JANUARY FEBRUARY MARCH ABBOT MERCHANDISE Purchases Returns $21,948 $14,576 $12,945 $4,367 $987 $2,398 Discounts $2,000 $100 $1,156 CABOT FARMS Purchases $12,978 $9,567 $14,503 Returns $1,298 $876 $904 Discounts $100 $400 $250 DIVERSITY SERVICES Purchases $18,756 $15,678 $12,987 Returns $257 $125 $359 Discounts $25 $75 $250 displayed information, what was the total amount paid to Diversity Service $46,330
Q: Threadz is the primary provider of spirit apparel for many high schools. Management has been…
A: Variance analysis compares actual performance with budgeted performance to identify differences and…
Q: Cash Flow from Financing Activities $12,000 Using the information for the Melville Corporation,…
A: Cash flow from investing activity includes transactions like the purchase and sale of long-term…
Q: Banchero Corp. purchases an investment in Kleber Co. at a price of $20.0 million. This represents a…
A: The company can make investments in other companies. The company can use the equity method to…
Q: Concord Corporation began operations on January 1, 2022. During its first 3 years of operations,…
A: Retained Earnings is a statement that includes accumulated profit earned over a period of time. This…
Q: i need the answer quickly
A: A formal document that summarizes the financial actions and status of a company, group, or person is…
Q: Walkenhorst Company's machining department prepared its 2022 budget based on the following data:…
A: "Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…
Q: Huron Company produces a commercial cleaning compound known as Zoom. The direct materials standard…
A: Standard costing: Under this costing method, the expected costs are used in the accounting records…
Q: Shadee Corporation expects to sell 580 sun shades in May and 400 in June. Each shade sells for $134.…
A: Budgeted Income Statement : Basic financial report that forecasts estimated profits, revenue, and…
Q: a. Prepare all journal entries, including December 31 adjusting entries, to record the foreign…
A: Forward Exchange Contact :Simply, forward exchange contract is entered into by two parties to buy or…
Q: Inventory Analysis The following data were extracted from the income statement of Brecca Systems…
A: The objective of the question is to calculate the inventory turnover and days' sales in inventory…
Q: Garcia Company issues 10%, 15-year bonds with a par value of $190,000 and semiannual interest…
A: The bonds are reported as the long-term liabilities in the balance sheet. The bonds are issued at…
Q: Required information Problem 12-47 (LO 12-3) (Algo) [The following information applies to the…
A: An employee benefit that some businesses offer to aid with the cost of commuting expenses when…
Q: (Give the exaplanation of formula and concept.do not provide plagarised content otherwise i dislike)…
A: The objective of the question is to calculate the dividend revenue of Isle Royale Inc. from Lake…
Q: During 2022, Sigma Company earned service revenue amounting to $770,000, of which $630,000 was…
A: The accrual concept recognizes revenue and expenses when they are earned or incurred, regardless of…
Q: Required information Skip to question [The following information applies to the questions displayed…
A: The inventory is a current asset of the company which is expected to sell within one year. the…
Q: A company reports the following information for its direct labor. Actual hours of direct labor used…
A: Direct labor cost variance results due to differences in the actual cost paid for labor and the…
Q: Mrs. Shine was registered in Jamaica as a sole trader in 2015. To grow her practice Mrs. Shine…
A: The objective of the question is to calculate the adjusted profit or loss for the partnership of…
Q: Determining the Optimal Product Mix with One Constrained Resource and a Sales Constraint Comfy Fit…
A: A gross or per-unit basis might be used to express the contribution margin. It indicates the…
Q: Problem 10-71 (Static) Activity-Based Costing of Suppliers (LO 10-3, 4) Carrie Construction (CC) is…
A: Cost means different expenses incurred by the manufacturing concern to make a product available for…
Q: 29) JRE2 Inc. entered into a contract to install a pipeline for a fixed price of $2,200,000. JRE2…
A: Under Construction Contracts, Revenue is recorded based on Percentage Completion. Percentage…
Q: Angara Corporation uses activity - based costing to determine product costs for external financial…
A: $650,900Explanation:To allocate the overhead costs to Product X, we need to use the activity rates…
Q: Corporate headquarters building lease Cosmetics Department sales commissions-Northridge Store…
