Dream Big Pillow Co., pays 65% of its purchases in the month of purchase, 30% the month after the purchase, and 5% in the second month following the purchase. It made the following purchases at the end of 2017 and the beginning of 2018: Nov. 2017 Dec. 2017 Jan. 2018 Feb. 2018 Mar. 2018 $61,000 $52,000 $36,000 $38,000 $46,000 Given the above purchases, how much cash will be paid in quarter 2018? Cash paid $fill in the blank 1

On January 1, 2018, The Barrett Company purchased merchandise from a supplier. Payment was a noninterestbearing note requiring five annual payments of $20,000 on each December 31 beginning on December 31, 2018,and a lump-sum payment of $100,000 on December 31, 2022. A 10% interest rate properly reflects the timevalue of money in this situation.Required:Calculate the amount at which Barrett should record the note payable and corresponding merchandise purchasedon January 1, 2018.

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.…

Marx Corporation has accounts receivable of $96,000 at March 31, 2018. An analysis of the accounts shows these amounts.     Balance, March 31   Month of Sale   2018   2017   March (current)   $65,500   $76,100   February (1 – 30 days past due)   13,100   7,200   December and January (31 – 90 days past due)   9,500   2,500   (over 90 days past due)   7,900   1,200       $96,000   $87,000   Credit terms are 2/10, n/30. At March 31, 2018, there is an unadjusted $2,400 credit balance in Allowance for Doubtful Accounts. The company uses the percentage of receivables by age category for estimating uncollectible accounts Marx’s estimates of bad debts are as shown below. Age of Accounts   Estimated PercentageUncollectible   Current   2%   1–30 days past due   6%   31–90 days past due   30%   Over 90 days past due   50%   Prepare the adjusting entry at March 31, 2018, to record bad debts expense. (Credit account titles are automatically indented when amount is…

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6. Dream Big Pillow Co. pays 65% of its purchases in the month of purchase, 30% the month after the purchase, and 5% in the second month following the purchase. It made the following purchases at the end of 2017 and the beginning of 2018: Nov. 2017             Dec. 2017              Jan. 2018                  Feb. 2018                    Mar. 2018 $60,000                 $50,000                 $35,000                        $40,000                     $45,000 PLEASE NOTE: All dollar amounts will be rounded to whole dollars with "$" and commas as needed (i.e. $12,345). If no dollar amount is needed, please use "$0" - no quotation marks. Using the information above, complete the following cash payments schedule for the monthly budgeted payments and total for Quarter 1: Dream Big Pillow Co. Cash Payments Schedule For the First Quarter of 2018   January February March November 2017 ? ? ? December 2017 ? ? ?…

Yeah Corporation has accounts receivable of $96,000 at March 31, 2018. An analysis of the accounts shows these amounts.     Balance, March 31   Month of Sale   2018   2017   March (current)   $65,900   $76,200   February (1 – 30 days past due)   12,900   7,900   December and January (31 – 90 days past due)   10,100   2,100   (over 90 days past due)   7,100   1,200       $96,000   $87,400   Credit terms are 2/10, n/30. At March 31, 2018, there is an unadjusted $2,300 credit balance in Allowance for Doubtful Accounts. The company uses the percentage of receivables by age category for estimating uncollectible accounts Yeah's  estimates of bad debts are as shown below. Age of Accounts   Estimated PercentageUncollectible   Current   3%   1–30 days past due   6%   31–90 days past due   30%   Over 90 days past due   50%         Prepare an aging schedule to determine the total estimated uncollectibles at March 31, 2018. Accounts Receivable…

Prime Products hopes to borrow $73,000 on April 1 and repay it plus interest of $1,080 on June 30. The following data are available for the months April through June, during which the loan will be used: On April 1, the start of the loan period, the cash balance will be $41,800. Accounts receivable on April 1 will total $182,000, of which $156,000 will be collected during April and $20,800 will be collected during May. The remainder will be uncollectible. The company estimates 30% of a month's sales are collected in the month of sale, 60% in the month following sale, and 8% in the second month following sale. The other 2% are bad debts that are never collected. Budgeted sales and expenses for the three-month period follow: April May June Sales (all on account) $316,000 $575,000 $264,000 Merchandise purchases $214,000 $193,000 $ 151,500 Payroll $ 34,200 $ 34,200 $27,300 Lease payments $31,600 $31,600 $ 31,600 Advertising $ 74,000 $ 74,000 $ 43,000 Equipment purchases $70,500 Depreciation…

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HANDOUT PROBLEM for CURRENT LIABILITIES I. Prepare journal entries for the following transactions which took place in 2021. Sold various products for $180,000 on account. The products cost $85,000. Sales a. tax in your area is 8%. Your company uses a periodic inventory system. Your sales in part "a" included an offer for cash rebates of 2% of the $180,000 total sales price if the customer answers a short five-question internet survey. b. с. On November 1, 2021, your company collected $12,000 of rent on your extra office. The rent covers the six-month period from November 1, 2021 through April 30, 2022. Recorded $62,000 of wages earned by employees including $9,000 of d. withholding taxes, $4,000 of FICA taxes, and $2,800 of health insurance benefits. There were no other deductions from the employees' paychecks. e. Recorded EMPLOYER taxes on the wages in "a." Unemployment is a total of 3% of the gross earnings. f. On December 1, 2021, your company received notice that you were being…