Tyler Sheen is the owner of Sheen's Inn. He provided the selected opening balances as at June 1, 2020 and the budgeted information for June and July 2020.Selected Opening Balances as of June 1, 2020Cash$75,000Accounts Receivable68,000Inventory95,000Long-term Assets405,000Accounts Payable56,000Shareholder's Equity831,000Budgeted AmountsFor the month of JuneTotal Revenue$294,000Total General and Administration Costs 230,000Total Capital ExpendituresFor the month of July:Total Revenue192,000403,200Total General and Administration Costs 256,000Total Capital Expenditures246,000AREDo not enter dollar signs or commas in the input boxesRound your answer to the nearest dollarThe company's monthly depreciation represents 25% of general and administration costs. 60% percent of the general and administration costs (excluding depreciation) are paid in the month in which they are incurred, and the rest is recorded in accounts payable to bepaid in the next month. Of the $192,000 capital expenditures for June, $97,000 will be paid in July. The remaining amount will be paid in the month in which they are incurred.a) Calculate the total cash disbursement for the month of June.General Administration costs from May SGeneral Administration costs from June SCapital Expenditure STotal cash disbursement for June Sb) Calculate the total cash disbursement for the month of July.General Administration costs From June 5General Administration costs. From July S

A payment made in cash during a specific period of time is called a cash disbursement. This is…

a) Calculate the total cash disbursement for the month of June. General Administration costs from May S General Administration costs from June S Capital Expenditure S Total cash disbursement for June S b) Calculate the total cash disbursement for the month of July. General Administration costs From June 5 General Admin

a) Calculate the total cash disbursement for the month of June. General Administration costs from May S General Administration costs from June S Capital Expenditure S Total cash disbursement for June S b) Calculate the total cash disbursement for the month of July. General Administration costs From June 5 General Admin

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter8: Budgets And Bank Reconciliations

Section: Chapter Questions

Problem 2.3C

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Tyler Sheen is the owner of Stopby Inn. He provided the selected opening balances as at June 1, 2020 and the budgeted information for June and July 2020. Selected Opening Balances as of June 1, 2020 Cash $108,700 Accounts Receivable 45,000 Inventory 235,000 Long-term Assets 648,000 Accounts Payable 48,400 Shareholder's Equity 928,000 Budgeted Amounts For the month of June: Total Revenue $349,000 Total General and Administration Costs 185,000 Total Capital Expenditures 193,000 For the month of July: Total Revenue 359,200 Total General and Administration Costs 203,000 Total Capital Expenditures 222,000 Do not enter dollar signs or commas in the input boxes. Round your answer to the nearest dollar The company’s monthly depreciation represents 20% of general and administration costs. 70% percent of the general and administration costs (excluding depreciation) are paid in the month in which they are incurred, and the rest is recorded in accounts payable to be paid in the next month. Of the…
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