Exercise 9-21 Missing Amounts; Various Types of Budgets (LO 9-3, 9-5, 9-6)Fill in the missing amounts in the following schedules.Complete this question by entering your answers in the tabs below.Required 1Required 2Required 3Required 4Required 5Fill in the missing amounts in the following schedules.Accounts payable, 12/31/x0Purchase of goods and services on account during20x1Payments of accounts payable during 20x1Accounts payable, 12/31/x1€300,0001,200,000€ 400,000< Required 1Required 3 >*Half of each month's sales are on account. March sales amounted to $60,000.160% of credit sales is collected in the month of sale; 40% is collected in the following month.+Yen is the Japanese national currency. Exercise 9-21 Missing Amounts; Various Types of Budgets (LO 9-3, 9-5, 9-6)Fill in the missing amounts in the following schedules.Complete this question by entering your answers in the tabs below.Required 1Required 2Required 3Required 4Required 5Fill in the missing amounts in the following schedules.AprilMayJuneSales*80,000 s60,000Cash receipts:From cash sales45,000From sales onaccountt34,000Total cash receipts< Required 1Required 2 >*Half of each month's sales are on account. March sales amounted to $60,000.160% of credit sales is collected in the month of sale; 40% is collected in the following month.+Yen is the Japanese national currency.

calculation of missing figure are as follows.

Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Fill in the missing amounts in the following schedules. Accounts payable, 12/31/x0 Purchase of goods and services on account during 20x1 Payments of accounts payable during 20x1 Accounts payable, 12/31/x1 € 300,000 1,200,000 € 400,000 < Required 1 Required 3 >

Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Fill in the missing amounts in the following schedules. Accounts payable, 12/31/x0 Purchase of goods and services on account during 20x1 Payments of accounts payable during 20x1 Accounts payable, 12/31/x1 € 300,000 1,200,000 € 400,000 < Required 1 Required 3 >

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter4: Internal Control And Cash