A: Indirect cost:The cost that is not directly related to the production/manufacturing of the product…
Q: Sunland Corporation, which uses straight-line depreciation and amortization, incurred the following…
A: Research and development expense:The direct expenses that are related to a company's efforts to…
Q: Single plantwide factory overhead rate Platzer Instruments Inc. makes three musical instruments:…
A: The financial position of the company can be arrived from the income statement prepared by the…
Q: The shareholders’ equity section of Superior Corporation’s balance sheet as of December 31, Year 3,…
A: The objective of the question is to calculate the legal capital of Superior Corporation at the end…
Q: A scientist claims that pneumonia causes weight loss in mice. The table shows the weights (in grams)…
A: b. t>2.015.c. đ= 0.933, sd= 0.309d. t= 7.40Explanation:b. critical values:n = 6α = 0.5df=n-1df=…
Q: The Ste. Marie Division of Pacific Media Corporation just started operations. It purchased…
A: Net Book Value -The term "net book value" (NBV) describes how an accountant records the assets or…
Q: i need the answer quickly
A: Cost of goods sold budget shows the expenses incurred for producing a product. Cost of goods sold is…
Q: Lane Company manufactures a single product requiring a great deal of hand labor. Overhead cost is…
A: Overhead expenses are running business expenses that are not directly related to providing a given…
Q: Required information Use the following information for the Exercises below. (Algo) [The following…
A: Federal income taxes:- The internal revenue service imposes a tax known as the federal income tax on…
Q: ! Required information [The following information applies to the questions displayed below.] Dahlia…
A: Capital Gain: Capital gain is a concept which can be described as a situation when a profit is…
Q: A comparative balance sheet for Marin Corporation is presented as follows. December 31 Assets 2025…
A: Business activities are defined as those events that result from the workings of an entity in order…
Q: Jacqui Bassett, chief administrator for the city hospital, is concerned about costs for tests in the…
A: Material Price Variance -A materials price variation can be calculated by multiplying the total…
Q: i need the answer quickly
A: The stock split increases the number of shares issued and outstanding. The stock split does not…
Q: In 2024, internal auditors discovered that PKE Displays, Incorporated, had debited an expense…
A: General JournalDebitCreditEquipment$350000 Accumulated depreciation -equipment $210000 Retained…
Q: Presidio, Incorporated, produces one model of mountain bike. Partial information for the company…
A: Cost volume profit analysis is the technique used by management for decision-making. The methods…
Q: Brick met in a motor vehicle accident and died January 1, 2017. Stone asked for your professional…
A: A going concern is the accounting concept. According to this concept, a business has the ability to…
Q: Evergreen Corporation (calendar year-end) acquired the following assets during the current year:…
A: The concept used is related to tax depreciation, specifically under the Modified Accelerated Cost…
Q: Parker Plastic, Incorporated, manufactures plastic mats to use with rolling office chairs. Its…
A: Variance arises when the actual costs is different from the standard costs. The results are…
Q: vvv Limited purchased a machine for $300,000 cash on 1 July 2005. The useful life of the machine is…
A: The objective of the question is to provide the journal entries related to the machine purchased by…
Q: Rita owns a sole proprietorship in which she works as a management consultant. She maintains an…
A: A deduction refers to an allowable reduction or subtraction from an individual or entity's gross…
Q: i need the answer quickly
A: In the present question we need to calculate the amount of total liabilities. Total liabilities are…
Q: The following information is available for Blossom Manufacturing Company April 1 April 30 Raw…
A: Cost of goods manufactured refers to all the costs incurred in the process of production. These…
Q: i need the answer quickly
A: Direct material cost is the cost of raw material produced or purchased to produce the final…
Q: prepared in accordance with GAAP. The corporation's books and records reveal the following…
A: The U.S. federal income tax is a tax collected by the Internal Revenue Service (IRS) on the yearly…
Q: These six documents must be processed to bring the accounting records up to date. Materials…
A: If applied overhead is less than actual overhead, called as underapplied overhead.If applied…
