a. Management expects to sell equipment that cost S$14,000 at a gain of $7,000. Accumulated depreciation on this equipment is $5,000. a. The amount of cash receipts the company will budget for the sale of the equipment is 16,000 b. Management expects to sell 7,100 cases of water in August and 9,000 cases in September. Each case sells for $14. Cash sales average 20% of total sales, and credit sales make up the rest. Three-fourths of credit sales are collected month of sale, with the balance collected the following month. the b. The amount of cash receipts the company will budget for the collection of sale revenue is $120,680. c. The company pays rent and property taxes of $4,500 each month. Commissions and other selling expenses average 30% of sales. Agua Cool pays one-half of commissions and other selling expenses in the month incurred, with the balance paid the following month. c. The amount of cash payments for total expenses the company will budget for September is

a. Management expects to sell equipment that cost S$14,000 at a gain of $7,000. Accumulated depreciation on this equipment is $5,000. a. The amount of cash receipts the company will budget for the sale of the equipment is 16,000 b. Management expects to sell 7,100 cases of water in August and 9,000 cases in September. Each case sells for $14. Cash sales average 20% of total sales, and credit sales make up the rest. Three-fourths of credit sales are collected month of sale, with the balance collected the following month. the b. The amount of cash receipts the company will budget for the collection of sale revenue is $120,680. c. The company pays rent and property taxes of $4,500 each month. Commissions and other selling expenses average 30% of sales. Agua Cool pays one-half of commissions and other selling expenses in the month incurred, with the balance paid the following month. c. The amount of cash payments for total expenses the company will budget for September is

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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