Section: Chapter Questions

Problem 66.2C

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Exercise 9-21 Missing Amounts; Various Types of Budgets (LO 9-3, 9-5, 9-6) Fill in the missing amounts in the following schedules. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Fill in the missing amounts in the following schedules. Accounts receivable, 12/31x0 Sales on account during 20x1 Collections of accounts receivable during 20x1 Accounts receivable, 12/31x1 340,000 t 900,000 (780,000) *Half of each month's sales are on account. March sales amounted to $60,000. 160% of credit sales is collected in the month of sale; 40% is collected in the following month. +Yen is the Japanese national currency.
Required: glored. 00. nidam aillim olgmoo Using Schedule 1 as your guide, prepare a schedule of expected cash collections from sales, 1. to vilidaliavs b by month and in total, for the second quarter. 2. What is the accounts receivable balance on June 30th? EXERCISE 8–2 Production Budget L08-3 Down Under Products, Ltd., of Australia has budgeted sales of its popular boomerang for the nay four months as follows: qlan nig Unit Sales oism oq April.... May .. June.... 50,000 bo 75,000 lloe be 90,000 .00A88 80,000 lo iben o ao wol July ... The company is now in the process of preparing a production budget for the second quarter. Past experience has shown that end-of-month inventory levels must equal 10% of the following month s unit sales. The inventory at the end of March was 5,000 units. Required: Using Schedule 2 as your guide, prepare a production budget by month and in total, for the second quarter. bottle of Mink Caress, a very popular perfume made eted pro- EXERCISE 8–3 Direct…
b. a. Prepare a schedule of cash payments for Fein Company for the month of August. OBJECTIVE 3 C. Exercise 9-45 Cash Budget The owner of a building supply company has requested a cash budget for June. After examining the records of the company, you find the following: Cash balance on June 1 is R7,360. b. Actual sales for April and May are as follows: d. F. a. April May Cash sales R180,000 Credit sales to 00 R530,000 Total sales R389,000 c. Credit sales are collected over a three-month period: R 40% in the month of sale, 30% in the second month, and 20% in the third month. The sales collected in the third month are subject to a 2% late fee, which is paid by those customers in addition to what they owe. The remaining sales are uncollectible. d. Inventory purchases average 64% of a month's total B sales. Of those purchases, 20% are paid for in the month of purchase. The remaining 80% are paid for in the following month. Salaries and wages total R117,500 per month, including a R45,000…
EX 9-21 (Algo) Missing Amounts; Various Types of Budgets (LO 9-3, 9-5, 9-6) For each independent situation complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Fill in the missing amounts in the following schedules. Half of each month's sales are on account. March sales amounted to $199,500. 70% of credit sales is collected in the month of sale; 30% is collected in the following month. Sales Cash receipts: From cash sales From sales on account Total cash receipts April May June $ 266,000 $ 199,500 $ 150,600 109,725
* CengageNOWv2 | Online teachin x .com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress%3false Cash Budget The controller of Sonoma Housewares Inc. instructs you to prepare a monthly cash budget for the next three months. You are presented with the following budget information: May June July Sales $146,000 $185,000 $248,000 Manufacturing costs 61,000 80,000 89,000 Selling and administrative expenses 42,000 50,000 55,000 Capital expenditures 60,000 The company expects to sell about 10% of its merchandise for cash. Of sales on account, 60% are expected to be collected in the month following the sale and the remainder the following month (second month following sale). Depreciation, insurance, and property tax expense represent $7,000 of the estimated monthly manufacturing costs. The annual insurance premium is paid in September, and the annual property taxes are paid in November. Of the remainder of the manufacturing costs, 85% are expected to be…
Saved Help 其 You received no credit for this question in the prevlous attempt Vie Exercise 13-35 (Algo) Estimate Cash Collections (LO 13-5) Minot Corporation is preparing its cash budget for August. The following information is availlable concerning its accounts receivable: Estimated credit sales for August Actual credit sales for July Estimated collections in August for credit sales in August Estimated collections in August for credit sales in July Estimated collections in August for credit sales prior to July Estimated write-offs in August for uncollectible credit sales Estimated provision for bad debts in August for credit sales in August $ 80,000 $ 60,000 25% 70% $6,000 $ 4,000 $2,700 Required: What is the estimated amount of cash receipts from accounts receivable collections in August? Estimated cash receipts $ 71,000
Please answer the first 3 parts - req 1, 2 and 3 according to the images attached Problem 8-29 (Algo) Completing a Master Budget [LO8-2, LO8-4, LO8-7, LO8-8, LO8-9, LO8-10] The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods: Current assets as of March 31: Cash $ 7,300 Accounts receivable $ 19,200 Inventory $ 38,400 Building and equipment, net $ 124,800 Accounts payable $ 22,800 Common stock $ 150,000 Retained earnings $ 16,900 The gross margin is 25% of sales. Actual and budgeted sales data: March (actual) $ 48,000 April $ 64,000 May $ 69,000 June $ 94,000 July $ 45,000 Sales are 60% for cash and 40% on credit. Credit sales are collected in the month following sale. The accounts receivable at March 31 are a result of March credit sales. Each month’s ending inventory should equal 80% of the following month’s budgeted cost of goods sold. One-half of a month’s inventory…
Exercise 9-21 Missing Amounts; Various Types of Budgets (LO 9-3, 9-5, 9-6) Fill in the missing amounts in the following schedules. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Fill in the missing amounts in the following schedules. Retained earnings, 12/31/x0 $ 2,050,000 Net income for 20x1 400,000 Dividends paid in 20x1 Retained earnings, 12/31/x1 *Half of each month's sales are on account. March sales amounted to $60,000. 160% of credit sales is collected in the month of sale; 40% is collected in the following month. +Yen is the Japanese national currency.
Question-4 REQUIRED Use the information provided by Empire Traders to prepare the following for March and April 2024: 4.1 Debtors Collection Schedule 4.2 Cash Budget. INFORMATION The following information was provided by Empire Traders: 1. Empire Traders expects to have a favourable bank balance of R60 000 on 28 February 2024. 2. Budgeted sales figures for 2024 are as follows: 3. 4. 5. 6. 7. Cash sales Credit sales 9. January R320 000 R370 000 Total purchases February R370 000 R390 000 March R310 000 R320 000 Thirty percent (30%) of the cash sales is to informal traders who are entitled to a discount of 10%. Collections from debtors are usually as follows: • 80% is collected in the month after the sale. 20% is collected two months after the sale. Purchases of inventory are expected to be as follows: January February R410 000 R460 000 April R250 000 R300 000 March R400 000 April R380 000 Sixty percent (60%) of the purchases is for cash to take advantage of a discount of 15%. The balance…
Data Year 2 Quarter Year 3 Quarter 1 2 3 4 1 2 Budgeted unit sales 40,000 60,000 100,000 50,000 70,000 80,000 • Selling price per unit • Accounts receivable, beginning balance • Sales collected in the quarter sales are made • Sales collected in the quarter after sales are made • Desired ending finished goods inventory is • Finished goods inventory, beginning • Raw materials required to produce one unit • Desired ending inventory of raw materials is • Raw materials inventory, beginning • Raw material costs • Raw materials purchases are paid and • Accounts payable for raw materials, beginning balance $12 per unit $65,000 75% 25% 30% of the budgeted unit sales of the next quarter 12,000 units 5 pounds 10% of the next quarter's production needs 23,000 pounds $0.80 per pound 60% in the quarter the purchases are made 40% in the quarter following purchase $81,500 •Direct labor cost per hour •Direct labor hour per unit $15 per hour 0.2 hour per unit $2 per hour $60,000 •Variable MOH rate…
Assets Cash Minden Company Balance Sheet April 30 Accounts receivable Inventory Buildings and equipment, net of depreciation Total assets Liabilities and Stockholders' Equity Accounts payable Note payable Common stock Retained earnings Total liabilities and stockholders' equity $ 11, 100 72,500 37,500 238,000 $ 359,100 $ 68,000 19,400 180,000 91,700 $ 359,100 The company is in the process of preparing a budget for May and assembled the following data: a. Sales are budgeted at $255,000 for May. Of these sales, $76,500 will be for cash; the remainder will be credit sales. One-half of a month's credit sales are collected in the month the sales are made, and the remainder are collected in the following month. All of the April 30 accounts receivable will be collected in May. b. Purchases of inventory are expected to total $189,000 during May. These purchases will all be on account. Forty percent of all purchases are paid for in the month of purchase; the remainder are paid in the following…
Exercise 7 (Cash Budget Analysis) A cash budget, by quarters, is given below for a retail company. (000 omitted). The company requires a minimum cash balance of P5,000 to start each quarter. Quarter 1 2 3 4 Year Cashbalance,beginning.. P9 P ? P ? P? P? Add collectionsfromcustomers.... ? ? 125 ? 391 Totalcash available... 85 ? ? Less disbursements: Purchaseofinventory. 40 58 ? 32 Operatingexpenses. 42 54 ? 180 Equipmentpurchases.. 10 8 8 36 Dividends... 2 2 2 2 ? Totaldisbursement.. 110 ? ? ? Excess (deficiency) of cash available Ordisbursements.... (3) 30 ? ? Financing: Borrowings.. ? 20 Repayments (including interest)*.. (?) (7) (?) Total financing... ? ? (?) (?) Cash balance, ending.... P ? P ? P ? P ? P? *Interest will total P4, 000 for the year. Required: Fill in the missing amounts in the table above.