Q: f $35,000). ie is blind or over age 65, and they plan to file as married-joint. Assume th tax on…
A: Adjusted gross income is the difference between the gross income and specific deductions allowed by…
Q: Down Under Products' sales budget for the next four months is as follows: Unit Sales April May June…
A: The budget is prepared to requirements for the period. The production budget is prepared to estimate…
Q: Total Cost Unit Cost Total Cost Unit Cost Direct materials $8,000 $1.60 $16,000 $1.60 Direct labor…
A: Lets understand the basics.Variable costs: Variable cost is a cost that changes according to the…
Q: [The following information applies to the questions displayed below.] The county collector of Sun…
A: A journal entry is a basic accounting record that is used to chronologically track financial…
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- Use the following to answer the question Sales Purchases Jumbotron Data (All Months have 30 days) December $14,000 $7,000 a. $6,533 b. $5,600 c. $8,000 d. $1,867 January $10,000 $8,700 February $12,000 $6,600 March $8,000 $6,000 Jumbotron Inc. collects its receivables in 15 days and pays its payables in 20 days. All sales and purchases are on credit. All months have 30 days. What was Jumbotron's total cash disbursement in February? (To the nearest $)Month Sales Purchases Cash Expenses Paid May $ 97,000 $ 64,000 $ 23,000 June 119,000 92,000 28,000 July 131,000 115,000 33,500 August 125,000 71,000 30,100 The majority of Martin’s sales (70 percent) are cash, but a few of the excursion companies purchase on credit. Of the credit sales, 35 percent are collected in the month of sale and 65 percent are collected in the following month. All of Martin’s purchases are on account with 40 percent paid in the month of purchase and 60 percent paid the following month. Determine budgeted cash collections for July and August. Determine budgeted cash payments for July and August.Month Cash Sales Sales on Account Purchases August $85,000 $640,000 $420,000 September $70,000 $550,000 $550,000 October $88,550 $600,000 $500,000 November $77,160 $800,000 $600,000 December $174,870 $500,000 $450,000 i) An analysis of the records shows that trade receivables are settled according to the following credit pattern, in accordance with the credit terms 4/30, n90:50% in the month of sale30% in the first month following the sale20% in the second month following the sale ii) Expected purchases include monthly cash purchases of 5%. All other purchases are on account. Accounts payable are settled as follows, in accordance with the credit terms –2/30, n60:60% in the month in which the inventory is purchased40% in the following month iii) Fixed operating expenses which accrue evenly throughout the year, are estimated to be $1,680,000 per annum, (including depreciation on non-current assets of $420,000 per annum) and is settled monthly. iv) Wages and salaries are…
- What would be the cash disbursements for month 3? Description Month 1 Month 2 Month 3 Month 4 Material Purchases $ 175,000.00 $ 185,000.00 $ 215,000.00 $ 190,000.00 Amount paid in month of purchase 65.00% Amount paid in month after purchase 30.00% Amount paid two months after purchase 5.00% Discounts in month of purchase 3.50% Discount in month after purchase 1.00% Total Cash disbursements in month 3 Show your work below Description Month 1 Month 2 Month 3Prepare a schedule of 15 The owner of a small mining supply company has requested a cash budget é After examining the records or the company, you find the following: ch Budget ust. a. Cash balance on June 1 is $345. b. Actual sales for April and May are requires develope Overh prod April Мay Cash sales Credit sales Mai $ 10,000 25,000 $35,000 Pov $15,000 25,000 Inc Re Total sales $40,000 c. Credit sales are collected over a three-month period: 50 percent in the month of sale, 30 percent in the second month, and 15 percent in the third month. The sales collected in the third month are subject to a 1.5 percent late fee, but only half of the affected customers pay the late fee, and the owner does not think it ie worth his while to try to collect from the other half. The remaining sales are Requ 1. L 2. uncollectible. d. Inventory purchases average 60 percent of a month's total sales. Of those pur- chases, 40 percent are paid for in the month of purchase. The remaining 60 per- cent are…Jan Feb March Purchases on account $260,000 $293,000 $330,000 The vendors have required the following terms of payment: Month of purchase 30% First month after the purchase 35% Second month after the purchase 35% Calculate the total payment on account for the month of March.
