months of October to December of the current year: Month Sales: August P5,000,000; September P6,000,000; October P4,000,000; November P2,000,000; and December P2,000,000 Cash Disbursements: August P4,000,000; September P3,000,000; October P6,000,000; November P5,000,000; and December P2,000,000. Pastor notes that historically, 30% of sales have been for cash. Of credit sales, 70% are collected 1 month after the sale, and the remaining 30% are collected 2 months after the sale. The firm wishes to maintain a monthly minimum cash balance of P250,000. Balances above this amount would be invested in short-term government securities (marketable securities) whereas any deficits would be financed through short-term bank borrowings (notes payable). The beginning cash balance at October 1 is P1,200,000.a. Prepare…
- Adeline Sdn Bhd has engaged you to prepare its cash budget for July 2021. The following is the information extracted from its management report: May 2021 June 2021 July 2021 Credit sales 500,000 450,000 600,000 Purchases of direct material 300,000 500,000 550,000 Expenses 80,000 Other receipts: Sale of investments 30,000 Other payments: Purchase of van 60,000 All sales are on account. Collections are expected to be 50% in the month of sale, 30% in the first month following the sale, and 20% in the second month following the sale. Of direct material purchases, 40% are paid in cash in the month of purchase, and the balance due is paid in the month following the purchase. All other items and expenses above are paid in the month incurred. The cash balance on 1 July 2021 is expected to be RM60,000. Adeline wants to maintain a minimum cash balance of RM50,000. Required: How much will Adeline receive in…Serendipity, Inc. prepared cash estimates for the 3rd quarter of 2021 (3-months). The following estimates were developed for certain items: July August September Cash sales P 60,000 P 80,000 P 150,000 Credit sales 30,000 60,000 90,000 Purchases 60,000 55,000 75,000 Payroll 40,000 50,000 60,000 Other expenses 20,000 25,000 30,000 In June, credit sales totaled P50,000 and purchases totaled P60,000. May credit sales were P70,000. Accounts receivable collections amount to 50% in the month after the…Blue Devil Inc. expects the following cash receipts and disbursements during the first quarter of 2021 (receipts exclude new borrowings and disbursements exclude interest payments on borrowings since January 1, 2021): January February March Cash Receipts $430,000 $440,000 $400,000 Cash Disbursements $390,000 $520,000 $420,000 The expected cash balance at January 1, 2021, is $75,000. Blue Devil Inc. wants to maintain a cash balance at the end of each month of at least $60,000. Short-term borrowings at 1% interest per month will be used to accomplish this, if necessary. Borrowings (in multiples of $1,000) will be made at the beginning of the month in which they are needed, with interest for that month paid at the end of the month. Required: Prepare a cash budget for the quarter ended March 31, 2021 using the following Table. Blue Devil Inc.…