- Forecast Sales Jan Feb Mar Apr $200,000 $160,000 $180,000 $45,000 Balance Sheet Data December 31,2010 Cash $80,000 Account receivable: 45000 50000 54000 27000 November sales December sales Inventory Account payable(merchandise) Other data are as follows • Sales are on credit with 60% of sales collected in the same month after sale ,40% in the second month after sale • Cost of goods sold is 50% of sales • Other variables costs are 30% of sales paid in the month incurred Inventories are to be 80% of next month's budgeted sales requirements Fixed expenses are $15000 per month, all require cash Credit time period for purchases are 30 days On basis of above information answer following questions Calculate estimated closing inventory in the month of February 2011? Note: No need to enter answer with commaYear 1 Apr. 20 Purchased $49,750 of merchandise on credit from Nguyen, terms n/30. May 19 Replaced the April 20 account payable to Nguyen with a 90-day, 8%, $38,000 note payable along with paying $11,750 in cash. July 8 Borrowed $102,000 cash from NMR Bank by signing a 120-day, 10%, $102,000 note payable. Aug. 17 Paid the amount due on the note to Nguyen at the maturity date. Nov. 5 Paid the amount due on the note to NMR Bank at the maturity date. Nov. 28 Borrowed $60,000 cash from Chicago Bank by signing a 60-day, 6%, $60,000 note payable. Dec. 31 Recorded an adjusting entry for accrued interest on the note to Chicago Bank. Year 2 Jan. 27 Paid the amount due on the note to Chicago Bank at the maturity date. 1. Prepare a Calculation of Interest Gonzalez Co. Calculation of interest expense August 17 - Nguyen note: Principal Interest rate Number of days' interest to be recorded…Question Completion Status: Forecast Sales Jan Feb Mar $200 000 $160.000 $180,000 $45,000 Apr Balance Sheet Data December 31,2010 Cash $80,000 Account receivable: November sales 45000 December sales 50000 Inventory Account payable(merchandise) 54000 27000 Other data are as follows: • Sales are on credit with 60% of sales collected in the same month after sale 40% in the second month after sale • Cost of goods sold is 50% of sales • Other variables costs are 30% of sales paid in the month incurred • Inventories are to be 80% of next month's budgeted sales requirements • Fixed expenses are $15000 per month; all require cash • Credit time period for purchases are 30 days On basis of above information answer following questions Find Net Profit for the ended of March 2011? ^ @ d ENG
- Sales Cash sales Lag 1 month Lag 2 months Other income Total cash receipts $ March 49,600 $ 8,928 April 60,300 $ 10,854 $ $ CA 69 $ GA May 69,900Cash receipts Cash payments For inventory purchases For S&A expenses January $ 107,000 February $113,000 March $ 133,000 93,500 34,500 75,500 35,500 88,500 30,500 Franklin Medical had a cash balance of $11,500 on January 1. The company desires to maintain a cash balance of $6,000. Funds are assumed to be borrowed, in increments of $1,000, and repaid on the last day of each month; the interest rate is 2 percent per month. Repayments may be made in any amount available. Franklin pays its vendors on the last day of the month also. The company had a monthly $40,000 beginning balance in its line of credit liability account from this year's quarterly results. Required Prepare a cash budget. Note: Round intermediate and final answers to the nearest whole dollar amounts. Any repayments/shortage should be indicated with a minus sign. > Answer is complete but not entirely correct. Cash Budget Section 1: Cash Receipts Beginning cash balance January February March $ 11,500 $ 6,700 $ 6,000 Add:…A credit sale of $3800 is made on April 25, terms 1/10, n/30, on which a return of $300 is granted on April 28. What amount is received as payment in full on May 4? $3465 • $3800 • $3500 Ⓒ $3762